By David J. Sexton
The ‘what ifs’ are endless when it comes to threats in the jewellery industry. Each year, jewellers fall victim to crime and face unpredictable losses from fire, natural disasters, and even internal theft. So how can you possibly protect your business from the unknown?
There are several things you can do to ensure your safety. You can start by asking yourself, “Does this decision create a safer and more secure business environment?” From management decisions to everyday dos and don’ts, make safety and security a priority for your business and your staff.
Comparing apples to apples
A great place to start evaluating your business in terms of safety and security is to examine your insurance needs. Business owner policies (BOPs) were never intended to be comprehensive insurance coverage solution for jewellers. In fact, most limit or exclude coverage for jewellery inventory. Brokers and their jewellery customers need to consider insurance coverage that can be customized to meet the jewellery business’s individual and unique needs. They also need to work with an insurance specialist carrier who understands the jewellery industry and has the experience to guide them in making informed choices about their insurance protection.
A jewellers block policy is comprehensive coverage designed to meet the needs of a very broad spectrum of jewellery operations. This policy covers losses typical in the jewellery industry, such as burglary, robbery, distraction theft, fire damage, and water damage, to name a few.