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.

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. 

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

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 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.