News & Press: Member News

Could Your Business Weather a Storm?

Tuesday, December 20, 2016   (0 Comments)
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You might have a business owner's policy to protect your premises from a natural disaster, but what about protection from a figurative storm?

Just think of the extraordinary liabilities that could be so severe that the underlying limits of your existing policy wouldn't cover all the damage:

  • A fire destroys your building and spreads to your neighbors’ property, through no fault of your own.
  • A customer slips, falls, and suffers a debilitating injury because the sidewalk in front of your store is uneven.
  • A contractor tumbles off of a ladder while inspecting your property for damage.

Because a broad variety of circumstances can expose your business to high-stakes litigation, Jewelers Mutual Insurance Company recommends a Commercial Umbrella Liability Policy to protect your business.

Do I Really Need an Umbrella?

You may think, "I have auto insurance and my business owners policy provides some general liability coverage. There’s isn’t a need for me to buy any more coverage."

Keep in mind the old saying: when it rains, it pours.

Don't assume that you're adequately protected by your business owners policy. It may not be enough to cover you against large-scale liabilities.

Consider the examples above. You can never be sure when an accident will happen and given today's society, lawsuits occur with alarming frequency, and monetary awards can be staggering. If you're not properly insured, a major lawsuit could ruin the business you’ve worked so hard to build—and possibly tap into your personal assets as well.

The good news is a Commercial Umbrella Liability Policy provides coverage for liability claims above and beyond the limits afforded by your existing general liability or business owners policy. Many people also feel that the margin of safety provided by umbrella coverage compared to its additional cost provides a tremendous value.

What Does an Umbrella Policy Cover?

When you purchase umbrella coverage, you’re protected against:

  • Bodily injury
  • Property damage
  • Personal injury
  • Advertising injury
  • Loss amounts that exceed your underlying coverage limits

Make sure you're not putting yourself at risk in the event of a worst-case scenario involving extraordinary liabilities. Explore your options for a Commercial Umbrella Liability Policy by contacting your trusted agent or broker to determine what coverages and limits are appropriate for your business.

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Mission Statement

The American Gem Society (AGS) is a nonprofit trade association of fine jewelry professionals dedicated to setting, maintaining and promoting the highest standards of ethical conduct and professional behavior through education, accreditation, recertification of its membership, gemological standards, and gemological research.

The Society is committed to providing educational products to inform and protect the consumer and to contributing to the betterment of the trade by creating industry standards to protect the jewelry-buying public and the fine jewelry industry as a whole.

AGS Laboratories, founded to support the AGS mission, is a nonprofit diamond grading laboratory with a mission of consumer protection. Adhering to the AGS Diamond Grading Standards, AGS Laboratories is dedicated to offering diamond grading reports that provide consistency and accuracy based on science.

American Gem Society