For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
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
Terrible customer service. I got this insurance for my Amazon store when I ran one, took a break and cancelled all my subscriptions. I called these guys and they recommended sending an email. They never responded and have been charging me since then. Definitely going to dispute via the bank. Hate when businesses take advantage of other small businesses for their own gain.
I purchased a year long policy for my small business I paid for the year up front. First they sent me the incorrect paperwork and acted as if I had something to do with the mistake. About three weeks later I received a bill for the policy. I then sent countless email as the payment did clear my account. About a week later I'm told they have no record of my payment. Now I have to send any documents proving I said then. It went on for weeks. More requests of proof from this person then another. Every conversation had an under lying tone of me being dishonest. Finally I just gave up with them and filed a despite with my bank which took all of three days.. So now I'm continuing to receive emails that my policy is past due and will be cancelled. Funny, I was told I didn't have a policy because they couldn't locate it.
Purchased the General Liability policy I needed to fulfill a contract for my hiring party. Simply Business made it very easy to complete an application and review multiple quote options. Ended up purchasing a policy for 1/2 of what I originally was told by my agent.
I insured my small business with them from early 2016 to January 2022. I had a workman's compensation policy with them the entire time for my staff of approximately 10 people which fluctuated up and down minimally over the years. We ran a very safe operation and never had so much as one claim. I sold my business in early 2022 and cancelled my policy which triggered a final audit of $2871.00 which was owed back to me. Of course I dissolved my LLC immediately after selling the business and thus closed my bank checking account at the advise of my accountant. Though my name was on the business policy, Employers Preferred Insurance Company refused to issue a check to me directly as the policy holder due to...you guessed it, policy. Long story short, if you sell your business keep a small amount deposited in the checking account because it's almost a guarantee that companies such as Employers will use their policy to weasel their way out of money owed after the dissolution of a business. I should have known that I would be treated a just another number shortly after I signed with them as the sales agent just disappeared after I was set up for an online account to manage my policy. My next business venture will entail me working with an actual insurance agent who has an office in an actual brick and mortar building!
Long term insurance claim denied for my mother after 31 years of paying. Please never give this company a dime. You will not get your money back!