Choose a Comprehensive Jewellers’ Insurance Cover

Running a jewellery shop involves a wide range of risks because you deal with expensive jewellery. Therefore, it makes great sense to purchase a comprehensive insurance package to covers risks coming from all possible sources – employees, customers, vendors, damage, theft and others.

Whether your jewellery business is small or large, you need to protect your expensive jewellery stock. Choose a comprehensive cover that suits your particular trade.

Things to consider while choosing a cover
Businesses in general and jewellery shops in particular, involve great measure of risk, given the nature of the goods involved – precious metals like gold, silver, platinum, diamonds and other precious stones – widely used in jewellery. Therefore, it is better to purchase a comprehensive jewellers’ insurance policy that covers all possible risks. It is very important to consider the following.

• Coverage for goods in transit
This coverage makes sure that your expensive jewellery stock is covered for any risk of accidental damage or theft that may happen in the transit. It covers the risk when it is being transported from one place to another.

• Replacement or cash settlement
This insurance covers the damage of loss, due to theft, or damage. It covers the cost of replacement of the jewellery. You could also go for actual cash value. This value is fixed according to the price when it was lost.

• Fixtures and fittings
Fixtures and fittings include your store equipment such as computers, cash registers and other contents, which are very high in value and the loss of these contents may badly affect your business. You therefore, need to consider the risk to the fixtures and fittings and purchase an appropriate insurance cover.

• Coverage against business interruption
Business interruption coverage protects against the risk of interruption to your business. For example, natural disasters such as flood or storm may damage your business premises, resulting in temporary closure and loss of sales. Business interruption insurance compensates for the losses your business incurs during the interruption period and the damage and repair expenses that you bear.

While choosing a comprehensive insurance coverage for your jewellery shop, consult professional expert insurance brokers. They will help you choose the right type and amount of coverage to protect against all the potential risks to your business. Some also tailor the insurance policy according to your business’ requirements.

Choosing a comprehensive jewellers’ insurance cover, will therefore, protect your business against probable risks of all sorts.

What is Business Interruption Coverage?

Coverage Limitations

Insurance is designed to financially restore someone to where they would have been had the loss not occurred. Therefore, the business would be required to submit records that would provide a good indication as to what the business would have actually lost in net income. It is recommended that businesses keep a copy of at least 12 months of financial records offsite for this very reason.

Most policies include a waiting period, for example 72 hours, before coverage will begin. A maximum amount paid out each month as well as the amount paid out overall for the loss of net income is determined when the policy is purchased. The policy will also specify a maximum time the coverage will extend for. So for an example, a policy may state coverage will only apply for 120 days, include a limit of $120,000 with a monthly limitation of one fourth. This would indicate the business owner would only be entitled to a maximum payment of $30,000 each month with a $120,000 maximum paid out over the course of 120 days.

Extra Expense

Extra Expense coverage is used to provide relief from additional expenses a business incurs to keep the doors open, such as relocating to a temporary location while the primary location is being repaired. This coverage is provided in addition to Business Income coverage.

Extended Period of Indemnity

Typically, Business Income coverage will stop when business operations are resumed. Yet, just because business resumes, doesn’t mean the normal flow of income immediately resumes as well. Extended Period of Indemnity can provide coverage in the interim, from the time the business is able to re-open its’ doors to when the income resumes to normal income levels. However, there will be a time limit imposed as to how long the coverage will apply as the insurance company can not guarantee income restoration.

How to purchase Business Interruption Insurance

Business Interruption coverage is not sold individually. It can be added to a commercial property insurance policy or a business owner’s policy.

Business Interruption Insurance For Restaurants – Do You Have Enough on Your Plate?

Independent restaurants operate in an extremely competitive environment. You work hard to attract customers to your establishment and even harder to entice them to return. It takes time and effort to train and develop the right staff that will represent your brand the way you intend.

Aside from serving good food, your most valuable assets are your employees, your reputation, and the character and ambience your restaurant provides.

Purchasing property insurance to cover your assets such as your building and business personal property are a fairly straightforward process.

The same is not true when it comes to business income coverage. As a restaurant owner you need to give some serious consideration to protecting perhaps your most important asset: the revenue stream that comes from your daily operations.

Some insurable exposures that can cause a business income loss:

Equipment Breakdown
Property Loss
Power Service Interruption
Income Support Property
Special Event Cancellation
Food Contamination
Civil Authority
Violent Acts

You purchase insurance to transfer the risks that you cannot afford to take yourself. You trade a liquid asset today for the insurance companies promise to pay in the future. You expect that if you have a serious loss the insurance company will be there to restore your business and provide the funds you need to get back on your feet. There are some potentially devastating inadequacies in what many restaurant owners have in terms of coverage when it comes to insuring their business income.

Restaurants rely upon many elements to maintain their business operations and many policies do not cover or provide very limited coverage for direct damage and loss of business income when it comes to equipment breakdown or utility service interruption to:
Computer systems including POS


HVAC and cooking equipment

Lighting and sound systems

Water and communication lines

Fire Detection Systems

Electrical Distribution Systems

Security Systems

Restaurants operate on a very thin margin. Any interruption of business, damage to your reputation or loss of business once you have reopened can have a devastating impact on your bottom line.

Some questions to ask yourself when reviewing your policy:
If I do have a loss that closes my business or damages my reputation will my insurance cover any loss of income I sustain after I reopen and how long will the insurance company continue to pay

How long will the insurance company continue to cover my ordinary payroll expenses during the period of restoration and after I reopen

Does my policy include coverage for my employees tips during the period of restoration and after reopening and for what period of time

Will my policy pay for advertising cost to attract customers back to my business after I reopen

Does my policy offer any protection for my loss of income if my reputation is damaged due to a crisis event such as food contamination

Will my policy pay for the services of a public relations firm to assist me in dealing with the media to preserve and restore my reputation

Is there a waiting period before my business interruption coverage begins to pay

What if my key supplier has a property loss and cannot deliver the goods I need to operate my business

What if a neighboring business who drives clients to my doors is shut down or a civil authority prevents access to my premises due to direct physical loss or damage to a neighboring property

Will my policy pay for direct damage from electrical disturbances and other perils typically excluded by my property policy to the equipment I rely on to operate my business and the resulting loss of income

Look for business income insurance provisions:
That do not contain a co-insurance clause

That do not have a waiting period of greater than 24 hours, if any

That will pay for your continued loss of income after reopening for at least 60 days

That will pay your advertising cost including the cost of a crisis management firm to help restore your reputation

That covers power interruption and equipment breakdown with no limitation on the distance to the source and which includes damage to overhead transmission lines

That covers food borne illness during and after the event with adequate limits

That covers income support properties and action by civil authority

That covers off premises special event cancellation

That will pay for your server’s tips during a closure and after reopening

A thorough review of your business income coverage provisions and how your policy will respond to 1st party claims is essential to protecting your property and the revenue stream your restaurant produces. Don’t wait until after you have had a loss to find out what is actually covered by your policy.