News & Press: Member News

5 Tips to Protect Your Jewelry Business From Summer Storms

Thursday, May 9, 2019  
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By Jewelers Mutual Insurance Group

In 2018 alone, flooding, severe storms, and hurricanes caused $61.1 billion dollars in damage across the United States.1 When Mother Nature strikes, you may have no warning and be forced to grab what you can before evacuating—leaving behind the business you worked to build.

Make sure you’re prepared for the worst with these tips from Jewelers Mutual Insurance Group:

  1. Protect your property: Some disasters can happen in the blink of an eye, while others such as hurricanes give you plenty of preparation time. Below are some general items you should always have on hand for safety.
    • Backup generator
    • First aid kit
    • Indoor storage space for items and signs that could be thrown around by strong winds
    • Tools and accessories for minor indoor or outdoor cosmetic repairs
  2. Keep your data safe: Make sure you have a plan to protect your electronic data, including tax information, inventory records, and customer data. Backing up the documents on an external hard drive you can keep in an alternate location is your safest bet.
  3. Develop an inventory record: Make sure to maintain safe, easily-accessible inventory records for your jewelry and property. Keeping an up-to-date inventory record in a safe off-site location is one of the best ways a jeweler can be prepared
  4. Keep a contact list nearby: When it comes to preparing for disasters, having employees and important vendor phone numbers handy is extremely important. Keep numbers handy in your cell phone in case you need to make quick calls while planning ahead.
  5. Make sure you’re covered: Make sure you talk with your agent or broker to figure out what your insurance will cover in the event of a storm, and what you will need to do in case of a covered loss. If your property is leased, make sure you are clear on your responsibilities and are prepared to meet them as a part of your planning. When it comes to business safety preparedness, failing to plan is indeed a plan to fail.

For a more in-depth look into planning for disasters, check out the Clarity blog. To get in touch with a Jewelers Mutual agent in your area to compare your policy coverage, call 800-336-5642, ext. 5957, or find an agent online.

 

1NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters (2019). https://www.ncdc.noaa.gov/billions


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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

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