Cyber Liability Insurance: What is it for?

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In June 2024, a large national software provider, CDK Global, was attacked. The ransomware attack affected thousands of auto dealerships around the U.S. Every aspect of the auto dealer’s business was potentially affected, from the car buying process to servicing vehicles to some payroll systems.  This brings to light the real-life damage a cyber-attack can do. 

Customers were warned to check their credit reports, put a fraud alert or even freeze their credit with the three major credit bureaus. Also to change passwords on any dealership related apps or online payment plans they are using for their vehicles. 

Now, what can the dealerships do?

What the dealership can do to deal with this attack is contact their insurance company to verify their cyber liability coverage.  Cyber liability coverages vary depending on the business’s forecasted needs in the event of a data breach.  The main costs of a breach may include data restoration, loss of income, cyber extortion, notification costs, and crisis management expenses. 

A data breach could potentially trigger claims and lawsuits from clients or customers and a business needs to review their policy to check what is covered. Coverage may include network security and privacy liability, electronic media liability and regulatory proceedings.  

To better protect your business and your clients, set up a meeting with your insurance agent to review exactly what type and what kind of coverages you currently have. Take action by adding any additional coverage recommended and stay on top of the software your business uses.  Ask questions and be prepared as this type of crime happens without the criminal ever stepping foot in your business.

Clockwork Insurance Services offers cyber liability insurance and can assist you in reviewing your current coverages. For more information go to: https://www.clockworkinsurance.com/commercial-insurance.html

Call Clockwork Insurance Services at 504-262-8240

The Importance of Proper Systems Alongside Commercial Insurance Coverage

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Some businesses view insurance as their only safeguard when problems arise. While insurance is intended to provide coverage during situations beyond your control, it shouldn’t be an overreliance, particularly when many aspects are within your grasp. Failure to take care of your business, its property, and its employees places you at avoidable risk, leading to excessive use of insurance. We at Clockwork Insurance Services in Metairie, LA, advocate for a more balanced approach.

Emphasizing the Importance of Appropriate Systems Alongside Commercial Insurance Coverage

In your operations, it’s crucial to implement safety structures and protocols to minimize risk. This can include employee training on equipment use, data tracking for risk assessment, signage to prevent accidents, and conducting meetings when issues arise. These mechanisms need to be in place, as over-relying on insurance to address accidents or disasters could spell trouble. This might increase your premiums, necessitate purchase of broader coverage to accommodate your needs, and potentially slow or complicate claim settling process. Hence, taking necessary precautions and using insurance coverage only when imperative is best.

Secure Your Business With Clockwork Insurance Services

Ensuring comprehensive protection for your business is vital, whether it’s about training or insurance policies. If you are looking for insurance in Metairie, LA, the team at Clockwork Insurance Services can assist! Request a quote now to embark on your business journey.

Coverage Highlight: What Does Workmanship Coverage Mean For Your Jewelry Business?

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In the world of jewelry, craftsmanship is paramount. Skilled jewelers are dedicated to providing exceptional care and precision whether performing repairs, resizing a piece or cleaning cherished items. However, even the most meticulous artisans can encounter unforeseen issues. This is where workmanship coverage becomes crucial.

What is Workmanship Coverage?

Workmanship is a line of coverage that can be included in your jewelers’ block policy. It is designed to protect your jewelry business from the potential financial repercussions of accidental damage to customers items while performing repairs or maintenance that are in your care, custody or control.

Understanding the intricacies of jewelry insurance assists in your decisions on the coverage you need. Our team is committed to helping you navigate your coverage options, ensuring you understand the extent and limitations of your insurance. We work with you to tailor a plan that suits your specific needs, providing comprehensive protection for your jewelry business.

For more information or to get a quote on our jewelers block insurance, please visit https://www.clockworkinsurance.com and fill out the form. A representative will get back to you promptly.

You can reach us at: 504-262-8240.

Protect your jewelry business and give your clients the assurance they deserve by including workmanship coverage in your jewelers’ block insurance policy.

Contact Clockwork Insurance Services for a review of your policy.

Signs It’s Time to Update Your Homeowner’s Insurance Policy

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You may think that once you have homeowner’s insurance, you don’t need to think about it anymore. However, there are times when it’s vital to update your policy. We offer comprehensive homeowners insurance at Clockwork Insurance Services in Metairie, LA.

Changes in the Value of Your Home

Many factors can affect the value of your home. If you’ve done major renovations or added a new room, notify your insurance company.

The value of your home can also fluctuate if property values in your area rise or fall.

If your home is damaged, you might not be compensated for its complete value if it has increased in worth.

Changes to Your Family

If you’ve recently had a baby or adopted one, notify your insurance company. The same applies if an elderly family member moves in. If someone has moved out of your home, updating your policy is crucial. For instance, when your teen leaves for college.

Upgrading Security

Inform your insurer if you’ve installed a security system. Security systems lessen the likelihood of vandalism and theft. This reduction in risk might also lower your insurance premiums, besides giving you peace of mind.

Changes to Pets

If you’ve recently added a new four-legged family member, your insurance policy covers liability in the event of a dog bite. It’s crucial to inform the insurance company about your new pet to ensure you are covered adequately. Also, be aware that many policies don’t cover specific breeds considered aggressive.

Homeowner’s Insurance at Clockwork Insurance Services

If you require homeowner’s insurance in Metairie, LA, contact Clockwork Insurance Services. Our approachable agents will discuss your needs and help you choose the most appropriate policy for your situation.

How do I protect my business during storm season?

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One of the top ten steps to protect your business in the event of a major storm, whether it is a hurricane, or a tornado is to review your business insurance policy.

Things to consider while reviewing your policy are:

  1. Does your insurance policy include water damage protection?
  2. Does your insurance policy include clean up?
  3. What assets are protected by your current policy?
  4. Is your data covered with your current policy?

When a storm is approaching is when the business owner initiates your storm preparedness plan. Most important is to protect your employees and have a communication plan in place to get emergency information out to your team. This is the first step to protecting your business’s ability to regroup and get back to business once the storm has cleared and it is safe to return. A business continuity plan is one of the best ways to prepare for any disruption in business. This should always include the insurance coverages listed above.

Staying in touch with our clients, at Clockwork Insurance Services is included in our preparation for any disruption in business. Rest assured we will be here to provide you with answers to your questions and claims even if we are also in the path of the storm.

Clockwork Insurance Services is dedicated to assisting you with answering all your questions to give you the peace of mind you desire when facing a potential devastating storm in your area.

Call us today to set up a review of your policies and take that step to protect your business!

504-262-8240 or visit our website: https://www.clockworkinsurance.com

Are you covered for the surge in gold & silver prices?

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As a jewelry store owner or precious metal collector you may have taken notice of the increase in prices for gold and silver. This has ignited a sudden increase in the purchases of gold and silver by the public. From an insurance perspective this leads to the question, do I have the coverage I need today?

At Clockwork Insurance Services we can review your policies to ensure that you are covered for the additional costs involved should you have a claim during this higher market value time.

Don’t risk being underinsured. We are ready to customize a comprehensive insurance solution to safeguard your assets in these dynamic times. Take a look at our website for more specific information about jewelers’ block insurance options: https://www.clockworkinsurance.com/jewelers-block-insurance.html

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Three Things You Should Know About Jewelry Insurance

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If you possess a significant collection of exquisite and expensive jewelry pieces, it is paramount to consider securing specialized jewelry insurance. Clockwork Insurance Services offers comprehensive jewelry insurance policies tailored to your jewelry valuables.

The Limitations of Your Standard Homeowner’s Coverage

One common misconception is that home insurance or renter’s policy also provides coverage for your jewelry. Although technically true, there may be limited coverage for valuable items including jewelry, furs, and fine art. At clockwork we work with specialized carriers for these types of risks.

A Selection of Jewelry Insurance Options Awaits

Choosing jewelry insurance yields several options. Firstly, the coverage can be added as an extension to your homeowner’s policy. Alternatively, you can procure a standalone specialized insurance policy for your jewelry. Depending on the extent and worth of your jewelry collection, we can pair you with an individual policy or a blanket one. A blanket policy covers all your trinkets and baubles combined and is an excellent choice for multiple valuable pieces. However, individual coverage may better serve your needs if you only have one or two precious pieces.

Comprehensive Coverage for Damaged or Stolen Items

A jewelry insurance policy safeguards against the risks of theft and damage, ensuring you never lose out on your valuables’ worth. For instance, if your pearl necklace breaks, the policy could cover the re-stringing or repair costs. Some policies pay for a replacement if your jewelry item is stolen, while others may offer a cash out option. In addition to covering lost jewelry, most policies include mysterious disappearance coverage. This protects you when your jewelry goes missing under unknown circumstances—perhaps misplaced, stolen, or lost on commuter transit.

Place Your Trust in Clockwork Insurance Services for Your Jewelry Insurance

When you need jewelry insurance Clockwork Insurance Services stands ready to help. Our team of experienced agents ensures you choose the insurance policy that best adheres to your needs—a policy that brings an added layer of peace to all your precious jewelry possessions.

Flood Insurance or hurricane coverage what do I need?

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In areas of the United States that are prone to hurricane’s, homeowners may be required to have flood coverage based on the zoning regulations in your area. Those not zoned to have high flood risk may want to consider adding flood coverage because your homeowners insurance may not be enough. Floods can occur anywhere and unlike homeowners or hurricane coverage, flood insurance will protect your property even if the area has not been declared a disaster by the federal government.

In states that are higher risk for hurricanes like Florida, Texas, Louisiana, North and South Carolina, Alabama, Georgia, Mississippi, New York and Virginia your homeowners most likely will have a higher deductible specifically for hurricane claims. Make sure to discuss options to lower your deductible or at least be prepared for the large deductible in case you need to make a claim. Your insurance agent can review your policy with you and assist you with this.

Peace of mind during any weather event is a top priority and taking the steps for preparation will ensure you have the protection you need. Steps you should take to prepare for a hurricane: 1. Have emergency water and non-perishable food. 2. Get a first aid kit and include at least a one-month supply of your medications. 3. Backup power sources to charge your phone and batteries for your flashlights. 4. Prepare a way to store and/or carry with you your important documents, i.e. medical documents, personal identification, wills, and insurance information.

Hurricane season officially begins on June 1st of each year so be sure to schedule a meeting with your insurance agent now to review your coverage and discuss options. Protecting your home is a step toward protecting your legacy.

Call us at Clockwork Insurance Services to discuss taking those steps to protect your legacy today at 504-262-8240

Four reasons why you need fine arts and collectibles insurance

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If you own fine art, it’s important that you protect its value with insurance coverage. Clockwork Insurance Services offers fine arts and collectibles insurance to consumers in Metairie, LA.

Here are four reasons why you need fine arts and collectibles insurance to protect your valuable possessions.  

Natural disasters can destroy valuable collectibles and fine art.

Your collectibles could be damaged or destroyed if a natural disaster occurs in your area. An insurance policy can reimburse you for losses due to damage to fine arts caused by natural disasters. 

You may need to travel with your expensive fine art.

Transporting your fine art may be necessary, but it can put your valuable items at risk of becoming damaged if you get in an accident. A fine arts and collectibles insurance policy will typically include coverage for losses resulting from travel. 

Fine arts and collectibles insurance gives you peace of mind. 

Without insurance coverage, you might be stressed about potential financial losses resulting from damage to your collectibles. You can avoid this stress by investing in the coverage that you need to insure the value of your fine art. 

Fine arts and collectibles insurance covers you if your fine art is stolen.

Unfortunately, valuable works of fine art can make you a target for theft. Insurance coverage can reimburse you if your fine art items are stolen or significantly damaged due to vandalism or burglary. 

At Clockwork Insurance Services, we’re happy to offer you the fine arts and collectibles insurance coverage you need. Call us today for a quote on a policy for your fine arts collection in Metairie, LA.

Safeguarding Your Jewelry While Traveling

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The wedding is over, and you are heading to your honeymoon to celebrate! How do you protect your jewelry while you are zip lining over a tropical island?

You realize homeowners and renters’ insurance have major limitations on jewelry coverage. It certainly won’t cover your jewelry when you are flying out of state or out of the country for vacation.

Clockwork Insurance Services has some tips on safeguarding your precious jewelry while traveling along with options for personal jewelry insurance that will help you to really relax and enjoy that vacation or honeymoon.

-Never put your jewelry in a checked bag.

-Don’t flash your jewelry while traveling.

-Don’t leave your jewels in your hotel room, if you must, put in a hotel safe.

And most important make sure you have your jewelry fully insured.

For a quote on coverage go to: https://www.clockworkinsurance.com.

We all want to be able to truly relax while traveling whether it is for pleasure or business. Leaving your most valuable jewelry at home is an option but many times we want to wear our wedding rings and other important pieces to events while out of town. Get covered to add that layer of security while traveling.

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