OAMPS Insurance Brokers has warned Australian jewellers that they are risking their entire livelihood if they are under insured.
Ed Vincent, the manager of OAMPS Insurance Brokers Jewellers & Fine Arts Scheme, said retailers should complete an insurance check in the lead-up to the new financial year as the latest research by the Insurance Council of Australia shows that 26 per cent of Australian small to medium enterprises do not have any form of general insurance.
“It’s tempting in these challenging economic times to cut down on or cut out your insurance cover, but it really is protection for your business’s future,” said Vincent, “as a major business disruption can put your entire livelihood in jeopardy.”
“If a business does suffer a significant loss, the ability to raise cash or obtain a bank loan is now restricted from what was available say, 12 months ago. In many cases, banks may not be willing to extend lines of credit if things do go wrong.
“That’s why it’s critical for all businesses to take a closer look at their risks and insurance protection.”
In addition he stressed that jewellery retailers should adopt safe working practices, such as the following, to limit their risks:
• Ensure that the safe is locked, not just closed, whenever stock is kept in the safe during business hours except during the process of items being added or removed by a responsible and authorised employee.
• Ensure that each showcase, cupboard, counter, drawer and window display, is locked at all times with the keys removed except during the process of items being added or removed by a responsible and authorised employee.
• When removing jewellery from showcases and displays, always re-lock them immediately – before showing items to the customers.
• Never leave a pad or tray of jewellery unattended on the counter for a customer’s selection.
• Never show more than one pad or tray at the same time.
• Ensure that keys are kept by staff on their persons at all times.
• At the start of trading each day the premises should remain locked until stock is removed from the safe and displayed in the windows and showcases. At close of trading each night the premises should be locked prior to returning stock to the safe.
• Duress buttons should be tested at least twice annually. Back up batteries for portable duress buttons should be kept in reserve.
For more contact OAMPS Insurance Brokers on 1800 240 432 or visit www.oamps.com.au