Category: Insurance

Business Owners Policy (BOP) vs. General Liability (GL)

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There are many types of insurance policies to consider for your business.  To better understand which type of insurance is best for your business let’s look at a comparison between a business owners policy and general liability insurance.

General liability insurance coverage protects against financial loss as a result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits and settlement bonds or judgements.

A business owners policy is an insurance package that generally includes commercial general liability coverage along with commercial property coverage, business interruption coverage and may include other lines of coverage tailored to your industry. 

  • Commercial general liability coverage helps assist with the cost of lawsuits or claims brought against the company for bodily injury, property damage or other advertising liability issues as a result of negligence. 
  • Commercial property coverage protects a business from losses or damage to buildings, inventory, machinery and other business property. This can include fire, theft and other hazards that occur and potentially threaten the business.
  • Business interruption coverage covers the cost of lost business due to the time it takes to return to fully operational after an event has occurred. 

In summary, all businesses should at least carry general liability but to help protect your business from a much broader range of risks the business owners policy is required. 

Clockwork Insurance Agency has agents who can review in detail the identifiable needs of your business and create a comprehensive insurance package that fits your needs. For more information call us at 504-262-8240 or email us at: info@clockworkins.com

 

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

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.

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

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.

Shopping for Jewelry? Protect your investment.

Posted on by Tyler Wright

You just absolutely love the ring!

This necklace has so much meaning and sentimental value to you and your family, as it was passed down from your great grandmother. These are feelings we understand.

Clockwork Insurance can cover that jewelry and ensure your concerns about loss or theft are calmed. To get a quote on what your jewelry insurance will cost, go to our home page at: https://www.clockworkinsurance.com and simply choose Personal Jewelry Insurance in the “Request a Quote” drop down menu then hit QUOTE IT. It really is that simple. You will fill in a form with basic information and we at Clockwork Insurance will take it from there.

Did you know that most homeowner policies have a cap on jewelry coverage? Purchasing insurance for your precious pieces is a way to ensure you can enjoy wearing them with the confidence of protection, should something happen. Whether lost, stolen, damaged or just mysteriously disappeared, you can be covered.

There are two basic types of coverage to consider. You can cover your jewelry with reimbursement coverage or with replacement cost coverage. If you are interested in reading about the types of coverage available you can check out this article on the Jewelers Mutual site: https://www.jewelersmutual.com/the-jewelry-box/how-does-jewelry-insurance-work-replacement-vs-reimbursement .

Feel good about buying that perfect piece of jewelry to show your loved one how you feel. Jewelry Insurance coverage is more affordable than you think and helps with your peace of mind.

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