Insurance for Jewelry Stores

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:

• 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 you out of business indefinitely.

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.