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Essential coverages for your jewelry store
When you also have equipment or operate from a store
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
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.
Covers loss of business property by paying to replace or rebuild what is damaged and lost 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.
Workers' Compensation is a kind of insurance benefit that provides medical benefits and wage replacement to employees who are sick or injured on the job. The sick or injured employee receives Workers' Compensation insurance regardless of who is at fault. Because this acts as a type of insurance, the employee is then relinquished their rights to sue the employer for negligence.
It is not possible to monitor your business 100% of the time. Crime insurance is designed to protect your business from loss due to crimes like counterfeiting, theft and fraud, forgery and other related crimes. It concerns the loss due to crime within the office, damage to company property as a result, fraudulent deals, hacking your company computers and other related crimes.
Protects you from claims alleging personal injury or property damage to a third party while in your store.
Umbrella Liability is an additional liability insurance that sits on top of your insurance policy and provides coverage if a claim exceeds your policy limits. Adding extra liability coverage will make sure that policies that usually exceed the limits are covered. It not only provides additional limits but also provides coverage that is not available in your underlying insurance policies.
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.
It’s easy to think that jewelry stores only face one significant risk – theft. That is a big risk, but there are others along with it you need protection against:
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.
The problem with conventional insurance policies is that precious metals and gems aren't covered by the insurance. Jewelers' Block insurance covers many of the risks involved in your business. The insurance is like an Inland Marine insurance but with far higher limits and better coverage that is fit for your business.
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