Category: Commercial Insurance

Commercial insurance that most businesses can benefit from

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Three generations of the McFarland family have contributed almost 100 years to the insurance business. Clockwork Insurance Services in Metairie, LA, carries on the legacy and the philosophy of customers first, which is the cornerstone of our business model. We want to help you protect your business, and we provide all the tools you need to achieve this.

Commercial property insurance

Commercial property insurance covers not only your building, if you own it, but all the things you use to carry out your business. It protects your inventory and raw materials, and depending on the type of business you are doing, it covers machinery, display units, office equipment, tools, and records.

Commercial flood insurance

Commercial property insurance does not cover flood damage. If your business is in an area where flooding is a potential threat, you should have this coverage. There are two types of flood insurance: property and content. You will need both of them to protect your business.

Commercial liability insurance

Commercial liability insurance may be the most important type of commercial insurance of all. Approximately one in three businesses will be sued every year. Being sued is one of the fastest ways to tank your business. There is a judgment, and then the legal fees can be astronomical whether you win or lose. With the correct amount of liability insurance, you can protect your assets and save your business.

Commercial auto insurance

If you use your personal vehicle to conduct business, you are putting your home on the line. You need to separate your personal assets from your business assets, and individual auto insurance won’t cover the business use of your vehicle.

Call our office at Clockwork Insurance Services in Metairie, LA, if you have commercial insurance questions or needs.

Be Prepared This Holiday Season

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As we approach the holidays our jewelers start stocking up on inventory. Hoping and anticipating a busy season of sales this is a proactive way to have what your next customer is looking for.  

In stocking up your stores you are also increasing the potential loss should the store be burglarized whether a “smash and grab” or a “grab and run” this is a good time to evaluate your asset protection.  Here are a list of recommended protections measures to consider.

-Show one item at a time.

-Keep showcases locked.

-Watch for those “casing” your store.

-Increase the number of employees on the floor when you have more customers in the store.

-Laminate your showcases. To laminate your showcases this slows down the ability for someone to use a hammer or other metal object to smash the showcase glass.

-Respond to every alarm. Anytime an alarm goes off go in person or send someone in person to check what set it off.

-Consider adding more cameras.

These are a couple of ways to ensure the holiday season is as profitable as it should be. For other tips and suggestions and to keep up with the current crime facts sign up the Clockwork Insurance newsletter: https://www.clockworkinsurance.com/crime-facts.html

Be prepared this season. Call Clockwork at 504-262-8240 for a review of your coverage.

Warranty for your Jewelry Store Customers

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Offering your jewelry store customers the option of a warranty when they first purchase their jewelry is a convenience that can lead to greater customer satisfaction. As a jewelry store owner, you seek ways to improve the customer experience which in turn leads to more sales and happy returning customers. Jewelers Mutual offers their clients this service.  With the Jewelers Mutual Care Plan, you can present this as an added benefit and include it in the purchase price of the item or items.

A warranty offers your clients the protection they desire when investing in fine jewelry. This enhances the quality of the jewelry you showcase and ensures lasting satisfaction in the choice for your customer.  The Jewelers Mutual Care Plan covers not only manufacturers’ defects, but it also includes traditional wear and tear and accidental damage. 

Clockwork Insurance Services is here to assist you with your business. Our goal is to work with our clients’ and truly understand how to add to their success. We do this with careful review of their business needs and compiling an insurance plan that not only includes the coverage the client needs but also introduces options that hopefully improve the service they can offer to their customers.

Considering adding a warranty for your customers?

Call us at 504-262-8240 or reach out to us via our website: https://www.clockworkinsurance.com

For more details and frequently asked questions read more on this warranty option available to Jewelers Mutual clients here: https://www.jewelersmutual.com/jeweler-care-plan

Third Party Coverage: Do I need it?

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Another crash due to a third-party event has caused many small businesses to take a deeper look at what type of insurance coverage would assist in the event this affected their ability to keep the doors open.

Let’s take a look at exactly what this may mean for your business.

The CrowdStrike incident was not a ransomware or other malicious attack. It was simply an update that ended up causing computer systems worldwide to crash. This interrupted airlines, banks, hotels, hospitals, gas stations and many more. Some insurance carriers do offer coverage for when you have an outage that is due to a third-party incident that is essential to your operations. The CrowdStrike incident was one of the worst tech disruptions in history and an example of just how overreaching this can be.

Business interruption insurance only replaces income lost as a result of a disaster that directly impacts your company whereas contingent business interruption insurance replaces lost income when a company is forced to close due to a disaster impacting a third-party vendor or supplier.  For example, if a business relies on a specific manufacturing company to supply a part for equipment they service, and that company warehouse has a fire that puts them out of business then contingent business interruption insurance would be the policy that would cover this situation.

If a vendor or third-party that you rely on for your business experiences a cyber-attack it can affect your ability to continue your business. It can affect your income. This is where third party, cyber liability is necessary to recover your loss of income.  A careful review of your insurance coverage can reveal any areas you may need to fortify to ensure you are covered for this unfortunate circumstance. 

Clockwork Insurance agents can review your current policies and report exactly what coverages you have and what coverages you may want to consider adding to your portfolio.

Call us at 503-262-8240 or email us at info@clockworkins.com for more information.

Business Owners Policy (BOP) vs. General Liability (GL)

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There are many types of insurance policies to consider for your business.  To better understand which type of insurance is best for your business let’s look at a comparison between a business owners policy and general liability insurance.

General liability insurance coverage protects against financial loss as a result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits and settlement bonds or judgements.

A business owners policy is an insurance package that generally includes commercial general liability coverage along with commercial property coverage, business interruption coverage and may include other lines of coverage tailored to your industry. 

  • Commercial general liability coverage helps assist with the cost of lawsuits or claims brought against the company for bodily injury, property damage or other advertising liability issues as a result of negligence. 
  • Commercial property coverage protects a business from losses or damage to buildings, inventory, machinery and other business property. This can include fire, theft and other hazards that occur and potentially threaten the business.
  • Business interruption coverage covers the cost of lost business due to the time it takes to return to fully operational after an event has occurred. 

In summary, all businesses should at least carry general liability but to help protect your business from a much broader range of risks the business owners policy is required. 

Clockwork Insurance Agency has agents who can review in detail the identifiable needs of your business and create a comprehensive insurance package that fits your needs. For more information call us at 504-262-8240 or email us at: info@clockworkins.com

 

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

The Importance of Proper Systems Alongside Commercial Insurance Coverage

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Some businesses view insurance as their only safeguard when problems arise. While insurance is intended to provide coverage during situations beyond your control, it shouldn’t be an overreliance, particularly when many aspects are within your grasp. Failure to take care of your business, its property, and its employees places you at avoidable risk, leading to excessive use of insurance. We at Clockwork Insurance Services in Metairie, LA, advocate for a more balanced approach.

Emphasizing the Importance of Appropriate Systems Alongside Commercial Insurance Coverage

In your operations, it’s crucial to implement safety structures and protocols to minimize risk. This can include employee training on equipment use, data tracking for risk assessment, signage to prevent accidents, and conducting meetings when issues arise. These mechanisms need to be in place, as over-relying on insurance to address accidents or disasters could spell trouble. This might increase your premiums, necessitate purchase of broader coverage to accommodate your needs, and potentially slow or complicate claim settling process. Hence, taking necessary precautions and using insurance coverage only when imperative is best.

Secure Your Business With Clockwork Insurance Services

Ensuring comprehensive protection for your business is vital, whether it’s about training or insurance policies. If you are looking for insurance in Metairie, LA, the team at Clockwork Insurance Services can assist! Request a quote now to embark on your business journey.

Coverage Highlight: What Does Workmanship Coverage Mean For Your Jewelry Business?

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In the world of jewelry, craftsmanship is paramount. Skilled jewelers are dedicated to providing exceptional care and precision whether performing repairs, resizing a piece or cleaning cherished items. However, even the most meticulous artisans can encounter unforeseen issues. This is where workmanship coverage becomes crucial.

What is Workmanship Coverage?

Workmanship is a line of coverage that can be included in your jewelers’ block policy. It is designed to protect your jewelry business from the potential financial repercussions of accidental damage to customers items while performing repairs or maintenance that are in your care, custody or control.

Understanding the intricacies of jewelry insurance assists in your decisions on the coverage you need. Our team is committed to helping you navigate your coverage options, ensuring you understand the extent and limitations of your insurance. We work with you to tailor a plan that suits your specific needs, providing comprehensive protection for your jewelry business.

For more information or to get a quote on our jewelers block insurance, please visit https://www.clockworkinsurance.com and fill out the form. A representative will get back to you promptly.

You can reach us at: 504-262-8240.

Protect your jewelry business and give your clients the assurance they deserve by including workmanship coverage in your jewelers’ block insurance policy.

Contact Clockwork Insurance Services for a review of your policy.

How do I protect my business during storm season?

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One of the top ten steps to protect your business in the event of a major storm, whether it is a hurricane, or a tornado is to review your business insurance policy.

Things to consider while reviewing your policy are:

  1. Does your insurance policy include water damage protection?
  2. Does your insurance policy include clean up?
  3. What assets are protected by your current policy?
  4. Is your data covered with your current policy?

When a storm is approaching is when the business owner initiates your storm preparedness plan. Most important is to protect your employees and have a communication plan in place to get emergency information out to your team. This is the first step to protecting your business’s ability to regroup and get back to business once the storm has cleared and it is safe to return. A business continuity plan is one of the best ways to prepare for any disruption in business. This should always include the insurance coverages listed above.

Staying in touch with our clients, at Clockwork Insurance Services is included in our preparation for any disruption in business. Rest assured we will be here to provide you with answers to your questions and claims even if we are also in the path of the storm.

Clockwork Insurance Services is dedicated to assisting you with answering all your questions to give you the peace of mind you desire when facing a potential devastating storm in your area.

Call us today to set up a review of your policies and take that step to protect your business!

504-262-8240 or visit our website: https://www.clockworkinsurance.com

Why do I Need Commercial Insurance?

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If you have a business, you need commercial insurance because, frankly, stuff happens. Even if you’re very careful, natural disasters will happen. The thieves are not all in jail yet. People get injured and want to sue. People get angry in general and want to sue. Employees are only human and might not be able to work if ill or injured. These things can lead to a substantial financial loss. Commercial insurance will make sure that your business doesn’t go under due to unforeseen circumstances.

Types of Business Insurance

There are three types of business insurance with their own subtypes. There is limited liability insurance that covers legal or medical fees that you’ve been held responsible for. Commercial property insurance covers the cost of repairing or replacing any company property that gets damaged. Business income insurance compensates for lost income due to interruption of business or other extra expenses.

What Kind of Business Insurance Do I Need?

To start with, you need liability insurance, both general and professional. Liability policies cover legal fees and settlements if you are found liable for any damage or injury to others.  If you have employees, you’ll need workers’ compensation insurance. Even if your business is an LLC, you will still need insurance to take care of workers’ compensation, damages, and liabilities. If you are the sole proprietor, you will need liability insurance in order to protect your personal assets. WE can discuss what limits make sense for you and other aspects of coverage to be sure you are comfortable with your choices.

Clockwork Insurance Services Serving Metairie, LA

If you are in need of commercial insurance and are in the Metairie, LA area, please contact Clockwork Insurance Services. Our professional and courteous agents are dedicated to helping you get what you need to keep your business going.

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