What are the Advantages of Jewelers Block Insurance for Business Owners?

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No matter the size of your business in Metairie, LA, having the right insurance coverage is crucial to secure your investment. This is especially true for businesses dealing with valuable inventory. When your inventory consists of jewelry, having insurance to cover a variety of situations becomes a priority. Our team at Clockwork Insurance Services can provide jeweler’s block insurance to help cover those unforeseen circumstances.

What Does Jeweler’s Block Insurance Cover?

For businesses operating in the jewelry industry, jeweler’s block insurance is a specialized policy that provides a safety net you’ll want to have in place. This insurance protects items whether you work with and sell finished pieces, custom pieces, gemstones, or precious metals.

Benefits of a Jeweler’s Block Policy

Consider the following advantages of having a jeweler’s block policy in addition to your traditional insurance policy:

  • Accidental damage – Accidents happen; protect your products.
  • Money protection – Safeguard against money loss, whether the money is compromised (stolen) on the premises, or at an event taking place off the premises.
  • Burglary – Protection against break-ins and theft, as well as more elaborate schemes to steal your inventory.
  • Transit (International and Domestic) – Whenever jewelry is being transported, the pieces and gems are protected.
  • Exhibits and Trade Shows – Trade shows are part of many industries, including jewelry. Protect your inventory when traveling to and participating in these shows.

Contact Our Insurance Team in Metairie

When your business in Metairie, LA involves valuable jewels, gems, and more, add a layer of protection with a jeweler’s block policy. Contact us at Clockwork Insurance Services as soon as possible so we can discuss your current traditional policy and how a jeweler’s block policy can supplement where your standard policy leaves off.

It’s That Time Of Year: Flood Insurance

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Flood insurance is the surest way to protect your property from rising water. Just an inch of flood water can cause more than $25,000 dollars in damage. Floods are destructive, economically devastating and all too common, so we recommend flood insurance coverage for ALL your property exposures, including your personal and commercial property. Personal Property such as Homes & Condos, Rental Properties, Vacation Homes and/or Commercial Property and contents are eligible for coverage. If you do maintain a flood insurance policy, we strongly recommend reviewing your policy for adequate policy limits on your building and contents exposures. 

Please remember that a waiting period of 30 days applies to all new and lapsed National Flood Insurance Program (NFIP) flood insurance policies as well as any requested changes to your existing flood policy. The current maximum flood insurance policy limits available through the NFIP are as follows:

  • $500,000 for commercial buildings and $500,000 for commercial contents
  • $250,000 for residential dwellings and $100,000 for personal contents
  • $500,000 building and $100,000 contents on commercial residential property with 5 or more units

Also note:

  • Excess flood coverage may be available through private insurance.
  • For commercial flood insurance policies, only 10% of your NFIP limits will apply to your tenant betterments and improvements but may be available through private flood markets.
  • If you own/operate multiple buildings at the same location, each building must be insured separately for building and/or contents.
  • All Losses under the NFIP commercial flood policy are settled on Actual Cash Value basis (replacement cost less depreciation).

Like floods, earthquakes are another hazard usually excluded from your standard property policy. Unlike the federal flood program, earthquake coverage is written through private insurance carriers. If you are in an area prone to earthquakes, we recommend adding coverage to your policy. 

Please contact us to quote or review your flood insurance today!

Pre-Season Preparation

☐Review your insurance policies for any flood coverage/ flood endorsements,

☐If no current coverage, get a quote now!

☐Confirm contents, building/ tenant improvements covered under flood-related events

☐Know your store’s FEMA flood zone designation

☐Photograph and digitally store/ backup updated inventory records, customer records, and other key data 

☐Elevate safes, displays, and equipment where possible

☐Install sump pumps, backflow valves, and water alarms

☐Establish a written rapid flood response plan for staff

☐Verify contact info for vendors, insurance, and emergency services

⏳ When Flooding is Forecasted

☐Move inventory to high ground or secure off-site location (check with agent for off-premises coverage)

☐Power down and elevate critical electronics

☐Deploy flood barriers (sandbags, door dams, etc.)

☐Protect documents and signage

☐Notify staff of store closure or adjusted hours

☐Communicate updates on your website and social media

☐Secure stock in waterproof containers

🚨 After the Flood

☐Take photos/videos of all damage before cleaning up

☐Contact your insurance provider immediately

☐Secure your property from further damage

☐Do not discard any damaged inventory until inspected

☐Check inventory records for losses or discrepancies

☐Keep customers informed on delays or reopening plans

Give us a call today at 504-262-8240 or send us an email to: info@clockworkins.com.

Clockwork Insurance is here to assist with your flood insurance needs.

What Commercial Insurance is Best for My Particular Industry?

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Whether you’re launching your first Cajun-themed restaurant or managing a regional HVAC business, securing adequate insurance is crucial for any commercial property owner or operator. Regardless of your industry, finding a suitable insurance policy is imperative. For business owners in Metairie, LA, partnering with Clockwork Insurance Services can help you find the proper protection for the peace of mind you deserve.

Hospitality Industry

If you own a restaurant, catering service, bar, or café, consider general liability, liquor liability, and traditional commercial property insurance policies. If you have any employees, including contractors, you may need workers’ compensation, depending on your business model.

Construction and HVAC Industry

Those working in construction or HVAC face a higher risk of injuries, equipment theft, and property damage. General, builders’ risk, and commercial auto insurance are all recommended. Contractor’s equipment and workers’ compensation insurance may also be beneficial.

Healthcare Industry

If you’re a dentist, doctor, therapist, home health aide, or own your clinic, you may need medical malpractice and cyber liability insurance in addition to traditional general liability insurance. A business owner’s policy (BOP) is also recommended.

Retail Industry

As a grocery store, boutique, or specialty shop owner in the retail industry, you need a business owner’s policy (BOP), along with general liability and commercial property insurance. For added protection, consider cyber liability insurance or even inland marine insurance for managing mobile equipment.

Understanding how commercial insurance works is crucial for a business owner in any city or state. Whether you’re a business owner in fashion, hospitality, health, retail, or the arts, protecting yourself with the right policy can make a significant difference. To learn more about your insurance options in Metairie, LA, contact Clockwork Insurance Services today.

Insurance Merger or Acquisition? Time To Act

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When your insurance provider is merged with or bought by a larger company, it can often feel like you’re left in the shuffle. This is the perfect time to reassess your coverage and explore new options. Shopping around could help you identify the gaps in service and coverage that may arise from the transition. Below are some key areas where larger agencies may not be right for your business, and why it’s important to take action:

1) Competitive Costs May Be Lost

Larger insurance companies often standardize their offerings and may not have the flexibility to shop for the best rates or uncover discounts that specifically apply to your business. As a result, you could end up with a policy that doesn’t offer the most competitive pricing or the best value for your coverage needs. It’s worth revisiting your options to ensure you’re getting the most cost-effective solution available.

2) One-Size-Fits-All Solutions

When an insurance agency is acquired by a larger company, the focus often shifts to standardized policies designed for mass appeal. This means your unique business needs may not be fully addressed. The flexibility to customize policies based on the specific risks and nuances of your business may be lost in the process. It’s crucial to review your policy and determine whether it’s truly tailored to your needs or if you’re simply receiving a generic solution.

3) Customer Service Can Become Impersonal

One of the biggest frustrations with larger insurance companies is the shift toward impersonal customer service. With call centers and automated systems becoming more common, you may find it difficult to get direct answers to your questions. Navigating through long hold times, repetitive scripts, and multiple agents can leave you feeling frustrated and disconnected. Personal, timely service may become a casualty of the merger, which can significantly impact your experience as a policyholder.

4) Inconsistent Support and Lack of Dedicated Agents

In the wake of an acquisition, you may be assigned to a different representative each time you call. This lack of continuity can make it harder to develop a relationship with someone who truly understands your business and its specific needs. When you need assistance, it can be frustrating to explain your situation to a new agent who isn’t familiar with your history or the nuances of your policy. Consistency in support is critical, especially when dealing with complex insurance needs.

5) Longer Response Times

Larger insurance companies often face delays in addressing client needs due to their size and bureaucracy. What used to be a quick response from your former agency may now take much longer, especially when it comes to claims or urgent policy adjustments. If your business is growing or evolving, having timely responses and quick access to support becomes even more important.

Conclusion

When your insurance provider is merged or acquired by a larger company, the services you once relied on may change. From increased costs and impersonal service to longer response times and less tailored coverage, the shift can create significant challenges. Now is the perfect time to reassess your policy and explore options that better serve your business’s unique needs. Take action and review your coverage after a merger or acquisition.

At Clockwork Insurance, we prioritize your business’s protection and peace of mind. Let us help you navigate these changes and find the right coverage for your future.

Contact us today to learn more!

What You Should Know About Coverage of Smoke Damage To Your Home

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A fire can be a frightening, damaging event, but the smoke and soot that lingers after the incident can have other troubling effects. Your home insurance policy provides coverage for removing the effects of smoke after a home fire. At Clockwork Insurance Services in Metairie, LA, we help clients acquire the insurance they need when a damaging fire and smoke event happens to their home.

Smoke Can Cause Damage To Home Interiors and Health

After a fire, soot may cover walls, furniture, and personal items and must be carefully cleaned. Some items may not be able to be saved and may have to be discarded. A strong smell of smoke may linger in interior spaces after removing damaged items. The toxic chemicals in smoke can affect health, especially for sensitive individuals in your household, such as those with asthma, infants, and seniors. You may need cleanup by a professional restoration service to ensure your home is returned to a safe and healthy condition.

Your Home Insurance Can Help Restore Your Home To Normal

If your home experiences smoke damage from a fire, contact your insurance agent to discuss coverage that will help to restore your residence to a safe and livable condition. Home restoration companies have the equipment and expertise needed to bring your home back to normal.

Make Clockwork Insurance Services Your Agent For Home Insurance

If you would like to learn more about the coverage your home insurance policy provides, our experienced agents can provide the details. We offer many insurance products for our clients, including home, auto, flood, umbrella, and business. Contact Clockwork Insurance Services in Metairie, LA, today for a no-obligation quote on home insurance coverage that will help restore your home when fire and smoke damage occur.

Don’t Rely On Luck: Theft Prevention Tips for Jewelers

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There are key times of the day and of the year when jewelry stores are most at risk for theft. Whether theft by employees or the public, either can be costly in time and financially. The time it takes to file a police report, get in touch with your insurance company to begin a claim and just the inconvenience of this incident along with addressing what led to this can be quite time consuming. 

Don’t rely on luck. 

Review your current theft protection plans and update them as needed. Here are some areas to review that can boost your current plan.

  1. Opening processes of your store.
  2. You should have 2 or more people during the opening of your store.
  3. Inspect the area prior to unlocking the doors
  4. Have one person keeping an eye outside while the other goes into the store, locks the door behind and checks that the store looks as it should.
  5. Processes during open hours.
  6. Security should be aware of the selling procedures your employees use and be keeping a close eye when precious pieces are brought out of cases for inspection by a customer.
  7. Employees should have a specific plan for showing jewelry and stick to it with security on the top of their mind while making a sale.
  8. Closing procedures should be followed and not be rushed. 
  9. If a phone rings, either let it go or stop closing procedures and stay inside the store to handle the call. This is just one example of a distraction that could put a store at risk.
  10. As with opening the store, 2 people should close the store, and neither should be dealing with any distractions. Employees should watch for each other and the area around them. One person should lock the store while the other watches what is going on around them.

During peak season, additional security should always be present and both security personnel and employees should watch for individuals “casing” the store. Any suspicious activity should be reported and written up. A log should be kept keeping up with any suspicious activity so that no one must rely only on memory.

Each store will have its own specific areas to address, and careful security planning is a must. Signing up with your local crime watch programs is helpful. 

Wedding Day Jewelry Insurance: Are You Covered for the Big Day?

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You are preparing for the big day in Metairie, LA, and have every detail planned, from the centerpieces at your reception to the look and taste of your beautiful wedding cake. While everything may seem perfect, there is one crucial item that is often forgotten about. I’m talking about jewelry insurance. If this detail slipped your mind, there’s no need to worry. Here are several ways to cover your jewelry for the big day.

Have a Professional Appraisal Done

Knowing what your wedding bands are worth can be accomplished with the help of a professional appraisal. A certified gemologist can tell you exactly what your precious gems are worth and how much they should be insured. If the size of the diamond is at least half a karat, a diamond certificate or grading report will also most likely be issued. These documents will become very helpful when preparing to insure your wedding jewelry.

Research Insurance Agents in the Metairie, LA Area

Before agreeing to be insured by any agent, do your research. One trusted agent in the area is Clockwork Insurance Services. We can provide you with a quote and are able to answer any questions you may have regarding this or other insurance services to put your mind at ease. We will also be able to explain everything covered with the policy you are interested in.

Consider if This Insurance Policy is Right for You

The only person who can determine whether your wedding jewelry should be covered is you. This policy will protect it if your wedding band breaks, is lost, or is stolen. Wedding jewelry has monetary and sentimental value. It reminds you that you will be privileged to spend the rest of your life with your special someone. This insurance policy will protect this valuable item, even when traveling.

Clockwork Insurance Services would be happy to answer any lingering questions you may have about jewelry insurance or any other policy you may need. Call us today for a quote.

Why Proper Appraisals Matter for Jewelry

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It’s Valentine’s time and new engagements are in the air along with celebrations of years spent together. A visit to your local jewelry store for a new beautiful piece of jewelry to commemorate this time is on your calendar. You may have already decided you will get insurance to cover this precious piece of jewelry but how important is the appraisal?

It is crucial to provide an accurate and current appraisal of your jewelry to your insurance company to ensure you are covered properly. Essentially the appraisal acts as a reliable document to protect your investment in jewelry by ensuring you are adequately compensated in case of loss, theft, or when selling the piece.

There are five main reasons why jewelry appraisals matter. 

  • Insurance purposes
  • Estate planning
  • Selling jewelry
  • Loan collateral
  • Authenticity verification

Because markets do fluctuate it is a good idea to get updated appraisals, in particular when you are reviewing your insurance coverage, thinking of selling or would like to use a piece of high-end jewelry as collateral.  Discuss with your insurance agent when you do a review of your coverages whether now is a good time for a new appraisal. Make sure you get a detailed report from a professional appraiser and provide this to your insurance agent. Also check that your appraisal reflects the replacement value of the piece not the purchase price.

For questions and assistance with insurance coverage for your high-end jewelry contact Clockwork Insurance Services today. Call 504-262-8240 or email info@clockworkns.com

Protect What You Treasure and Your Investment with Fine Arts and Collectibles Insurance

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The renowned playwright and poet Oscar Wilde once said, "Life imitates art." This sentiment resonates with many who appreciate and collect art and other valuable items. Such individuals not only invest in these pieces but also cherish them deeply. That’s why people choose to protect their investments and passions with policies like fine arts and collectibles insurance. The team at Clockwork Insurance Services offers such policies to help people in and around the Metairie, LA, area safeguard their prized possessions.

Secure Your Treasures and Investments with Fine Arts and Collectibles Insurance

Fine art and collectibles often hold significant value, from your most cherished painting to limited edition doll collections and more. Protecting such valuable items is wise, much like any other substantial investment. However, items like art and valuable collections hold more than just monetary value; they often have personal significance that transcends dollars and cents. This dual value prompts owners of fine art and collectibles to protect their valuables with fine arts and collectibles insurance options.

Insurance Solutions for Fine Arts and Collectibles Owners in Metairie

If you live in or around the Metairie, LA area and have questions or would like to learn more about fine arts and collectibles insurance for your art or collectibles, we’re here to help. Contact us to find out more and schedule an appointment with our friendly and experienced team for the insurance solutions you need to keep your treasured items safe at Clockwork Insurance Services today.

5 Insurance Pitfalls Jewelry Store Owners Should Avoid This Year

Posted on by Tyler Wright

As a jewelry store owner, protecting your valuable inventory and business operations is crucial. However, navigating the complexities of insurance can be challenging. Here are five common insurance pitfalls to avoid this year to ensure your business remains secure.

Underinsuring Your Inventory

One of the most significant mistakes jewelry store owners make is underinsuring their inventory. The value of jewelry can fluctuate, and it’s essential to regularly update your inventory and your policy to reflect current market values. Failing to do so can leave you with insufficient coverage in the event of a loss.

Ignoring Specialized Coverage Needs

Standard business insurance policies often don’t cover the unique risks associated with jewelry stores. Ensure you have specialized coverage, such as jewelers block insurance, which protects against theft, damage, and other specific risks. Without this, you might find yourself inadequately protected.

Overlooking Employee Theft Coverage

Employee theft is a significant risk in the jewelry industry. Many standard policies do not cover losses due to employee dishonesty. Make sure your policy includes coverage for employee theft to safeguard against internal risks.

Not Reviewing Policy Exclusions

Insurance policies often contain exclusions that could expose you to unexpected risks. It’s essential to thoroughly review your policy to identify what is and isn’t covered. Common exclusions might be related to natural disasters, security requirements, or off-premises coverage.

Failing to Update Coverage with Business Changes

As your business grows and evolves, so do your insurance needs. Whether you’re expanding your inventory, opening a new location, or investing in new security systems, it’s crucial to update your insurance policy accordingly. Talk with your agent regularly to review and adjust your coverage to match your current business situation.

By avoiding these common pitfalls, you can ensure that your jewelry store is well-protected and prepared for any unexpected events. If you need personalized advice or a policy review, feel free to reach out to our team at Clockwork Insurance for expert guidance tailored to your needs.

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