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Insurance for retailers

We are shopping for insurance for our new retail store. Has
anyone found a carrier that does NOT require your security
equipment to be U.L. rated?

Any insurance companies whose rates are lower?


Debbie Fox

Try Jewelers Mutual. Remember, any rate has a tradeoff in
coverage or premium per thousand. Also, dedicated lines are a
must today! I KNOW! @martdoc

Hi Debbie,

Firemans Fund has insured my shop (not retail) for over ten
years, and my security system is not U.L. rated. We did have to
prove that it met or exceeded the U.L. requirements and I would
think that would be the same for a retail store. The security
company had to do the convincing and did. The cost of maintaining
a U.L. rating is very high and doesn’t make the system any
better. I also have an agent that is willing to go to bat for me
and that helps.

As far as cost, Firemans Fund was less that Jewelers Mutual. I
find it very difficult and confusing to compare policies.
Hopefully you are sharper than I in that regard.

Mark P.

Debbie: I used Jewelers Mutual from 1980 to 1989 and was very
impressed with their coverage and personal service. Some think
that their rates are high, but the coverage is more important.
It all falls into the cost of doing business. The company where I
now work, just changed this year to Jewelers Mutual.The previous
policy was written by a seasoned insurance agent and was a
standard business policy. The premiums we were paying are about
the same as Jewelers Mutual. If we had incured a fire or
natural disaster, we would only receive about $15,000 to repair
the building that we rent for one of our locations I don’t know
what the construction cost are in your area, but to install a
white box in a shopping center cost us about $35,000. This
doesn’t even cover the loss of business during the
reconstruction process. Inventory must be reported as actual
replacement value and you must maintain accurate records. I
backup my files daily leaving a copy in the safe, while carrying
one in my breifcase. I would not place my inventory or my
livelyhood at risk using anything other a security system that
is UL rated. The insurance carriers must require the systems
for a good reason. There are too many bad guys out there that
would really like for make a quick midnight inspection of your
safe. Visit your local safe dealer and ask about some of the
horror stories.


Roger Kitchens

always ask your agent about adjusting your deductable. This is
the level of risk you share with the company. This can effect
the premiums to a surprising extent, and many agents will not
mention this. Most agents get paid as a percent of premium not
the best incentive to sell down.