Working in a field where you’re dealing with people’s high-value items can often be pricey, and not just from a point of view of materials. Businesses that operate in the jewelry and fashion industries tend to spend a lot of money on their insurance policies due to the relative risk that they present to insurance carriers.
This makes it all the more important to get your hands on a quality insurance policy that will give you an adequate level of coverage for a reasonably affordable amount of money. Over the course of this guide, we’re going to cover everything that you need to know about home watch business insurance.
If you work on people’s watches and timepieces out of your home, you’ll be happy to hear all about all the different kinds of insurance policies that are available to you. The cost of your home watch business insurance is another thing that we’ll discuss before we get into the top companies in the home watch business insurance industry.
General liability insurance is commonly availed for home watch and other related businesses as it already provides protection for numerous claims made by customers.
A situation where general liability insurance becomes beneficial to the home watch business is if
Another situation in which you may end up having to pay out for someone’s expenses is when property damage happens to a client. Property damage can happen when:
While general liability already acts as a trusty first line of defense against risks , there are still situations where it can't provide protection. And so, you might want to get it not as a stand-alone policy but as a policy bundled with other policies to form a business insurance policy, which provides more coverage and ease of mind.
A business insurance policy (also known as a BOP) isn’t exactly a policy of its own but rather a combination of different types of coverage bundled together with general liability policy to provide more protection.
This is the basic idea behind something like a BOP because the insurance policies included will be more affordable when combined than when they would be if bought them individually
Aside from insurance policies becoming cheaper, BOP is advantageous because you don't have to file numerous claims in case you need to use more than one insurance coverage. With that said, it makes claims processing easier for underwriters and when underwriters find it easy, your can use your insurance funds as quickly as possible.
Most BOPs feature a couple of components. For example, BOPs often have a liability insurance component, which is either general coverage or public liability coverage. Another common form of insurance that you’ll find included in a BOP is a commercial property insurance policy that will protect your building.
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The cost of your home watch business insurance typically depends on a few different factors that you’ll have to account for before you go out and get yourself a quote. While you can definitely go out and get quotes from a wide range of companies, that tends to be extremely time-consuming.
If you don’t have the extra time to go ahead and get those quotes, you’ll be happy to hear that we’ve gathered some of the quotes from the top insurance companies available for home watch businesses. Before we get into how much your insurance will end up setting you back, let’s discuss some of the factors that will go into determining the cost of your coverage.
The first factor that goes into determining the cost of your home watch business insurance policy is the size of your business. Since a larger business will have more clients coming through their doors, insurance companies will find it easier to justify charging them more for their coverage.
However, smaller home watch makers and repair shops won’t have to pay nearly as much for their coverage because insurance companies are risking less by providing them with coverage. Aside from the size of your business, you’ll also have to account for your history repairing watches.
A newer watch repair business that hasn’t proven itself may end up being more expensive to insure than an experienced one. Another factor that goes into determining the cost of coverage is whether or not you’ve had to file any claims while managing this business or prior ones, since that drives up the cost of your coverage.
| Company | Cost per month | Cost per year |
|---|---|---|
| Specialist Risks | $30 | $360 |
| Blackfriars Group | $32 | $384 |
| Hiscox | $35 | $420 |
| Average Cost | $32.33 | $500.29 |
To gather the numbers that we included in the table above, we went ahead and used a small-sized home watch business that wouldn’t have excessive premiums. We also ensured that the business had no prior claims to ensure that these are as close to reference values as they could be.
Working as a home jeweler will typically result in more expensive insurance premiums than as a home watch repair business because of the higher risk of getting robbed, which makes insurers warier of covering you.
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Figuring out which company to opt for when you’re shopping for home watch insurance is a pretty significant challenge, so we’ve done the hard work for you in this part of our guide. We’ve gathered together some of the top home watch insurers on the market, breaking them down by their policies and the cost of working with them. Read to know their pros, cons, and pricing for a $1 million general liability coverage.
As you might have assumed from their name, Specialist Risks insurance works with specialized businesses that may not be covered by other insurance carriers. This company covers niches that include tradesman insurance, office insurance, factory insurance, salon insurance, and, of course, home watch business insurance.
Home watch businesses are covered under Specialists Risks’ Watch Repairers Insurance policy, which comes with employers’ liability insurance, public liability insurance, and tradesman insurance.
Used to working in the industry
Offers a range of coverage options
Affordable
Not a carrier but a broker
Average cost : $30
Best for : Smaller home businesses
Our rating : 5/5
Blackfriars is a group of chartered insurance brokers, and their main goal is to be an honest brokerage firm that the common man feels that they can rely on. They operate based on a strict code of ethics that ensures that their clients always get the best when they work with them.
Blackfriars offers a range of policies for home watch businesses, though the most common ones that they sell include public liability and employers’ liability coverage. The coverage limits for their public liability policies range from between $1 million and $10 million.
Moderate price
Variety of coverage options
High policy limits
Only available in the UK and Europe
Average cost : $32
Best for : High liability limits
Our rating : 5/5
Hiscox originally started in the early 20th century as a marine insurance underwriter for Lloyd’s of London, though the company has since moved on from that. Instead, they’ve decided to start focusing on niche insurance policies in industries like home watch repair services.
Hiscox doesn’t actually offer a specific policy under which they cover home watch makers and watch repair businesses. Instead, they cover people who work in this field under their jeweler business insurance policy. This policy includes general liability insurance and worldwide coverage.
Quick to respond to claims
Custom insurance policies
Worldwide coverage
Expensive
Average cost : $35
Best for : Traveling watch repair people
Our rating : 4/5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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