Steps To Buy Insurance For Watch Stores In Canada
If there’s one profession that understands the importance of time it is most likely that of the watch retailer. People come to you to purchase a product that not only measures time but has the potential to become a treasured and timeless personal memento.
This is why you keep on top of trends. According to GQ, “In an age when no one ‘needs’ a watch, brands are getting increasingly savvy around the ideas and executions that will get young affluent consumers yet to weaned off their smartphones over the line and into their (increasingly) online stores. One method: Products with Purpose.”1
Unlike runway fashion and jewellery, the pace of change in watches tends to be slower. While this doesn’t mean that watch stores in Canada don’t keep pace, it does mean that consumer buying trends for watches evolve in a more measured manner.
This post is designed to help you make thoughtful decisions about coverage for your retail, wholesale or manufacturing watch store business. If you are looking to buy insurance for watch stores in Canada, we have pulled together some timely insights below.
How to apply now for watch stores insurance coverage in Canada
You run a business that delivers both a practical and an aesthetic product to Canadian consumers. As a business owner or retail store manager you are ultimately responsible for managing the supply chain that connects people to timeless time pieces. We know that searching high and low for the right insurance broker takes time and that’s not something that you have a lot of.
This is why we’ve made it simple, fast and easy for you to buy insurance coverage for a watch store in Canada.
All you need to do is click, download, complete and hit send. Here’s what you need to get a watch store insurance quote from us:
- Download the Watch Stores Coverage Application Form
- Answer and complete the Watch Store Insurance Form (please note you can input your answers into this PDF electronically)
- Sign and return your completed application to an ALIGNED Insurance broker by emailing it to firstname.lastname@example.org
- If you have any questions about the application form or process you can call an ALIGNED insurance broker toll-free at 1-866-287-0448 or contact us via email email@example.com.
Insurance 101: What to know about profits, earnings and limits of business interruption
Are you looking to better understand coverage options available for Canadian businesses? IBC, or the Insurance Bureau of Canada provides information for consumers of all types of insurance. If business interruption is something that you are looking at for your watch store, IBC’s “Business Insurance & You” resource, provides some additional context.
For example, here’s how IBC explains what both extended (or profits) and limited (or earnings) forms of business interruption insurance involve. “An extended form…continues to pay until your business resumes its normal, pre-interruption level, subject to the maximum period of indemnity listed in your policy. This kind of policy is more expensive, but may be well worth its cost for many businesses.”2
Meanwhile, it is important to know that, “a limited form pays only until the damage is repaired or the property is replaced. As soon as your business resumes, the policy stops paying, even if you haven’t yet regained your previous level of earnings.”3
“There may also be limits on the amount of time your business is covered and the amount your insurance will pay in any one month. Although these types of limited form policies are less costly, they may not provide adequate coverage to meet your needs.”4
What People Have To Say About ALIGNED Insurance Brokers
Let’s face it, a five star review is the ultimate compliment. We deeply appreciate it when our satisfied customers take time to not only go to go to Google and write a review about us but also give us a five star rating.
On behalf of the ALIGNED Insurance team across Canada, we are proud to share a selection of recent comments that clients have shared online about us and the work we do every day. Please note we have not included the names of people who commented.
- “The ALIGNED team was great to work with! Easy communication, quick results and a great price on what we needed for insurance. Highly recommended!”
- “I’ve worked with a number of Insurance Brokers in the past 10 years and ALIGNED has surpassed them all. They are knowledgeable, friendly and a great asset to have in your corner. I’ve personally worked with Andrew who has helped me understand the complexities of insurance. Thanks guys!”
- “Super helpful people just to get a quote over the phone. Helped me a lot with my project and potential start up.”
- “Excellent service, good rates and nice to deal with, of course never had a claim, touch wood.”
- “Could not help directly with our insurance needs but gave us a great referral and follow up. Would recommend!”
- “Great, responsive customer service. Sally have managed to provide competitive rates for our small family operation, always helpful in explaining details.”
If you are interested in reading more about what our clients have to say about us, you can visit Google. To see complete and current Google reviews about us, just search for ALIGNED Insurance.
Keep watch and manage your business risks
There are many straightforward risk management activities that you can take to manage the exposures that your watch store business faces. Some of the things that the Insurance Bureau of Canada (IBC) notes business owners across Canada can do to mitigate commercial risks involve: “taking a few positive steps on your own to discourage burglars, shoplifters, vandals, arsonists and others. Good inventory control and meticulous bookkeeping may help take temptation away from employees and suppliers. Investing in loss prevention often results in lower insurance premiums.”5
More specifically, here are some general risk management best practices that can help to keep you on top of common risks that any commercial enterprise in Canada may face.
- “Install approved sprinklers, intruder alarms and fire alarms.
- Secure all doors, windows and skylights, tightly.
- Secure storage and other low-traffic areas.
- Isolate flammable materials and dispose of waste materials properly.
- Leave some lights on and windows clear so police patrols can view the interior.
- Encourage employees to protect the company by being watchful and careful.
- Register with your local police and fire department so that they know who to call in an emergency.
- Consider hiring a security guard when conditions warrant.”6
ALIGNED Insurance brokers – Experts who deliver commercial insurance value + options
Do you know that we are exclusively focused on meeting the needs of Canadian business? We do not offer personal lines insurance so that we can focus solely on providing the very best and most current expertise, products and service experience possible to your business.
Our exclusive focus on commercial insurance means that we truly and deeply understand what makes Canadian business tick.