Goldsmiths understand exactly how valuable an item can be. Thus, they should have no trouble understanding the importance of goldsmith insurance. This type of specialized commercial insurance can help protect your goldsmith business. An ALIGNED broker will dedicate themselves to finding a policy that is tailor-made to your business’s needs.
Goldsmith insurance explained
You might be wondering, “what is goldsmith insurance?” Goldsmith insurance is a type of commercial insurance that aims to protect goldsmith and other metal works businesses from the risks that they face. The field your businesses operate within faces the same everyday risks as any other business, such as property damage and lawsuits. However, due to the dangers that come with heating, forging, or manipulating gold, not to mention the highly valuable materials…working as a goldsmith comes with even higher risks. Luckily, the right goldsmith insurance coverage can protect you from many types of unforeseen events.
The main benefit of goldsmith insurance
Financial protection is the main benefit of any insurance policy, and that includes a goldsmith insurance policy. When you purchase a business insurance policy for your business, you are planning ahead and mitigating your risks as a business owner. This can have all sorts of positive impacts on your business. Namely, if something goes wrong, your insurance company can step in and help cover the costs, rather than you having to pay for them on your own.
Do I need to purchase a goldsmith insurance policy for my business?
Depending on the local regulations where you live, commercial insurance may or may not be required for your goldsmith business. However, even if it is not required, we still recommend purchasing it. The benefits of goldsmith insurance far outweigh the drawbacks. Just imagine what would happen if a third party filed a lawsuit against your business or there was a break in and everything was stolen. The cost of a single lawsuit or theft event could be enough to bankrupt you, but this won’t happen if you have goldsmith insurance.
Comprehensive insurance for goldsmiths
Deciding what coverage to include in your goldsmith insurance policy can be difficult. Thankfully, the experts at ALIGNED have put together a list of recommended coverages for goldsmith businesses.
- Commercial general liability insurance: Commercial general liability insurance, or slip and fall insurance, protects your goldsmith business against claims of third party bodily injury, property damage, libel, slander, or false advertising. More specifically, under this portion of your policy, you can be compensated for the cost of injury or damages to a third party, as well as the cost of a lawsuit (e.g. defence and court fees).
- Commercial property insurance: Commercial property insurance protects your goldsmith’s physical place of business, as well as any business-related contents from damage caused by perils named in your policy. Insured perils that you may be able to include in your policy are water damage, fire, theft, windstorms, vandalism, etc.
- Business interruption insurance: If your place of business is damaged by an insured peril, it could impact your business operations, forcing you to close temporarily. Luckily, business interruption insurance exists to help mitigate this risk. Typically part of commercial property insurance, business interruption insurance can reimburse business owners if their businesses are forced to close due to damage caused by an insured peril, such as fire, water damage, theft, etc.
- Tools and equipment insurance: Tools and equipment insurance is intended to cover the cost of repairing or replacing your goldsmith business’s tools or equipment if they are damaged or lost due to an insured peril, like theft, fire, etc.
- Commercial auto insurance: Commercial auto insurance is crucial if your goldsmith business uses vehicles for commercial purposes. Examples of this include transporting tools or equipment from location to location or delivering products to clients. Commercial auto insurance coverage will depend on where your business operates but could include third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, etc.
- Pollution liability insurance: Given that the nature of a goldsmith’s work is inherently dangerous and potentially hazardous to the environment, pollution liability coverage is important. This coverage will come in handy if a claim of third party bodily injury, property damage, or environmental damage resulting from your work is brought against you.
- Equipment breakdown insurance: If a piece of your goldsmith equipment suffers a mechanical or electrical failure due an insured peril like arcing, equipment breakdown insurance could help pay to repair or replace it. Equipment breakdown coverage may also provide you with compensation for lost business income due to the broken equipment.
Calculating the cost of goldsmith insurance
How much goldsmith insurance costs depends on several factors. This is because insurance companies use complex formulas to calculate insurance premiums for businesses. A few factors that they might consider to determine your rate include the size and location of your goldsmith businesses, its annual and projected revenue, the number of people who work at your goldsmith business, your personal insurance claims history, and the services provided by your goldsmith business.
Additionally, your personal preferences for your policy will also impact the cost of goldsmith insurance. By personal preferences, we mean the coverages, coverage limits, and deductibles you choose for your plan. The more coverage you buy, the higher your limits, and the lower your deductibles, the more expensive your policy will be. To learn more about which details matter when it comes to the cost of goldsmith insurance, get in touch with ALIGNED. A friendly insurance broker can provide greater detail on how insurance companies calculate rates and even provide a quote.
Does goldsmith insurance cover all types of metal works professionals?
Goldsmith insurance can cover a wide range of professionals in the metal works industry. If you aren’t sure whether goldsmith insurance is for you, contact ALIGNED today. An ALIGNED insurance broker can help you find whatever kind of commercial insurance coverage you require, no matter what sector or industry you work in. When you get in touch with us, an insurance broker will take the time to learn about your business’s unique circumstances and coverage needs, before going out and finding you a great policy.
Buying a goldsmith insurance policy just got easier
By now, you may be wondering how to purchase goldsmith insurance. There are two many ways of doing so. The first is through an insurance company directly, and the second is through an insurance broker. Although some people believe that purchasing coverage from an insurance agent is the more convenient option, you can end up paying more for your policy by going with this method. For this reason, we always recommend buying insurance through an insurance broker. Reputable insurance brokers like AGLIEND have a reputation for helping businesses just like yours find customized coverage at affordable prices. We understand how exhausting buying insurance can be, especially if you don’t already have experience in the insurance industry. Rather than spending hours researching insurance coverage on the internet, we want you to spend your free time how you want to spend it, like relaxing with your family members. Meanwhile, your dedicated ALIGNED insurance broker will be working behind the scenes to find the right policy for your goldsmith business. Get in touch with ALIGNED to learn more about how easy it is to buy commercial insurance from a broker.
A few considerations before purchasing goldsmith insurance
Before buying a goldsmith insurance policy, we urge you to consider a few key factors:
- Cost: First, all policyholders should consider cost before buying insurance coverage. Ultimately, the cost of goldsmith insurance policies varies, and there are even ways to keep costs low, which an ALIGNED broker can inform you of. Knowing what you can expect to pay for a goldsmith insurance policy, as well as what your ideal price range is, will be important when you start shopping. Work with ALIGNED today, and we will dedicate ourselves to finding a goldsmith insurance policy within your budget.
- Insurance broker vs. insurance company: Where you want to buy goldsmith insurance from is another important consideration. As mentioned above, you have two main options, which are to buy insurance via an insurance agent or a broker. There are benefits to both, although many customers find it easier and more convenient to work with a broker.
- Insurance coverage: As a policyholder, it is your job to decide what types of coverage to include with your goldsmith insurance policy. Assuming there are no mandatory coverage requirements where you live, you get to choose each and every type of coverage for your policy. Take some time to think about the risks that your goldsmith business faces and which converge types can help protect against them. For example, most goldsmith insurance policies feature standard coverage like commercial property insurance and commercial general liability insurance but depending on your business’s unique needs, you may also want to purchase additional coverage, like commercial auto insurance, equipment breakdown insurance, tools and equipment insurance, etc. An ALIGNED broker can offer advice on the best types of coverage for your goldsmith business.
Top 3 reasons to buy goldsmith insurance from an ALIGNED insurance broker
If you still aren’t sure whether you want to enlist the help of a broker on your goldsmith insurance journey, read through a list of the top benefits that insurance brokers offer.
Brokers have years of experience
First, insurance brokers have years of experience. Their expertise will make them a great resource to you on your insurance-buying journey. They can offer advice on which coverage options are right for your business and even give you tips to help you save money.
Brokers offer unbiased advice
Second, since insurance brokers do not work for a specific insurance company like insurance agents do, they can provide unbiased advice at all times. In other words, you can always trust that an insurance broker has your best interests at heart when offering professional insurance advice.
Brokers reach out to insurance companies on your behalf
The last benefit of working with an insurance broker is that they will reach out to insurance companies on your behalf. Even more, they will compare quotes for you, help you renew your policy, and even guide you through the process of submitting an insurance claim. No matter your insurance needs, an ALIGNED insurance broker is here.
Invest in goldsmith insurance with ALIGNED
Are you interested in finding goldsmith insurance at a competitive price? ALIGNED can help. Our expert team is made up of commercial insurance specialists, any of whom would be happy to help you find a goldsmith insurance policy for your business. With our unparalleled resources, expertise, and years of experience, we promise to match your goldsmith business with flexible, tailor-made commercial insurance coverage that meets your business’s needs and is within your budget. Get started today by calling an ALIGNED insurance broker or click here for a free quote.