Maximizing Your Business Asset

Written by Stephen Henshaw, P.G., President & CEO, EnviroForensics
As seen in June 2011 issue of Cleaner & Launderer

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Just a few short years ago it was nearly impossible for me to have an open and honest discussion with dry cleaners about the possibility that soil and groundwater beneath their business might be impacted with dry cleaning solvents. Understandably, dry cleaners were scared that the value of their business would be diminished if such conditions existed. Environmental investigations and cleanups can be costly and legal bills alone are more than many businesses can afford. Hiding one’s head in the sand does little to build or preserve a business as an asset.

Over the years I have preached the merits of looking for old insurance policies, normal everyday comprehensive general liability (CGL) policies, to see if they can be utilized to assist in funding site investigation and remediation costs. Even though we have countless success stories in this unique, specialized business area of finding the funding to pay investigation and cleanup costs, rarely a week goes by where we discover a dry cleaner that is either unaware that old policies have great value or they think that there is a better day ahead to implement this strategy. The reality is that with few exceptions, there is no time like the present. Continue reading “Maximizing Your Business Asset”