Lower Your Premium

Do you want to save money on your insurance premiums? Who wouldn't? As a policyholder, you have a bigger impact on your premium than you may realize.

When we evaluate a business risk we look at many factors, including the owner's attitude toward safety. Your safety attitude is reflected in your business's physical and electronic security such as burglar-resistant glass, locks, store layout, safe or vault, and security system, to name a few. Your attitude also is reflected in the safety procedures that you and employees follow.

Jewelers Mutual rewards commercial policyholders who have not had losses by reducing premium through an "experience credit." Your safety measures can mean a real savings on your premium.

Here are other ways to lower your insurance premium:

• Eliminate your peak season coverage by carrying a higher limit of insurance all year round. Many times it is less expensive proportionally to insure to value for the full year rather than adding peak season coverage.
• Purchase your protection under one policy. We allow credit per policy if you combine your Jewelers Block Policy with a Businessowners Policy.
• Increase your in-safe percentage warranty. Storing more merchandise in your safe or vault when closed to business will lower the cost of your coverage.
• Remove all merchandise from your show windows when closed to business. If you are currently purchasing coverage for this exposure, you can remove it and receive a return premium.
• Do your premises have fire sprinklers? If so, have you informed us so we can apply the appropriate credit?
• Insure your shipments through the carrier. For example, purchase $25,000 coverage through the United States Post Office for First-Class Registered Mail shipments or $5,000 for Express Mail shipments. By purchasing coverage through the carrier, you save premium that you would have paid us for coverage and will be eligible for coverage enhancements. Also, you will not adversely affect your experience credit if the package is lost.
• Increase your deductible. By sharing in a greater amount of the risk, you can lower your insurance premiums and still have the protection you need for larger losses.
• Hold weekly safety meetings with all of your employees. Properly trained employees prevent losses, which allows you to obtain or maintain your experience credit.
• Build a long-term relationship with the leading insurer of the jewelry industry - Jewelers Mutual Insurance Company. We look at our long-term experience with a jewelry business to determine what premium is needed to cover the risk of loss.

Contact your Jewelers Mutual insurance agent to implement any of these cost-saving measures.

Do you own a jewelry business in Canada? 
See our Jewelry business insurance options in Canada.