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Believing 6 Common Claims Myths Can Hurt Your Jewelry Business

on Aug 18, 2015 9:30 AM

In order to protect your business from further hardship after a loss, it’s best to report the loss and file a claim promptly so Jewelers Mutual can help you recover as quickly as possible.

Believing 6 Common Claims Myths Can Hurt Your Jewelry Business

Here’s a quick rundown of some common claims myths and the truth that is behind them:


MYTH: As long as it’s reported sooner or later, that’s all that matters.

TRUTH: It’s best to report a claim as soon as possible, as policyholders are contractually obligated to report a claim (just as they assume the responsibility to mitigate a loss through all reasonable means). Coverage may be jeopardized if there is failure to report in a timely fashion. Plus, in the event of a lawsuit, a delay could result in a default judgment, which is often outside the scope of any coverage. Situations like this can prove much more costly than any settlement addressed right away.


MYTH: The claims process is painful and time-consuming.

TRUTH: Filing a claim as soon as possible will give all parties involved an easier road to recovery. More than 95% of Jewelers Mutual customers who file a claim with us report themselves as being “highly satisfied” with the experience.


MYTH: The insurance company will assign me a contractor/vendor for repairs to the store property and/or other services related to restoration of the business after a loss.

TRUTH: This may be true of other carriers, but Jewelers Mutual understands the importance of relationships. As the only insurer specializing in the jewelry industry, we realize how much your business means to you. That’s why we let our policyholders choose, so you can decide whom you trust to get your business up and running again.


MYTH: Filing the claim with my landlord’s insurance company will take care of everything.

TRUTH: Is this possible? Yes. Is it typical that another insurance company will cover the costs? No. For example, if water damage occurs as a result of a ruptured pipe, even though the source of the water is indeed located within the landlord’s premises, the tenant would nonetheless have to prove negligence. Businesses have their own insurance for a reason, and a Jewelers Mutual claims examiner can help reach the best possible outcome.


MYTH: If the loss isn’t huge, businesses can still operate normally.

TRUTH: When dealing with a shipping loss, this may be true. But certain physical damage to your store can worsen over time. Customers may be turned off by a business that appears in disrepair, so it’s best to deal with issues as they occur.


MYTH: Reporting a claim could mean a premium change or a cancelled policy.

TRUTH: Just as each business and each policy is unique, each claim is unique and there is no definitive answer regarding what, if any, changes might occur. However, delaying a claim will not help and may prove more costly than filing in a timely manner.


Jewelers Mutual policyholders have 24/7/365 access to claims experts who can guide them through the entire process. So, whether a claim needs to be filed at 12:00 p.m. or 2:00 a.m., we are here to help whenever it is needed. Submitting a claim can be done in any of the following ways:

  • By phone to Jewelers Mutual at 800-558-6411

  • By phone to your trusted and knowledgeable insurance agent

  • Via fax at 920-969-1300

  • Via email at [email protected]

Don’t have a claim to file, but still have a question? Get in touch with us by email and one of our claims experts would be happy to assist you!

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