News & Press: Member News

Preparing for Summer Storms

Monday, June 29, 2020  
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Tips for protecting your jewelry business from water damage

By Jewelers Mutual Group

woman walking in rain with umbrellaImagine walking into your jewelry business the morning after a storm only to find that your roof leaked or experienced flooding. Your walls and artwork are damaged, the floor is soaked, and your computer and printer are covered with water. Not to mention the potential of the power going out and the risks associated with that.

At first, you’re in shock. Then you start mentally calculating the cost to replace everything that’s been damaged. Not only will it be costly to have repairs done, you’ll most likely need to close your business for a few days resulting in lost revenue.

No matter the season, a loss from water damage is real and the cost for repair can add up quickly. If you don’t take care of that damage in a timely manner it can lead to even costlier damage from mold or structural damage.

Here are a few things you can do to protect your business from loss due to water damage and power outages.

  • Clear your roof and gutters: Regularly inspect your business’s roof and gutters for leaves, debris or existing damage that may cause water to build up or roof leakage.
  • Make sure you have adequate insurance coverage: The details of your coverage matter because some types of water damage may not be covered. Be sure to talk to your agent to make sure you have the right coverage.
  • 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.
  • 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.
  • 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.
  • Install a smart sensor to monitor your property: Take comfort in knowing your jewelry business is protected by installing smart sensors to help reduce the risks from water or power outages.

If you are a Jewelers Mutual Group policyholder, you have access to an easy-to-install sensor to monitor your property 24/7 that detects issues due to water damage or frozen pipes. These sensors add an additional safety measure to reduce risk and protect jewelry businesses.

If you want to learn more about the sensor systems program for Jewelers Mutual policyholders, contact sales@jminsure.com.

Looking for more loss prevention tips? Visit JM University, an online training resource features educational courses to help you run a well-protected and successful jewelry business. JM University is open to the entire jewelry industry at no cost.


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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

info@ags.org