In my first few years of college, I worked as a photo tech in a one-hour photo shop. Aside from developing film and adjusting color prints in an extremely fast-paced environment, we photo techs had to help customers find their filed envelopes and ring up their orders.

One day, an unassuming middle-aged woman picked up her prints, and once she looked through them and was satisfied, I rang up her order. Her total was around $6, and she paid with a $10 bill. I gave her the change, shut the drawer and thanked her for her business. She waited until I turned around before announcing that I had given her the wrong change – she insisted that she had actually given me a $20, and I mistakenly only gave her change for a $10.

It was busy at the photo counter, but I popped open the drawer, telling her that if I had  mistaken her $20 for a $10, there would be a $20 in the slot designated for $10s. There wasn’t. She still insisted that I give her the money she believed I owed her on the spot. I was young, but I wasn’t naïve – I called over a manager and offered to have him count out my drawer on the spot. The woman suddenly dropped her claim, saying it wasn’t worth her time, and quickly left the store. At the end of my shift, we counted out the drawer and sure enough, it was all there – not a penny more or less than should have been.

This sort of business scam happens everyday and in various ways. Unfortunately, there are scores of seedy and unscrupulous men and women always looking for an opportunity to take advantage of businesses, from Yellow Pages invoice scams to labor poster solicitations. Intelligent, experienced business owners aren’t immune to the tactics, either. According to scambusters.org, billions of dollars are lost each year to such small- and big-time business scams. In our next issue of PDD, we focus on some common scams and how to spot them before it’s too late. Don’t miss this issue!

A few weeks ago, I put a call out to the “fun, fearless women of doors.” I was looking for a few great women to feature in an upcoming article that celebrates the accomplished, good-humored females working in the garage door and access-control community.

I was delighted that so many women, from the dealership to the manufacturer level, responded with such enthusiasm about participating in this never-before-seen article. Several co-workers, owners and even reps contacted me to let me know about a female in the industry they wanted to see included in the piece.

I can’t wait to share with PDD readers the comments and stories from these women who have up to 20 years of experience. Look for the cover story in our November/December issue!

Many door dealers are not covered as much as they think they are, says Andrew Stergiou, consulting broker with Tanenbaum-Harber Co Inc for the IDAssurance Program.  The IDAssurance Program provides insureds, which have superior loss experience, the potential to lower their insurance premiums and receive the best possible insurance coverage that is available in the marketplace.

“We had one dealer -- we’ll call them ‘XYZ’ Residential Door -- who had ‘residential’ right in their name and their general liability excluded residential work,” he explains. “They had no coverage on 99 percent of the work they did.”

In fact, many garage-door dealers’ insurance carriers have residential exclusion – leaving them with no coverage should they be sued by a homeowner. Other limits to typical programs include:

•         Limits of only $500,000 - Most GC’s, owners require at least $1M/occurrence

•         Construction limitations - Exclude specific type of work

•         Narrowing of additional insured endorsement - Eliminate completed operations coverage for additional insureds

•         No benefit to policyholders for profitable experience – IDAssurance members have the ability to receive dividends

•         Unstable premiums & insurance availability  - IDAssurance members will have stability in the marketplace

Advantages of the IDAssurance Program:

• General Liability, Automobile, and Workers Compensation written with Arch Insurance Company – An admitted A XV rated Company by AM Best
• $0 deductible on the general liability, workers compensation and automobile (Except $500 comp/collision deductible) on all policies
• NO residential exclusion
• Ability to receive dividends on all Arch Insurance Co policies
• Ability to receive certificates of insurance within 3 hours of the request via email
• Policies specifically tailored for the IDA members
• General liability per location with aggregate of $10,000,000
• Broad and comprehensive coverage
• 2010 1185 edition of the additional insured endorsement – Most General Contractors require this endorsement
• General liability, workers compensation, and automobile liability waivers of subrogation (Blanket Waiver of Subrogation)
• Primary & Non-contributory endorsement

The IDAssurance program promises, among other things, better prices, broader coverage and lower deductibles, and is available as an association program.  “The IDA saw a need for broader coverage and more competitive pricing in the insurance industry for door dealers,” adds Stergiou.

Have any of you switched to this program? We’d like to hear about your experience!

Drop me a line at lvasquez@vpico.com.

If you want additional information about the advantages of the IDAssurance Program, you can call Stergiou at 212.603.0321.