How to secure the proper insurance protection for your business
Just as jewelry businesses come in all shapes and sizes, so too must insurance policies: one size never fits all. Whether you are purchasing new coverage or renewing a policy you’ve had for years, you want to make sure that you are getting the right protection for you, your vendors, your customers, and your employees.
So what’s the best way of doing this? The first step is to find an insurance agent who truly understands the risks you face each day. When searching for a company, ask for references from peers. Contact insurance companies and ask hypothetical questions about your coverage options—especially if you’re not sure what to cover and at what levels. Ask the agent to walk through your business and suggest additional ways that you could reduce your risk of loss. Look into all of your options—changing deductible amounts, excluding certain coverages, etc.—and what impact they would have on your premium. Also, find out if the insurance company will reduce your premium if you don’t have claims.