With the potential for business shutdown due to the Corona Virus, it is imperative to be prepared for a potential closure during this pandemic. Please take some time to review the following suggestions to protect and mitigate the impact of this virus on your business.
- Review property insurance limits with your agent.
- Establish written business shutdown procedures for protecting your jewelry.
- Store all jewelry in safes or vault
- Leave lights on in store
- Don’t cover showcases
- Take smaller high valued items to a bank vault for storage in a safety deposit box. (Verify Safe deposit box coverage limit with us before moving.)
- If low valued items cannot be stored in-safe, move to a locked desk drawer, bathroom or filing cabinet
- Contact customers to pick up their repairs
- Run a test of the system with your alarm company
- Remove all objects from the sightline of motion detection to alarm control panel
- Update your Call list
- Verify your cameras are recording with no obstacles to sight line
- Remove all objects stored on top
- Be aware of safe value limitations on policy (if any)
- Remove all obstacles from the motion detection sightline of safes
- Store key in a safe place on site or bring home
- Have access to a copy of your most recent Insurance Policy, Jewelry inventory, invoices, sales receipts, Tax returns and Financial records.
- Have a redundant record of your customers jewelry
- Inform key employees or essential staff of their specific responsibilities under the established shutdown procedures.
- Determine and acquire emergency protective equipment and supplies (e.g., storm shutters, large pieces of plywood, hand tools, emergency generators and other essential items).
- Create and distribute a contact list with phone numbers, cell phone numbers and e-mail addresses:
- All key employees
- Alarm company representative
- Alarm monitoring facility representative
- Safe distributor
- Local police department
- Provide local police and authorities with your contact information
- If appropriate, inform all employees on when and how they will be notified to report back to work.
- Monitor local radio or television stations for official instructions for a mandatory business closure.
- Take photographs or video of business establishment inside and out, from all angles. This will help to substantiate insurance claims later.
- Bring in display racks, planters, benches and any other objects usually left outside, which could be used to break storefront windows or doors.
- If your building has exterior glass frontage, use storm shutters or plywood to board up any exterior glass exposures.
- Close all Roll down shutters or doors
- Leave flood lights on.
Contact us today for more information!
Jewelry Business Insurance from Jewelers Mutual® Group
Jewelers Mutual® Group has provided the content on this page.
We’ve teamed with Jewelers Mutual® Group – the experts in jewelry business insurance since 1913 – to provide you with coverage solutions to meet your needs and budget.
Jewelers Block and Jewelers Standard Policy
Protect your inventory, stock on consignment, raw materials, goods in process and customers’ property from crime, travel related risks, fire and natural disaster.
Businessowners Policy (BOP)
Protect your business personal property, building, non-jewelry inventory, business income, and other expenses from liability risks, damage from a crime, fire and natural disaster.
Commercial Umbrella Liability Policy
Additional protection for liabilities that go beyond your policy limits. Coverage for loss amounts that exceed the underlying coverage for bodily injury, property damage, personal injury and advertising injury.
Add-on Coverages Available
We evaluate your unique needs to customize your business policy. Some add-ons include:
· Appraisal liability
· Employment practices liability
· Data breach and cyber related protection
· Trade shows
· Hired & non-owned auto liability
· Stock disappearance
Contact Us to find out more about your policy and deductible options.
Tools for your business
Since 1913, Jewelers Mutual has supported the jewelry industry with insurance offerings, but today’s portfolio also includes products to help jewelers’ bottom lines.
The Zing™ platform brings all of that and more together in a digital experience that will empower you to make smart business decisions, help you create a seamless customer experience, and provide product selections not historically available to everyone. Features within the Zing platform include the JM Shipping Solution™ tool, JM Care Plan™ products, a retail appraisal solution and more.
To learn more, visit jewelersmutual.com/zing
Coverage is subject to underwriting review and approval, and to the actual policy terms and conditions. Any descriptions are a brief summary of coverage and are not part of any policies, nor a substitute for the actual policy language. Coverage is offered by a member insurer of the Jewelers Mutual Group, Jewelers Mutual Insurance Company, SI (a stock insurer). Policyholders are members of Jewelers Mutual Holding Company.