Category: Insurance

5 Insurance Pitfalls Jewelry Store Owners Should Avoid This Year

Posted on by Tyler Wright

As a jewelry store owner, protecting your valuable inventory and business operations is crucial. However, navigating the complexities of insurance can be challenging. Here are five common insurance pitfalls to avoid this year to ensure your business remains secure.

Underinsuring Your Inventory

One of the most significant mistakes jewelry store owners make is underinsuring their inventory. The value of jewelry can fluctuate, and it’s essential to regularly update your inventory and your policy to reflect current market values. Failing to do so can leave you with insufficient coverage in the event of a loss.

Ignoring Specialized Coverage Needs

Standard business insurance policies often don’t cover the unique risks associated with jewelry stores. Ensure you have specialized coverage, such as jewelers block insurance, which protects against theft, damage, and other specific risks. Without this, you might find yourself inadequately protected.

Overlooking Employee Theft Coverage

Employee theft is a significant risk in the jewelry industry. Many standard policies do not cover losses due to employee dishonesty. Make sure your policy includes coverage for employee theft to safeguard against internal risks.

Not Reviewing Policy Exclusions

Insurance policies often contain exclusions that could expose you to unexpected risks. It’s essential to thoroughly review your policy to identify what is and isn’t covered. Common exclusions might be related to natural disasters, security requirements, or off-premises coverage.

Failing to Update Coverage with Business Changes

As your business grows and evolves, so do your insurance needs. Whether you’re expanding your inventory, opening a new location, or investing in new security systems, it’s crucial to update your insurance policy accordingly. Talk with your agent regularly to review and adjust your coverage to match your current business situation.

By avoiding these common pitfalls, you can ensure that your jewelry store is well-protected and prepared for any unexpected events. If you need personalized advice or a policy review, feel free to reach out to our team at Clockwork Insurance for expert guidance tailored to your needs.

I Love It! Should I Cover It?

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The holidays are here—a season of joy, celebration, and unforgettable moments! Whether you’re planning to pop the question, unwrap a dazzling gift, or celebrate milestones with loved ones, this is a time when stunning jewelry often takes center stage. But as magical as the holidays can be, they can also bring unexpected risks to your cherished pieces.

Imagine this: You’re celebrating at a holiday party, showing off a new engagement ring or treasured heirloom, when it slips off unnoticed. Or worse, while traveling to visit family, you discover your watch or necklace has gone missing. These are moments when jewelry insurance transforms from a luxury to a necessity.

Why Insure Your Jewelry This Holiday Season?

High-value jewelry—like engagement rings, luxury watches, and family heirlooms—deserves special protection. Unfortunately, standard homeowners or renters’ insurance often falls short. Jewelry insurance offers comprehensive coverage designed to safeguard your most precious items, allowing you to wear and enjoy them with confidence.

The holiday season, with its flurry of travel, gatherings, and celebrations, is the perfect time to ensure your valuables are covered. Whether you’re dancing at a New Year’s Eve party or packing for a winter getaway, jewelry insurance offers peace of mind when it matters most.

What Does Jewelry Insurance Cover?

Here are just a few ways jewelry insurance protects your pieces:

  • Loss, Theft, or Damage: Coverage for accidental loss, theft, or repairable damage—so you’re not left empty-handed.
  • Worldwide Travel: Whether you’re skiing in Aspen or visiting relatives abroad, your jewelry can be insured wherever you go.
  • Inflation Protection: With fluctuating market values, policies can adjust to reflect your jewelry’s current worth (with appraisals).
  • Natural Disasters: Fire, floods, or other covered events don’t have to mean the end of your cherished items.

Tips for Safeguarding Your Jewelry

Before insuring your pieces, consider having them professionally appraised to establish their true value. For gifts, retain receipts or documentation for future reference. And during holiday gatherings, make a habit of storing jewelry safely when not in use.

Protect Your Holiday Joy with Clockwork Insurance

At Clockwork Insurance, we’re here to make sure your jewelry—and your holiday season—shines as brightly as it should. Coverage is more affordable than you might think, and our expert team can guide you through the process. Call us today at 504-262-8240 or email info@clockworkins.com to learn more about securing your most valuable memories

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.

Insurance Considerations When Downgrading Your Living Space

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Changes in your personal circumstances may prompt you to downgrade your living space. Use the guidelines below to help you prepare your plans. Then, seek adjustments to your home insurance policy.

Downgrading

Downgrading a living space may involve donating or selling items that you no longer need or moving to a smaller residence.

If your children are grown and have moved out, for example, you may no longer have a need to live in a large home. This is just one type of situation that may convince you to downgrade. Downgrading is often a process that requires careful planning.

Setting

First, assess the new setting that your home will comprise. The size of your living space will influence how much home insurance you need. The construction of your residence will also affect how much coverage to pursue.

Drainage Properties

Consider the drainage properties that your new home is equipped with. Property that drains well will not be likely to flood. If you are moving to a low-lying area, you may want to add flood protection to your home insurance policy.

Household Possessions

Take an inventory of the possessions you will store in your downgraded living space. Then, make a list of the items you would like to add to your home insurance policy.

Family heirlooms, furnishings, decorations, tools, clothing, and artwork are some items that you may want to list in your home insurance policy. Plan on insuring items of value that would be difficult to replace.

Find Home Insurance Options in Louisiana

Now that you have reviewed the preliminary steps needed to downgrade your living space, meet with an insurance agent who serves Metairie, LA. One of our Clockwork Insurance Services agents will make the necessary adjustments to your home insurance policy.

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

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.

Signs It’s Time to Update Your Homeowner’s Insurance Policy

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You may think that once you have homeowner’s insurance, you don’t need to think about it anymore. However, there are times when it’s vital to update your policy. We offer comprehensive homeowners insurance at Clockwork Insurance Services in Metairie, LA.

Changes in the Value of Your Home

Many factors can affect the value of your home. If you’ve done major renovations or added a new room, notify your insurance company.

The value of your home can also fluctuate if property values in your area rise or fall.

If your home is damaged, you might not be compensated for its complete value if it has increased in worth.

Changes to Your Family

If you’ve recently had a baby or adopted one, notify your insurance company. The same applies if an elderly family member moves in. If someone has moved out of your home, updating your policy is crucial. For instance, when your teen leaves for college.

Upgrading Security

Inform your insurer if you’ve installed a security system. Security systems lessen the likelihood of vandalism and theft. This reduction in risk might also lower your insurance premiums, besides giving you peace of mind.

Changes to Pets

If you’ve recently added a new four-legged family member, your insurance policy covers liability in the event of a dog bite. It’s crucial to inform the insurance company about your new pet to ensure you are covered adequately. Also, be aware that many policies don’t cover specific breeds considered aggressive.

Homeowner’s Insurance at Clockwork Insurance Services

If you require homeowner’s insurance in Metairie, LA, contact Clockwork Insurance Services. Our approachable agents will discuss your needs and help you choose the most appropriate policy for your situation.

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