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Jeweller
Insurance
You
probably know better than most 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.
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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.
Article by: T J Roberts
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