Watch and jewelry repair shops handle a variety of repair services for their clients, including fixing new and antique watches, clocks, and jewelry items. Most people who request repair work on their watches or jewelry are bringing in antique or precious items with sentimental value, not to mention often high financial value. This increases your business risk due to the potential of damaging their precious heirlooms or having the items stolen from your shop. Therefore, you should get watch and jewelry repair business insurance in case something like this occurs.
Types of Watch & Jewelry Repair Business Insurance
Since there are many risks associated with a watch and jewelry repair business, there are also many insurance policies needed to cover each risk. The following are the most important types of watch and jewelry repair business insurance to consider purchasing for each of your probable risks.
General liability insurance includes personal injury, completed operations, and products liability. If a customer trips over box of items to be repaired and is consequently injured in your store, you’ll likely have to pay their medical costs or be sued for damages. If you perform repair services on an antique necklace and cause more damage accidentally, that is also something you may be responsible for. General liability helps to cover these types of risks and more.
Business auto insurance is a type of auto insurance policy used for company vehicles. When picking up tools and equipment for your repairs or delivering finished products to the customer, you are on a business errand. If you have business auto insurance during this errand and get into collision with another vehicle, the damage to your car and theirs is covered according to your policy. Many auto insurance policies also cover theft, vandalism, and bodily injury.
If you have an online shop where you provide watch and jewelry repair services or sell products, you should be protecting that shop from potential crimes. Cyber crimes include the theft of financial or personal information during transactions and paying for services with forged financial info. To avoid the loss of business assets and reputation, you should purchase a cyber liability insurance policy.
Another important watch & jewelry repair business insurance policy to consider is a business property insurance policy. Protect your business from having to shut down as a result of unexpected circumstances with business property insurance. If there was a fire, earthquake, tornado, hurricane or snow storm, you could experience damage to your business property and the contents inside. This may mean taking a big hit in your business assets, even so much a having to close down your store. If you have business property insurance, you will have help paying for major repairs.
Worker’s compensation will pay for any medical costs, physical therapy, or lost income as a result of work-related injuries or illnesses. If a worker trips over a clock sitting on the floor in your store and sprains an ankle, the doctor visits are covered by worker’s comp. They will also not be able to sue you for damages and you aren’t responsible for the medical costs.
Crime insurance is a type of business insurance policy that offers your shop protection from crimes like vandalism, theft, embezzlement, and shoplifting. Even with background checks for employees and keeping a close eye on your customers, you still run the risk of certain crimes. In order to avoid the potential loss of business assets, you should get a crime insurance policy that covers these risks.
By choosing from these watch and jewelry repair insurance policies, you are protecting your business assets, employees, and your reputation. You will be able to relax knowing your company is well protected even if an unexpected event occurred.