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.

Home Watch Business Liability Insurance

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

• There might be a heavy object inside, which a client trips on resulting in a cracked nail that needs surgery to be removed. 
• The seat inside the office might have been worn already and when a client sits on it, it collapses from the weight applied and causes injuries.

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:

• When an employee attempts to give water to the client but ends up spilling it on the client's phone instead.
• An important client brought a laptop for a meeting in the office. The laptop is inserted with an old USB  and causes the laptop to become bricked.

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.

Home Watch Business Insurance Policy

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.

Home Watch Insurance Cost

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.

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.

Home Jeweler Insurance

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 more wary of covering you.