You probably know better than anyone that running a jewellery business isn't easy. The markets can be unpredictable, customers may be in short supply and the competition fierce, both from other jewellers and the internet. In such circumstances, you could perhaps be forgiven for not seeing jeweller insurance as something that is of immediate top-priority importance to you.
If so, although it may be understandable, it could also prove to be a major mistake.
The problem is that not only are things such as customers and their spending hard to predict but so also is luck. Although any business tries to reduce the extent to which luck plays a part in its affairs, if you do suffer an instance of sheer bad luck then the financial results for you may be catastrophic unless you have jeweller insurance in place and ready to kick-in to help.
How exactly can bad luck play a part?
Customers and staff
If you have people on your premises, whether employees (including helpers) or customers, then you are at risk. Should any one have an accident or suffer injury, you may find yourself on the receiving end of a legal claim for compensation. In fact, if you do have employees you may be legally obliged to have employers' liability insurance in many cases.
Man and Nature
If your premises are damaged due to fire, flood, illegal intrusion or similar situations, you may find that your stock and equipment is lost or severely damaged and your ability to continue your business is put at risk.
Yourself
If you are injured in an accident, just how long could your business continue? Could you meet all of the costs arising without receiving some form of financial help?
Business insurance
Having some form of insurance for a jewellers shop to help protect you against such risks may well make sound sense. Business insurance can provide cover in various forms including things such as public liability insurance, personal accident, shop and premises and employers' liability insurance.
The exact package of cover and the cost can typically be varied depending upon the exact nature of your business, its turnover and stock values and your perceptions of the risks involved etc.
Getting more information
Your jewellery business is likely to be precious to you. Having the right forms of jeweller insurance could make the difference between you being able to keep it running or having to close it down. It may be worthwhile finding out more.
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