Clock shops sell a variety of new clocks, including grandfather clocks, mantel clocks, wall clocks, cuckoo clocks, and tabletop clocks. Many clock shops also offer clock and watch repair services to the general public.
Owning a clock shop offers you the luxury of running your own business. And most clock shop owners are passionate about clocks and timepieces, making their work also their passion. But if you own a clock shop, you also have the serious responsibility of protecting your livelihood from the unique risks that threaten it.
Business insurance can help you recover from simple claims for slips and falls on your premises, and even from the complete devastation caused by a fire or a tornado. A local independent insurance agent can help you find customized clock shop insurance solutions that help you protect your livelihood.
Why Do You Need Clock Shop Insurance?
Your store is exposed to a variety of unique risks that must be addressed with tailored clock shop insurance policies.
You have highly valuable and flammable inventory on hand at all times, and a variety of essential equipment. One spark could quickly spread to your entire store, destroying everything.
You are also at risk of property damage due to a severe weather event, a burglary, or vandalism. If you want to stay in business after such an event, you’ve got to have the funds to pay for repairs and for replacing lost inventory, store fixtures, furniture, and supplies.
And if someone is injured on your premises or as a result of using one of your products, you can be assured that a costly lawsuit is not far behind.
Unfortunately, your risks don’t end there. It’s not uncommon for clock shops to experience:
- Shopping carts or store fixtures causing injury or property damage in the store or parking lot
- Loss of income due to a catastrophic or unexpected event
- Employee theft of cash or inventory
- Employee lawsuits related to discrimination or other claims
- Damaging a watch or a clock that is in your shop for repairs
What Does Clock Shop Property Insurance Cover?
Your clock shop insurance should be tailored to the unique risks that you face.
Your first line of defense is commercial property insurance. It covers your building and its contents, including computers and cash registers, inventory, equipment, furniture, fixtures, and more, when unexpected events (like a fire or severe weather) destroy your merchandise and your physical space (your building, if you own it).
If you offer repair services, your property insurance will cover all of the specialized tools and equipment needed to make repairs, including pliers, wire cutters, ball-peen hammers, sharpening stones, eye loupes, and more.
After a property loss, you’ll probably need some time to replace your inventory and fixtures and rebuild your store. Business interruption coverage compensates you for lost business income and pays for certain operating expenses if you must temporarily close after a covered loss.
What Does Clock Shop Liability Insurance Cover?
You also have a significant liability risk, which means that you are responsible for compensating any customer or member of the public who gets injured on your property or as a result of buying something from you.
If a child pulls down a grandfather clock that is on display in your store and is severely injured, you can expect to pay for the child’s medical bills, at least. If you are sued because of the incident, you’ll have to defend yourself and potentially pay out a financial settlement.
Commercial general liability (CGL) insurance pays for claims of bodily injury and property damage to third parties due to your negligence. It pays for medical expenses as well as attorney fees, court costs, and any settlements or judgments that you are required to pay to the injured party.
What Other Types of Clock Shop Insurance Do You Need?
You might also want to consider endorsements (coverage add-ons) to your basic business insurance policies, or you might need some additional stand-alone policies that provide the following types of coverage:
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits.
- Workers’ compensation insurance is typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job. If an employee is injured while moving a heavy grandfather clock on the sales floor, or a clockmaker sustains repetitive motion injuries after years of working with small tools day after day, your workers’ compensation insurance pays for the related medical costs and compensates the employee for time away from work.
- Crime coverage protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business.It also offers coverage in cases of shoplifting and vandalism.
- Sign coverage pays for damage to outdoor signs that are not attached to your building when the damage is caused by weather, vandalism, fire, etc.
What Is Bailees Coverage?
What happens if a fire in your store damages clocks and watches that you’ve taken in to repair? O, what if a clocksmith or clockmaker drops and destroys a customer’s crystal mantel clock while repairing it?
Because standard business property and liability policies cover only your own business property, you need special coverage for your customers’ property that is in your possession.
- Bailees coverage is an add-on to a business property policy that covers non-owned property that is stored at your store or is in your possession. It helps pay for damages and minimizes the financial implications for you and your customers if their property is damaged while in your control. Bailees coverage is specifically designed for businesses that take in the property of others and are expected to return it undamaged.
If you offer clock and watch repairs that require you to take custody of someone else’s property, talk to your independent insurance agent about your need for this type of coverage.
How Much Does Clock Shop Insurance Cost?
Insurance for clock shops can range from several hundreds of dollars per month to thousands. The costs to insure your individual business will depend on the size of your operation, as well as the value of your inventory and the risks involved with the services you provide.
Your business insurance premiums are based on a variety of individual risk factors including:
- The size of your business
- The location of your shop and any other buildings that you own or operate out of (office space, warehouse space)
- The number of employees
- The types of tools and specialized equipment you need to repair clocks and watches
- The value of the inventory and other business property you keep on your premises
- The types of coverage and amount of coverage that you need.
If you are a sole proprietor who only sells clocks and you do not offer repairs or other services, you can expect to pay far less for your clock shop insurance than a multi-store business with several showrooms, multiple employees, and a significant clock and watch repair business.
Ultimately the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Independent insurance agents simplify the search process for finding the right clock shop insurance. They’ll walk you through some handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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