However, sometimes there is unfortunate intentional dishonesty from your employees. You could be held liable for the mistake, which is where errors and omissions liability insurance (E&O) can help protect you since it may cover damages your customers face because of your appraisal. While you don’t intend to be dishonest with your appraisal, sometimes mistakes happen and you may end up undervaluing or overvaluing a piece. Unintentional and intentional dishonesty can happen.Īs part of your business, you may be appraising jewelry and other related pieces. For your jewelers insurance coverage, consider adding crime insurance for extra protection. Crime insurance tends to cover a wider variety of crimes, but some policies may even offer resources for preventing and solving theft. While commercial property insurance may cover some theft losses, you may also want to consider a crime insurance policy to fill in any gaps left behind. While movie portrayals may seem exaggerated, the threat of theft is very real. Movies often feature thieves pulling off jewelry store heists and making off with bags full of gems, and with good reason since so much of your inventory is highly valuable. Commercial property insurance is a key part of your comprehensive jewelers insurance policy. Commercial property insurance may not only cover the building your business is located in but may also cover damages to a vast majority of your business’s property like the examples above. You’ll want protection for those in case they get damaged. Your store holds display cases, equipment to perform repairs and engravings, signage, and many other items. Protect your building and everything in it.Īs a jeweler, your business involves more than just the pieces you sell.
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