Insurance for Jewelry Stores

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Why Jewelry Stores Need Insurance

Jewelry stores are a unique retail shop. You don’t just sell a product; you make it possible for customers to create and buy a meaningful gift for loved ones. From engagement rings, pearl necklaces, anniversary pendants, and charm bracelets, customers can mark every occasion with a special memento. As a jewelry store owner, you know how important it is to have business insurance in place. Jewelry store insurance protects you from unforeseen events that can cost you everything.

This industry accommodates businesses that retail one or more of the following: new earrings (except gown earrings); new sterling and plated silverware; and new watches and clocks. Also included are establishments that retail new merchandise in combination with lapidary paintings and/or repair services.

Risks Jewelry Stores Could Face

It’s easy to think that jewelry stores only face one significant risk – theft. There are other risks you need protection against including:

  • Theft: Handling high-value merchandise makes you a target for thieves. Even with the best security systems, today’s thieves are capable of breaking in undetected leaving you with no merchandise and a hefty expense to replace it.
  • Damage to Jewelry: Many jewelers offer jewelry repair and cleaning. Customers trust you with their most prized possessions, but accidents do happen. If you damage, break or misplace their jewelry, you will need to pay to make it right.
  • Dishonest Employees: Hiring honest employees should be easy, but once in awhile a bad employee is plausible. Jewelry store employees work directly with the merchandise, and over time it’s easy for them to steal or embezzle funds.
  • Fire Damage: Nobody wants to think about a fire, but they do happen. When a fire destroys your building and all of its contents, the cost to rebuild and replace in addition to being without an income is enough to put them out of business indefinitely.

Types of Coverage Jewelry Stores Need

Just like any retailer, jewelry stores need general liability and commercial property insurance. If you handle precious stones or high-value items, you also need jewelers block insurance. If you have employees, you need worker’s compensation, employee dishonesty, and employment practices coverage.

  • Commercial Property: Covers loss of business property by paying to replace or rebuild what is damaged in the event of a fire or other covered scenario. It is important to add business interruption insurance to this policy. It pays you lost revenue while you are unable to operate due to a property loss.
  • Jewelers Block: Jewelers block is a specialty insurance and covers scenarios not found on your liability and property policies. Coverage is included for stolen merchandise, merchandise in transit, cash, and damage to customer’s jewelry.
  • Employee Dishonesty: Pays costs associated with employees stealing money or merchandise from your store.
  • General Liability: Protects you from claims alleging personal injury or property damage to a third party.

How Much Does Jewelry Store Insurance Cost?

There is a large variety of types of jewelry stores. Depending on your merchandise value and location, the cost of jewelry store insurance varies. Most insurance carriers ask for information on security features, the value of merchandise, and what specialty services you offer. You can get a quote today for jewelry store insurance by filling out our form online.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
Inland Marine
Inland Marine insurance covers goods in-transit either on land or through shallow water, as well as certain types of movable property (such as medical equipment). If your business has valuable equipment which regularly needs to be moved, then this can be a core policy to protect your property.

What is it: Inland Marine insurance covers goods in-transit either on land or through shallow water, as well as certain types of movable property (such as medical equipment).

Why get it: If your business has valuable equipment which regularly needs to be moved, then this can be a core policy to protect your property.

General Liability
This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

Commercial Property
This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

What is it: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage.

Why get it: If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

Umbrella Insurance
Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

What is it: Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits.

Why get it: This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

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