Just like anything else, insuring yourself when you are in the jewellery business is crucial and can save you from having to close shop if catastrophe hits. With each industry being a different ball game, insuring a jewellery business poses certain questions before you get straight to it. A fire or flood could leave a business so expensive in an unrecoverable position. No two shops are exactly alike and knowing what to ask yourself before narrowing down on a policy can help you in the long run.
Do you know your value? If you know the exact value of your company, it can open doors to cheaper policies that will cover you better. Knowing your worth can help you secure your worth in the jewellery business.
Are you keeping track of price changes? Keeping track of the fluctuation in prices when it comes to metal and precious stones will help you realise what is at stake and the value of your products if lost.
Do you travel with your products? With a company that is so transportable, it is crucial to know exactly what is in your warehouse at a given time. This will allow you to understand what is lost and what you can claim. Keeping a tab on just yourself but other employees as well will keep you clued in when it comes to where your inventory is going.
Does your value change during festivals and peak seasons? The value of a jewellery business skyrockets when it is wedding season or Christmas. Knowing your sales and how many pieces are flying out is an important statistic to keep in mind.
Have you lost any pieces and left them unrecorded? Countless companies jump into an insurance policy without taking into account past events and whether they have claimed losses. These facts can be of importance when you are deciding what is best for you.
Do you regularly update your inventory count? Keeping an eye on your inventory and any changes is crucial and it is just not good enough to have a faint idea when you are doing something as important as getting insured. Regular updates to your inventory exactly when the changes happen will keep you organized for the future.
Asking yourself certain questions when choosing a great policy for your company is important since it can give you more coverage and also keeps you from getting confused in the future.
