Watch shops, like other retailers and small businesses, need business insurance to protect the business and its owner from unexpected losses.
If you own a watch shop, you face risks to your business property from fire, theft, vandalism, and severe weather. In addition, you have to protect your assets from lawsuits when you damage someone else’s property, or when someone is injured as a result of coming into contact with your business.
Because your inventory is highly susceptible to theft, special consideration is needed to protect your business from burglaries, shoplifting, vandalism, and other forms of theft or fraud.
A local independent insurance agent can help you find the watch shop insurance that best suits your unique needs.
Any number of adverse events can impact your watch shop and lead to devastating financial losses. The goal of your business insurance is to protect you from these financial losses and allow you to continue to operate. Without it, a small fire or even a slip-and-fall incident in your store could bankrupt you.
Like any retailer or shop owner, the possibility for property damage to your building and business property, or your customers’ property, is endless. Your shop can catch fire, damaging everything inside—including your inventory, computers, showroom fixtures, office space, and more.
What’s more, because you deal with highly valuable and easily portable merchandise, watch shops also face an increased risk of burglary and theft, and must be prepared for the resulting financial losses.
The specific watch shop insurance policies that you need depend on your unique risks. At a minimum, your watch shop insurance should address risks to:
Most watch shops will need to invest in several traditional business insurance policies, which will cover things like your furniture and fixtures as well as a variety of liability risks. You’ll also probably need to purchase jewelers block insurance, which is a package of coverage designed just for jewelers, watch shops, and the like, in order to cover items and scenarios that are specifically excluded from basic business insurance policies.
Watch shops need several traditional business insurance policies that cover a variety of standard property and liability risks.
Because you sell highly valuable and easily portable merchandise, watch shops face an increased risk of theft and loss. Most standard business insurance policies specifically exclude coverage for your valuable watch inventory, which means that obtaining coverage can be difficult. You probably need to find coverage from insurance companies that specialize in policies for jewelers and similar businesses.
Jewelers block insurance is a policy package designed specifically for jewelry store owners, including watch shops. It supplements your other commercial insurance policies by providing the essential coverage that traditional policies will not.
Jewelers block Insurance is a type of inland marine insurance policy that is designed to provide coverage for loss of or damage to jewelry inventory (watches, in this case) belonging to retailers, wholesalers, manufacturers, and pawnbrokers. Covered causes of loss include mysterious disappearance, store window smash-and-grab burglaries, breakage due to workmanship, and employee theft.
Jewelers block insurance also covers not only your own watch inventory, but also the property of others entrusted to you (e.g., watches taken in for repairs, watches being sold on consignment). It also covers items that are in transit (e.g., items on loan for a fashion show or photo shoot, items being sold at trade shows or special exhibitions).
If you sell watches online, you’ll need to add special coverage for items being shipped by certain methods, such as couriers or armored cars. An independent insurance agent can walk you through all of the various coverage options, and can help you create a customized watch shop insurance program.
Given the high risks inherent in the watch shop industry, your insurance company will probably require you to follow strict security guidelines in order to avoid losses. If you fail to follow basic safety and anti-theft protocols (e.g., keeping your watch inventory in a safe at night), your insurance company could cancel your policy.
In addition to basic property and liability coverage and your jewelers block package, there are several other types of coverage that you may need to purchase to protect your watch shop. These include:
Watch shop insurance may be more expensive than business insurance for other retailers of a similar size. This is because of your valuable inventory and the increased risk of theft and burglary that you face.
In general, watch shop insurance costs vary depending on the size of your business, the number of employees you have, the amount and value of your inventory, the location of your business, and a variety of other variables.
An independent insurance agent can guide you though your options so you get coverage that meets your needs.
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.
Independent insurance agents simplify the search process for finding the right watch 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.
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.