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What Is Jewelers Block Insurance Coverage?

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Jewelers block insurance is specialty insurance written to protect the physical loss of or damage to precious stones (including semi-precious stones), precious metals, and other related property in the jewel trade. Jewelers block policies extend to jewelry in your care or custody.

It’s often referred to as specialized inland marine insurance because it also protects moveable property that is in transit. Making sure your business operations are insured against the risks the jewelry industry faces is key to the longevity of your shop.

The Core Coverage Under this Insurance Policy

A jewelers block policy includes coverage for merchandise that is stored inside a safe and/or bank vault, inventory in a show window or on display, or while being shipped/mailed, including by the United States Postal Service. 

Add-ons to this insurance coverage can include:

  • Coverage for vendors at trade shows or another event

  • Coverage of raw materials or jewelry being manufactured 

  • Any property of clients that’s in your care or custody

Some insurers will require you to have sufficient security measures in place to protect your stock—such as an alarm system—to get coverage and submit claims. 

Who Needs Business Insurance in the Jewelry Industry?

  • Jewelry retailers
  • Diamond dealers
  • Designers
  • Retail and wholesalers
  • Manufacturers
  • Pawnbrokers
  • Appraisers

Anyone in the jewelry trade with an inventory of precious metals as part of their job should consider this policy.

Jewelers Block is an All-Risk Policy

Jewelers block is considered an all-risk policy by most insurance companies. That means it includes coverage for the physical loss or damage to jewelry in your care under most circumstances, including theft, robbery, fire, or shoplifting.

A “mysterious disappearance” or case of employee theft may be excluded—which is why it’s important to read the details of your policy.

Other Business Insurance Policies to Consider

What other business insurance coverages should jewelry businesses consider as part of their risk management strategy?

  • Commercial Property Insurance: Business personal property insurance covers your building and its contents (including personal property). Covered claims include damage from fires, some natural disasters, and vandalism. Property insurance is a necessity for storefronts.

  • Business Interruption Insurance:  Also referred to as business income and extra expense; If your jewelry store is damaged and being repaired, this policy can help cover lost profits, employee payroll, and more. 

  • General Liability Insurance: General liability protects your business in the case of third-party bodily injury, property damage, or advertising injury.

  • Business Owner's Policy: A business owners' policy includes general liability insurance, property insurance, and business interruption insurance. It's typically offered to small businesses and is a great way to lower the cost of coverage.

  • Commercial Umbrella Insurance: If your underlying insurance limits are exhausted, this can help cover the excess (it’s often more affordable than upping the limits on the underlying policy). 

  • Workers' Compensation Insurance: Workers' compensation helps pay lost income and medical expenses for any employees injured on the job. 

  • Employment Practices Liability Insurance (EPLI): If a business owner is accused of harassment or discrimination, employment practices liability can cover legal fees and settlements.

Get a Free Jewelers Block Insurance Quote

We'd love to help you in the search for the right commercial insurance for your business! If you'd like a free quote or have more questions, contact us at 877-907-5267. Or you can complete the form at the top of the page and an agent will connect with you.

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