Jewelers Mutual’s New Loss Prevention Videos Stress That Keeping Updated Records is Good Business

Neenah, WI – Keeping accurate and up-to-date records can be the key to a quick recovery when disaster strikes, and Jewelers Mutual Insurance Company’s latest installment of the Secure Business Series highlights just how important record keeping is for jewelry operations. “Record Keeping for Retail Jewelers” and ” Record Keeping for Manufacturers and Wholesale Jewelers” offer templates, tools and guidance to make your record keeping work for jewelry businesses of all types.

“Keeping up-to-date and accurate records of your inventory is just good business, pure and simple,” according to David Sexton, Jewelers Mutual’s vice president of loss prevention consulting. “Whether you use a computerized system or good old paper files, record keeping impacts so many aspects of your business from ordering merchandise and tracking sales to preventing employee theft and filing an insurance claim if you’re ever the victim of a crime or natural disaster.”

In the videos, Jewelers Mutual advises that jewelers use a computerized inventory system or develop their own tracking system, with consistent codes and unique numbers to track inventory. Jewelers Mutual strongly recommends keeping a backup copy of your files off-site in a secure location using an external hard drive, flash drive or in the cloud. If your building is compromised or you experience a total loss, the backup file is vital to your recovery.

For wholesalers and manufacturers, it’s important to track both raw and finished goods. In fact, some types of inventory may be easier to track by weight, adding new orders and subtracting goods as they become part of production or are sold. Jewelers Mutual recommends that each gem over 20 points has its own inventory number. For smaller stones with the same qualities, tracking their collective weight may be more efficient.

According to Don Elliott, director of claims at Jewelers Mutual, “When we get a call or email from a jeweler that they have a loss to report, the first thing we ask will be, ‘Is everyone okay?’ One of the next questions will be, ‘Do you have an up-to-date inventory?’ Our goal is to pay your claim quickly and fairly, so that you can get back to business as usual. For jewelers who have an updated and accurate inventory, we’re able move the process along very quickly, sometimes cutting a check within a matter of days.”

To learn more best practices related to record keeping and access tools from Jewelers Mutual, visit JewelersMutual.com. To find an experienced Jewelers Mutual agent or broker in your area, call 800-558-6411 or email YourInsuranceExpert@jminsure.com.

 

ABOUT JEWELERS MUTUAL INSURANCE COMPANY

Jewelers Mutual Insurance Company, the only insurer dedicated solely to serving the jewelry industry in the United States and Canada, was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual remains the trusted insurance advisor and loss prevention expert for nearly 10,000 jewelry business locations including retailers large and small, wholesalers, manufacturers, custom designers and appraisers. More than 300,000 consumers trust Jewelers Mutual to protect their personal jewelry. The company’s strong financial position is reflected in its 28 consecutive ratings of “A+ Superior” from A.M. Best Company and more than $14 billion of jewelry coverage in force. To learn more, visit JewelersMutual.com

Author:Jewelry Business Advisor