What was the insurance expense for Bevaris Alliance in 2023?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
| NET INCOME (LOSS) | $( 57,665 ) | $ 130,380 |
| 2023 | 2022 | |
|---|---|---|
| BALANCE, BEGINNING OF YEAR | $ 170 , 724 | $ 42,901 |
| CAPITAL CONTRIBUTIONS | _ | |
| SHAREHOLDER DISTRIBUTIONS | ( 197) | ( 2,557) |
| NET INCOME (LOSS) | _(_57,665) | 130,380 |
| BALANCE, END OF YEAR | $ 112,862 | $ 170,724 |
| 2023 | 2022 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: Net income(loss) | ¢/ 57 665\ | 6 120 200 |
| Adjustments to reconcile net | $( 57,665 ) | $ 130,380 |
| income(loss) to net cash provided | ||
| (used) by operating activities: | 14,656 | 6,107 |
| Depreciation and amortizati |
Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to Bevaris Alliance's 2024 Franchise Disclosure Document, an increase in insurance payable occurred in 2023. The increase in insurance payable was $25,929 in 2023, compared to $1,005 in 2022.
This indicates that Bevaris Alliance had a notably higher insurance liability in 2023 than in the previous year. This could be due to increased coverage, higher premiums, or changes in insurance policies.
For a prospective franchisee, this highlights the importance of understanding the insurance requirements and associated costs for operating a Bevaris Alliance franchise. It would be prudent to inquire about the specific types of insurance required, typical premium costs, and any factors that could influence these expenses.