Owners of jewelry stores, watch repair outlets, and precious metal shops are keenly aware of the risks to their business. Every day, they handle customers’ most treasured belongings, along with their company’s own inventory of bracelets, necklaces, watches, and decorative items, like vases and collectable figurines. In case a shop’s stock of silver serving trays becomes damaged during delivery, a one-of-a-kind gold bracelet is stolen after someone asks to try it on, or a watch repair store’s boiler brakes, forcing it to close its doors for a few days, adequate business insurance coverage can mean the difference between a significant loss and continuing on with business as usual. An independent insurance agent who has worked with jewelry and watch repair store owners will guide them in evaluating the coverage provided through their current watch, jewelry, precious metal sales and repair insurance, or in purchasing a new policy.
Watch or jewelry shop owners should expect that an independent insurance agent will want to know about whether their operation has been granted credit/debit authority by their state, and if so, if they have used debits or credits exceeding those filed with the state. She will also ask about whether a jewelry sales or repair business has ever been cancelled by a prior commercial insurance carrier for any reason other than that the company stopped writing that class of insurance. She will inquire about whether a precious metal business, or other jewelry store, has had more than one loss in the past three to five years, and will want to know about the pay out on any loss, or any associated reserved loss exceeding $10,000.
Also, an independent commercial insurance agent will certainly want to know where a watch repair or precious metals shop is located, and she will ask if certain entities, including the federal government, railroad, or other government agencies need to be added as an additional insured under a company’s business insurance policy. She will discuss workers’ compensation insurance coverage, which is mandated by statute, and can also describe other kinds of commercial insurance that a jewelry store will need, like general liability insurance, business property coverage, and building insurance. She may mention how in many cases, a business owner’s policy can work for this kind of company. A business’ owners policy combines property coverage with general liability insurance into one policy, which may also cover product liability, equipment breakdown, and business interruption.
Since a jewelry or precious metals store sells almost exclusively what most insurers deem target theft items, an independent insurance agent will ask about whether a shop has a centrally monitored alarm system, and will discuss a theft deductible of a certain minimum value, depending on a business’s circumstances. She will also want to review a company’s crime score, to determine if the location of their business subjects them to an increased likelihood of theft, and may discuss how theft can be excluded from coverage if a crime score is of a certain level, and that an increased deductible, surcharge, or sub-limit on theft may apply, depending on the insurer issuing a policy.
An independent insurance agent will want to know whether a shop conducts any business online. If so, she will discuss risks related to internet commerce, and will describe how certain kinds of business insurance coverage can help address those risks. And, if a repair or jewelry sales businesses uses any vehicles to transport products, or travel to attend to customers, she may recommend that they look at options for commercial auto insurance coverage for their company.
Jewelry stores cater to the needs of their customers, but much goes on behind the scenes that customers do not see when they come in to get their wedding ring shined, buy a new watch, or browse options for sweet sixteen gifts. Jewelry store owners know that their business is inherently a risky one, as their shops are filled with valuable inventory and open to the public. They use expensive equipment to clean jewelry and keep financial records like any other business. They may conduct online sales, and use vehicles to bring items to and from their store. Because of the various risks to jewelry store operations and their employees and owners, these shops should have a commercial insurance policy with adequate coverage.
Whether a jeweler has been operating out of the same storefront for decades, or is opening a business for the first time, he can reach out to a seasoned independent insurance agent to find out about supplementing existing commercial insurance coverage, or buying a new policy. An independent business insurance agent, familiar with jewelry store operations and their coverage needs, will assist owners in reviewing policy options provided by a number of different insurers. He can answer owners’ questions about securing coverage, and guide them in choosing a policy that is right for their jewelry store business.
Selecting commercial insurance coverage can prove difficult, even for the savviest of business owners. An experienced independent insurance agent will describe various kinds of insurance that a jewelry store will require, including business property coverage for loss to a store building or its contents; general liability insurance, in case of a claim against a shop or its employee; and, if a building is owned by a jewelry company, building insurance. He might also describe how a jewelry store owner may want to consider purchasing a business owner’s policy, which can combine property coverage with general liability insurance into one. He may mention that a business owner’s policy can also cover equipment breakdown, business interruption, and product liability for a jewelry store.
An experienced independent insurance agent will probably suggest that jewelry store owners purchase a commercial insurance policy that includes liability coverage for ear piercing, if it is done on site, bodily injury and medical expenses, in case a customer is injured in a store, and workers’ compensation, which is required for businesses with employees. Robbery and burglary are always a threat to jewelry stores, so an independent agent might discuss how owners should have crime coverage in case items are stolen from their store. Coverage for crimes involving employee dishonesty may also be important to many jewelers, along with commercial auto insurance, if employees use any vehicles in the course of working for a jewelry store.
An independent business insurance agent will ask about the location of a jewelry store to determine whether it is in a historic or one-of-a-kind building, and to review the area’s crime score, which could impact coverage. He will want to make sure that a shop has a centrally monitored alarm system, and might suggest that owners purchase coverage for a security guard in case an alarm system fails. He might also inquire about the practices of any other businesses operating within the same building as a jewelry store, and will want to know whether a jewelry shop’s building was constructed with a firewall. And, if a jewelry store performs any soldering of metals, an independent insurance agent will probably discuss how this increases certain risks and will be considered by an insurance company in issuing coverage.
An independent insurance agent might describe additional options for commercial insurance for jewelry stores, including coverage for any inventory on loan to the shop itself, and insurance for customers’ jewelry while in the care of a jeweler for purposes of repair, or cleaning. Also, he may discuss commercial insurance that includes coverage for inventory while it is in transit to or from a store, such as for jewelry bought or sold over the internet, and coverage for any pieces worn by employees, or loaned to customers while the items are off the premises of a jewelry store.
Whether they offer custom designing of engagement rings, resizing and repair, or an inventory of costume jewelry, clocks, and silverware, jewelry stores should have commercial insurance coverage for their business. With a policy, if a customer is injured by a defective glass counter, an overnight fire results in water damage to their supply room, or diamond rings are stolen from a table during a trade show, jewelry shops and their owners can rely on their coverage to allow them to continue operate in the face of a loss, or claim.
Watch repair shop owners know that to retain their customers for many years, they need to provide quality service – and do it fast. They may repair an heirloom pocket watch, a Tiffany mantle clock, and the band of a beloved digital watch all in one day, but in the course of working with customers, using repair equipment, and operating a storefront, their business is exposed to various risks. A hail, rain, or snowstorm could cause damage to their building, a customer could slip and fall while dropping off a watch for cleaning, or a display case full of inventory could be smashed and its contents taken by a burglar. In case of a loss or claim resulting from these or similar incidents, watch repair store owners should make sure their company is covered with commercial insurance.
An independent business insurance agent works with small business owners and understands their concerns when it comes to selecting adequate coverage. She is a professional advisor with access to commercial insurance policies available from a number of different insurance companies, and she will work with watch repair shop owners to secure a policy that fits their business’s needs.
Watch repair company owners should expect that an experienced independent business insurance agent will probably want to meet with them, and she may request to tour their store. She will want to know about its location, and whether the area has a high crime score, which could impact coverage. She may inquire about the age of a company’s building, and will want to know whether they own or lease the property. She will also inquire about any other businesses operating out of the same building, and whether they are separated from the watch repair shop by a firewall. She may ask about whether a store has ever been foreclosed, or if a repair shop or its owner has ever been named as a defendant in a lawsuit related to the watch repair company, or its services.
An independent insurance agent who understands the needs of watch repair stores when it comes to commercial insurance coverage will ask about a shop’s bookkeeping practices, and annual sales and receipts. She will also want to find out about whether a store is protected with a centrally monitored alarm system, and she may recommend that an owner purchase a commercial insurance policy with coverage for a security guard, in case of an alarm failure.
In general, an independent insurance professional will discuss the kinds of business insurance that watch repair shop owners should purchase for their store. Whether they are looking to supplement existing insurance, or buy a new policy, she will guide them in reviewing the available options for coverage. She will describe general liability insurance, in case of a negligence claim against a store, its owner or employees, along with business property coverage, and building insurance. If a watch repairer employs any workers, she can provide an overview of workers’ compensation insurance, which is mandated by statute, and if a business delivers watches, clocks, or other inventory, or makes repair calls, she may recommend commercial auto insurance coverage. She might also mention other kinds of coverage, including bodily injury and medical insurance, bond coverage, property liability insurance, and umbrella/excess liability coverage, depending on the business insurance required by a particular watch repair store.
A seasoned independent commercial insurance agent will serve as a resource to assist watch repair shop owners in understanding the commercial insurance coverage that is suited to their company. She can discuss the exclusions and limitations included in most policies, and clarify any complex terms, conditions, or endorsements. Whether they specialize in engraving, repairing gears and bands, or cleaning and inspecting, through an independent insurance agent, owners can select a commercial insurance policy, or buy additional coverage to address their watch repair business’s specific risks.
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