Month: July 2024

Introduction to Jewelers Block Insurance: What Jewelers Need to Know

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Safeguarding Your Jewelry Business with Clockwork Insurance Services

As a jeweler, you handle a variety of valuable materials, from breathtaking gemstones to precious metals. Despite practicing caution when transporting and handling these precious items, they could still be damaged, lost, or stolen. Jewelers’ block insurance is a specialized form of coverage designed to protect against physical loss or damage of jewelry, precious metals, and other valuable stones associated with the jewelry trade. At Clockwork Insurance Services in Metairie, LA, we offer personalized coverage to protect your valuable inventory fully.

What Does Jewelers Block Insurance Cover?

Jewelers block insurance is a specialized coverage that protects a jeweler’s inventory, whether in transit or on-premises. It offers comprehensive protection against risks like damage, theft, and loss of diamonds, gemstones, precious metals, and other jewelry pieces. This insurance can consist of several key elements, including:

  • In-Transit Coverage: Jewelry is protected while it’s being transported, be it from suppliers to your store or from your store to customers.
  • On-Premises Coverage: Insurance protects jewelry kept on-site at the store or workshop from covered perils such as fire or theft.

Some policies may also extend coverage to protect jewelry displayed at trade shows, exhibitions, or other temporary locations.

Choosing the Right Insurance Policy

Selecting the right policy can be critical in protecting your jewelry inventory. When selecting jeweler block insurance, consider the value of your inventory and any unique risks your business might face. Collaborating with an experienced insurance agent who understands the jewelry industry can ensure you obtain a policy tailored to your unique needs.

Contact Clockwork Insurance Services for Your Insurance Needs

For more details about jewelers’ block insurance, call 504-262-8240 to speak with our knowledgeable agents at Clockwork Insurance Services in Metairie, LA. We’re here to protect your brilliant business.

Cyber Liability Insurance: What is it for?

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In June 2024, a large national software provider, CDK Global, was attacked. The ransomware attack affected thousands of auto dealerships around the U.S. Every aspect of the auto dealer’s business was potentially affected, from the car buying process to servicing vehicles to some payroll systems.  This brings to light the real-life damage a cyber-attack can do. 

Customers were warned to check their credit reports, put a fraud alert or even freeze their credit with the three major credit bureaus. Also to change passwords on any dealership related apps or online payment plans they are using for their vehicles. 

Now, what can the dealerships do?

What the dealership can do to deal with this attack is contact their insurance company to verify their cyber liability coverage.  Cyber liability coverages vary depending on the business’s forecasted needs in the event of a data breach.  The main costs of a breach may include data restoration, loss of income, cyber extortion, notification costs, and crisis management expenses. 

A data breach could potentially trigger claims and lawsuits from clients or customers and a business needs to review their policy to check what is covered. Coverage may include network security and privacy liability, electronic media liability and regulatory proceedings.  

To better protect your business and your clients, set up a meeting with your insurance agent to review exactly what type and what kind of coverages you currently have. Take action by adding any additional coverage recommended and stay on top of the software your business uses.  Ask questions and be prepared as this type of crime happens without the criminal ever stepping foot in your business.

Clockwork Insurance Services offers cyber liability insurance and can assist you in reviewing your current coverages. For more information go to: https://www.clockworkinsurance.com/commercial-insurance.html

Call Clockwork Insurance Services at 504-262-8240

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