Jewelry Insurance for Valuables Not Covered in Home Insurance Policy

jewelry insurance

We all know that jewelry can be expensive — engagement rings alone can cost an arm and a leg. Not only would losing a piece of pricey jewelry be devastating because of the financial loss, but it likely has some emotional significance and sentimental worth. Jewelry insurance can reimburse those who have their jewelry stolen from their home, damaged, or if it completely disappears. 

Unfortunately, jewelry insurance is not included in home insurance policies. This means that it needs to be added to an existing renters or homeowners insurance policy or bought directly through a jewelry-only insurance company.

Jewelry Insurance
Protect valuable jewelry and heirlooms with jewelry insurance.

Jewelry Insurance vs. Homeowners Insurance

Home insurance covers any damage sustained to the inside or outside of the home, theft of possessions, and protects homeowners from being liable if a guest is injured in their home. But for people who own valuable items, heirlooms, and expensive jewelry, will benefit from special insurance coverage. There are few things worse than flushing an uninsured wedding ring down the toilet. 

Jewelry Insurance Floater

An insurance broker can help people find the correct additional coverage or add specific items to their existing home insurance. Additional coverage, also known as a jewelry floater, gets added directly to homeowners or renters insurance. This typically costs about 1 to 2 percent of the total value of the jewelry being insured — it’s a small price to pay with a big reward if the item ever gets damaged or lost. 

For example, a $5,000 diamond necklace or ring would cost around $50 per year to insure. Jewelry owners can either get reimbursed the cash value (including depreciation) or given the replacement cost if the piece of jewelry goes missing. 

Most jewelry floaters come with an additional premium, so insurance brokers often offer customers discounts on the insurance plan. 

Get a quote!

Liquor Liability Insurance for Your Bar or Restaurant

Liquor Liability Insurance

Don’t be held liable for intoxicated patrons. If your establishment serves alcohol, liquor liability insurance is a must. Whether you have a bar, restaurant, café, or nightclub, you’ll want to make sure you have this type of insurance in place. 

Here Are Two Important Reasons Why You Need to Get Liquor Liability Insurance

1. Protection in Case of Accidents Inside Your Establishment

What would you do if someone you served in your bar or restaurant started a fight and assaulted another customer? How about if that person broke another customer’s personal belongings?

If an intoxicated person causes bodily or property damage inside your establishment after you’ve served them alcohol, you could be held responsible for the damage. 

Liquor Liability Insurance
If you sell, serve, or manufacture alcohol, then you need liquor liability insurance.

General liability insurance won’t cover situations like this, but liquor liability insurance will. You’ll get help paying for:

  • The cost of legal help
  • The cost of settlements 
  • The cost of repairs to damaged property
  • The cost of medical bills for injured parties.

2. Protection in Case of Accidents After Patrons Have Left Your Establishment

When an intoxicated patron leaves your bar or restaurant, you could still be held responsible for any damage they cause. 

If a patron that you served alcohol to gets into a fight and injures someone, your business could be held accountable. If an intoxicated patron decides to drive their car home and hits someone, it could be you that pays the price. 

It’s important to protect your business from the massive costs that a lawsuit would entail. Liquor liability insurance gives you that protection. 

Contact a Broker

Accidents happen when alcohol is involved. If your establishment serves alcohol to its customers, you need liquor liability insurance. 

Prince insurance can help you find coverage that’s specifically tailored to your industry and insurance needs. Contact us today for a quote!

5 Undeniable Reasons Why Your Business Needs Cyber Insurance

Cyber Insurance

Cyber insurance covers your business in the event of a data breach, virus, or other cyber attacks. It’s something that all businesses should have, and it could save your business from going under completely.  

Cyber Insurance

Cybercrime is the world’s fastest-growing crime. According to the National Law Review, in 2021, cybercrime damages are expected to reach a jaw-dropping total of $6 trillion. 

Nobody is immune to cybercrime and the severe damages it can cause. Businesses today are always certain to have insurance for their property, but might not put any thought into cybersecurity. Here are 5 undeniable reasons your business needs cyber insurance.

1. Small Businesses Are at the Greatest Risk

Cyber Insurance
If you have proprietary, personal, or financial data talk to a broker about cyber insurance.

If you think that cyber-attacks only affect large companies, you couldn’t be more wrong. In fact, 61% of data breaches happen to smaller businesses, according to USA Today. What’s more, data breaches result in 60% of startups going out of business in under 6 months. 

2. Your Data is Valuable to Your Business

The data that your business collects is more valuable than the equipment you have storing it. Cyber insurance covers the costs entailed in restoring your valuable data after you experience a data breach. 

3. There Are Severe Penalties for Data Breaches

You could be forced to pay hundreds of thousands of dollars if your business experiences a data breach. Merchant service agreements hold businesses liable for the costs involved in a forensic investigation, re-issue of new credit cards, and credit card amounts lost. Cyber insurance covers those costs. 

4. Electronic Downtime is Extremely Costly

What happens if your whole system goes down? Standard business insurance won’t cover the lost profit that an electronic system downtime creates. Cyber insurance gives you coverage for the money your business could have been making while the system was down. 

5. Your Reputation is Your Best Asset

People will not be happy with your business if a data breach causes their information to be compromised. Cyber insurance covers the costs of lawsuits that could occur, as well as helping to pay for a PR firm to help restore your reputation. 

Contact an Insurance Broker

If you have sensitive data from clients, businesses, and employees online, or if your business does any online communication, you need cyber insurance. 

Contact a friendly agent at Prince Insurance to find the cyber insurance that’s right for your business and request a quote. 

Do You Need Jewelry Insurance?

jewelry floaters - insurance

Buying jewelry is a big deal. It’s an investment, and one that many people spend a lot of time and effort choosing, so it’s not surprising that many people want to protect their investment. That’s where jewelry insurance comes in. It’s an easy way to ensure that you are protected if anything happens to your jewelry. Whether it’s stolen, lost, or damaged, jewelry insurance covers the cost of replacement or repair.

Why You Need Jewelry Insurance

Filled with all sorts of precious and semi-precious gems, jewelry is a central part of many people’s lives. It’s what helps to personalize your look, and it is often the most valuable material possession you’ll have. That’s why it’s important to have jewelry insurance for your precious stones and metals. Expensive jewelry is the most sought-after item in home invasions and robberies. If you have precious stones and minerals, you not only need to protect them from theft but also fire and other types of natural disasters.

One of the many reasons to purchase jewelry insurance for a wedding ring is to protect your investment.

What is a Floater Policy for Jewelry?

A floater policy is a policy that covers a specific item of your choice, be it a piece of jewelry, a painting, or a musical instrument. It is important to note that a floater is a different type of insurance from a homeowners insurance policy, which covers your home and its internal contents. With a floater, the insurer will pay the full value of the item if it is lost, stolen, or destroyed. For example, the policy covers jewelry damaged by a fire or flood, and accidental loss in public areas such as in a pool drain or at a hospital facility.

Contact an agent at Prince Insurance to discuss your options for jewelry insurance and personal floater insurance.

Risks of Running a Business Without Insurance

If you’re starting a new business, one of the first things you’ll want to do is consider the different types of insurance coverage you need. A business owner can protect against a number of common risks, including property damage, injury, and liability. You’ll need to protect your personal assets (your home, car, and personal belongings) from business-related liabilities, and you’ll also need coverage to protect your business assets from claims by customers and other entities.

Risks Without Business Insurance

Running a business without insurance is never a good idea. Not only can you potentially put your personal assets at risk, but you may also be putting your business at risk as well. There are several risks to running a business without insurance, including the risk of lawsuits, property loss, and liability issues. In case anything goes wrong, having business insurance could save your business.

While you may think that protecting your assets would be enough to get your business started, you can’t afford to overlook the other legal obligations that comes with opening up shop. For instance, you may need to cover your employees with workers’ compensation insurance, which is a state-mandated insurance plan that covers medical expenses and replaces lost wages in case of work-related injuries or illnesses.

office team
Insurance gives you peace of mind that you, your employees, and customers are all protected in the event of an accident occurring on the physical premises.

Business Insurance Benefits

Business insurance is not only necessary for protecting your personal assets, but there are many financial benefits of owning a business that can be protected by insurance. Business insurance protects your company’s physical assets and financial assets, including your building, equipment, inventory, and income. And it protects you from liability for personal injury and property damage.

Get a quote for a business insurance policy today.

Looking for the Value in Your Insurance Policy

If you have taken out an insurance policy, you are most likely interested in getting value for money. It is important that you do not think of your insurance policy as a one-time expense but rather as a long-term commitment to maintaining yourself and your family’s financial well-being. Much like the car you drive, even if you keep the same car for many years, you still pay maintenance costs and repairs along the way. You should be doing the same when choosing insurance.

Choosing Insurance

Unfortunately, many people looking for insurance simply rely on the price of the policy when choosing a provider. This is a mistake that can end up costing you a lot of money. Price is important, but it should not be the only consideration when choosing an insurance policy.

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Your insurance policy doesn’t necessarily need to be expensive to receive coverage suitable to your lifestyle.

Assess Your Lifestyle

Choosing an insurance policy and an insurance broker is a serious decision and not one you should make lightly. There are many factors to consider when looking for the right insurance policy, and you will likely want to take your time to ensure you are making the best decision possible. The first thing to consider is how often you’ll use your policy and what kind of activities you’ll be engaging in. Do you have young kids? Are you planning to travel overseas soon? Do you do a lot of skiing? Do you bike or drive often? How do these activities factor into your insurance needs?

An insurance broker can create a full portfolio to cover everything, personal and professional. The Prince Insurance group has access to multiple carriers to find the best insurance for every aspect of your life. We work for you, not the insurance company.

Contact an agent at Price Insurance for help choosing insurance and to receive a quote.

Why Millennials Need Life Insurance

Some millennials might tell you that they don’t need life insurance; they’re young and in good health, so it’s not something they ever think about — or need. This is dangerous thinking. Life insurance is not about what you think you need; it’s about what your family will need. It’s about protecting your loved ones’ futures. If you have dependents to support, your death could have devastating consequences. Whether or not you think you need life insurance for millennials, your family does.

Certain millennials have a fluid lifestyle; they move a lot, don’t own houses or cars, are spontaneous. They need insurance that will follow them wherever life takes them.

Life Insurance for Millennials

Millennials might have a lot of debt: student loans, business loans, and investments are commonly held by this demographic.  As a result, it’s easy for the younger generation to get in over their heads.  But it’s not just about the money; life insurance can provide peace of mind to your family. If you were to die, would your family be able to pay off the debts you left behind?  Life insurance can be used to pay off whatever loans you have, giving your family financial security. Don’t transfer your debt to your family in case something tragic happens.

Preparing Early

Buying life insurance as a young person can be good for your wallet — as well as your family’s financial security. Typically, younger people are in better health, which means if you buy life insurance when you’re young, you’ll likely pay lower premiums for the same amount of coverage as someone who buys the same policy after they’ve had health problems.

Contact Prince Insurance to speak with an agent about picking the right type of life insurance for millennials depending on their lifestyle and to get a quote.

Why Every Homeowner Needs Insurance

Stunning home in an apartment building, a symbol of homeowners insurance protection

No homeowner wants to think about the possibility of facing a disaster, but the fact is the unexpected occurs in even the most well-maintained homes.

Regardless of whether you’re a new homeowner or have lived in your current house for years, you’re probably aware that your house is likely to suffer from typical wear-and-tear or unforeseen circumstances. Even if you’re not currently in the market to buy insurance, you should at least be aware of the benefits that home insurance can provide.

Protect Your Home

If you want to get the best home insurance rates you can, it’s important to know exactly what your policy covers. Home insurance protects the structure that houses your belongings and protects you and your family from any damage or destruction that comes to your home. This is done by a combination of providing coverage for you and your home and providing coverage to your belongings if an accident does occur.

Can you pay cash for your home? Some people might be able to. However, what happens when you need to protect this investment? Do you have the money to pay for major damage to that home? Do you have the funds to replace all the possessions inside it? This is why you need home insurance — it’s one thing to be able to buy your home. It’s quite another to have to replace it and all your belongings, or to protect the people in your home.

Your home is your most important asset. Keep it insured with the right home insurance.

Protect Your Family

Home insurance protects against fire, smoke, wind, theft, flood, and other disasters that can occur in and around your home. It also covers your liability for injuries that occur on your property. But what most people don’t realize is that your home insurance policy also protects everyone living in the home (your family) and all of your visiting friends and family. If someone is hurt on your property, you are liable for their medical bills and compensation for their lost wages. Protect yourself and your home by taking the time to compare home insurance plans available in your area with your insurance agent.

Contact Prince Insurance to speak with an insurance agent about home insurance and to receive a quote.

Why You Should Never Buy Insurance On Price Alone

We all want to save money, especially when it comes to paying for insurance. Every car owner knows that they need it to drive legally. And when it comes to your home, you always hope the day will never come when you need it. The temptation is to use price as the only factor to determine which insurance broker to chose. And yet, as we’ve seen, it’s not the best way to go. This is why finding the best insurance shouldn’t be decided based on price alone.

Finding the Best Insurance

You can’t know what you don’t know. This adage, which holds true in many aspects of our lives, is especially true when it comes to insurance. When it’s time to find the best insurance for you, it pays to educate yourself on the different types of policies and insurance companies out there. The more you know, the more likely you are to find a policy that meets your needs and fits your budget.

Discussing your options with an insurance broker is the best way to make sure you’re getting the right coverage.

Potential Consequences of Getting the Wrong Insurance

If you are looking for cheap insurance, be careful. If an insurance company is very inexpensive, it might not be able to provide you with the same level of service as a more reputable company. Cheap insurance can also be a sign of a company that is not financially stable. If you choose a plan with major omissions and drawbacks, you could face serious financial consequences. For example, in the event you are at fault in an auto accident, if your insurance doesn’t cover the cost, you may be sued for the remainder. You should always do your research before getting cheap insurance. Insurance should be a safety net, not a risk.

Make sure you’re finding the best insurance for your needs. Contact an insurance broker at Prince Insurance today for a quote.

What Makes a Car “Insurance Friendly”

If your goal is to find the best auto insurance rates, it is crucial you know what to look for in a car. While the type of car you drive isn’t the only factor in your premium, it will play a role. Of course, no two vehicles are exactly the same, so even vehicles from the same make and model can have different auto insurance costs. Below are a few examples of what factors contribute to insurance friendly cars.

Searching for Insurance Friendly Cars

Owning your own car is great, but it comes with a cost. Between the car payments, the insurance payments, and the car repairs, it can be hard to stay on top of everything. Fortunately, there are ways to keep your insurance payments low. One of the easiest ways to do this is to make sure your car is as safe as possible. Having a safe car can result in lower auto insurance rates, and that means less money leaving your wallet. Cars that are reliable are also less prone to accidents.

Insurance friendly cars are safer to drive as sports cars pose more of a risk.

Characteristics of Insurance Friendly Cars

Keeping your vehicle in good condition and up to date with the latest safety equipment can lower your insurance rates — not to mention keep you safe on the road. Insurance companies want to ensure that their customers are driving as safely as possible to keep accidents and injuries to a minimum and, in turn, keep their premiums low. So, they look at several factors when calculating your insurance rates. These include the type of vehicle you have and its safety features. Typically, sports cars are more expensive to insure.

Contact an agent at Price Insurance for more information on insurance friendly cars and a quote for auto insurance.