Is your savings account your business insurance?

It's the age-old dilemma for entrepreneurs. You build up a retail store, gradually adding to a stock inventory to be proud of. Painstaking hard work in your business means that you now have an innovative shop fit that's the envy of your rivals, and you have impressive cash flow. The flair you have for running your jewellers has even allowed you give talented individuals a full time job.

However, what happens if things go wrong? How would you manage if the contents of your beloved store were ransacked, with precious wedding rings, engagement rings and diamond bracelets lost in a middle-of-the-night robbery? Could your business withstand a natural disaster, with torrential rain washing away your pride and joy? Is the business insurance you currently have tailored to the jewellers' trade, with comprehensive cover for situations that yield the greatest risk?

If not, this could mean that when things go wrong, it will be your savings account that acts as your business insurance. No more cash stowed away for the once-in-a-lifetime holiday you dreamed of; the pension you've painstakingly planned for years; nor the savings for children that you put aside for the finest education. When an uninsured business is left in a frail state because of an unexpected occurrence, you are left with the liability to pay for everything needed to set things right.

But it gets worse. You could even miss out on the savings accounts rates you would have benefitted from when the term of your ISA concluded. If you had held cash in a secure savings fund for five years, this could result in a lot of the interest you deserve being poured down the drain.

Fortunately, there is an alternative to this: selecting a company that specialises in providing insurance for jewellers. Any valuables that remain outside of your safe will remain protected for their full value outside of your opening hours, and the window displays that you intricately design to lure customers in will also be insured 24 hours a day, seven days a week.

Not only this, but you can also receive financial assistance if you have to go through the traumatic experience of cleaning up after an incident. Any glass from smashed windows on the inside and outside of your premises can be included in your premium, with debris cleaned up by some insurers when your building is damaged in extreme weather conditions or due to a collision with a vehicle.

All of this is possible through annual premiums, with monthly payments even possible for an extra charge. The amount of money you will have to pay depends on the jewellery business you have, and your practices in daily trading. There can be more risk attached to inner city companies than a company in a quiet suburb, and this is why a personalised quote is essential.

So, why not choose a broker that can provide you with useful insurance for your store or network of jewellery outlets? There are specialist websites out there that aren't interested in providing sales jargon and false promises - instead, providing a service where they are accountable to you and not to the insurer on a commission.

It all starts by getting in touch on the phone or online, the best way to ensure that your savings no longer act as your insurance policy.