There are many reasons the power could go out at your jewelry business that don鈥檛 involve crime. High winds from a storm, a tra铿僣 accident, a planned outage, or simply the handiwork of a critter chewing on power lines can all cause power outages and have the potential to disrupt your business.
While power outages are a common occurrence, they are, for the most part, unexpected and can be very costly鈥攅specially if you don鈥檛 have business insurance.
Here are a few steps you can take before, during, and after a power outage to protect your jewelry business.
Before an Outage
- Create a business continuity plan and include power outages as a potential disruption. Share the plan with your employees and update it annually.
- Invest in backup power like a generator or battery. This is a worthwhile expense to keep your jewelry business up and running during an outage.
- Prepare an emergency kit that includes flashlights, batteries, first aid supplies and other necessities. Keep it in a central location and make employees aware of its location.
- Inspect your electrical box on a regular basis and place a secure lock on the outside. If you suspect any tampering, report it to police and the Jewelers Security Alliance, even if the power is not cut off and no burglary occurred. Keep in mind that fire regulations vary in different jurisdictions regarding placement of locks. If you need more guidance, contact your local fire department.
- Back up and encrypt your data to an external hard drive or the cloud. Keep copies of your records at an off-site location.
- Con铿乺m that your burglar alarm system has to protect your business if the power goes out or is cut intentionally.
- Update your call list so the alarm system notification can be responded to promptly by employees who will be available, including during vacations, weekend and holiday nights.
- Protect your jewelry business with a business insurance policy.
During an Outage
- Lock your doors and move as much of your inventory as possible into a locked safe or vault.
- Do not leave items in plain sight or simply cover your showcases, as this signals that something valuable is being hidden.
- Arrange for transport your inventory to a safe storage location or transport your stock to the nearest bank safe if it鈥檚 safe to do. If you are a Jewelers Mutual Group policyholder, we will cover the transport fees for Malca-Amit.
- Call your utility company and report the outage. If you feel there is an immediate danger to you, your customers, or employees, call 911.
- Turn off and disconnect business equipment and small appliances. If electronic equipment remains powered up when the power goes out, it could cause a power surge when power is restored, putting you right back in the dark.
After an Outage
- Test the power 铿乺st by turning on a light before fully restoring all equipment and appliances. Then, only power up after 15 minutes of con铿乺ming that power had been restored.
- Turn o铿� your generator and safely store it.
- Determine your losses, if any, and follow the correct procedures to 铿乴e a claim with your insurance company.
Make sure your business has adequate insurance coverage. Don鈥檛 assume you鈥檒l be covered for any peril that threatens your business just because you have insurance. Ask yourself these questions:
- Are my inventory 铿乬ures up to date?
- Is my building and business personal property valued correctly?
- Could I be liable for damage to a neighbor’s property, too?
- Will I be covered for any amount of lost earnings during the time when my business is closed due to the disruption?
Regularly reviewing your coverage and risk prevention plans can help you better protect your business before, during, and after a power outage. For questions, contact the Jewelers Mutual Asset Protection team at [email protected].