Running a business in a niche industry like buying and selling jewelry can produce a number of unique risks. The best way to keep your company and your assets safe is by reviewing your options with insurance. While your main focus should always be protecting the valuables that your business considers inventory, you will have a handful of unique choices presented to you when picking out your coverage. Review these tips to learn more about your options.
Standard and Block Insurance
One of the biggest points you will need to determine is whether you opt for a standard policy or jewelers block insurance. A block policy is a type of coverage that is meant for businesses of a larger structure. There are no maximum limits on this type of policy, which can be quite advantageous for companies that have huge inventories. There are certain requirements to this policy option, however. All companies using this policy must have security systems, for example. Other areas to consider with your insurance include:
- Commercial auto options
- Liability coverage for D&O
- Additional options for high-value assets
Learn Your Options
The more you focus on the options available to you when taking out insurance, the easier it becomes to find an acceptable policy for your needs. Review the details and see how you can insure your business in the best possible way.