What Insurance Policies Do Jewelry Stores Need?

Get the Right Insurance for Your Jewelry Store

Like other retailers and small businesses, a jewelry store needs to have commercial insurance in place to protect the jewelry store and its owner(s). Determining the proper coverage is where using a licensed insurance professional from the beginning is smart when searching for jewelry store business insurance

First, it’s important to remember a jewelry store isn’t just diamonds and expensive watches, although that type of jeweler is easiest to recognize. Many artists and crafters have started making many types of jewelry from an assortment of raw materials as well as precious stones and metals and have retail and internet revenues. Regardless of the type of jewelry shop, there are several policies any jewelry business needs. 

General Liability Insurance

Jewelry store insurance coverage isn't completed with general liability insurance. A general liability insurance policy helps protect your business if a customer suffers bodily injury in your store or their property is damaged. It also provides coverage if you’re accused of slander, copyright infringement, or other advertising injuries. Any legal fees, court costs, judgments, and settlements are normally covered if you’re sued.

Commercial property insurance

Commercial property insurance covers the loss or property damage to the building and its contents. The building can be owned or leased. The casualty portion of the policy insures against losses or damage to the business.

Worker’s compensation Insurance

Workers' compensation insurance protects your employees if they’re injured on the job. This policy will cover medical treatment, rehab, and pay a portion of earnings until the employee returns to work. In return for this type of coverage, in most cases, it prohibits the employee from suing the business. This coverage option is purchased separately

Consider a Business Owners Policy 

A business owner’s policy (BOP)—also called business income and extra expense—combines general liability, property insurance, and business interruption insurance. It’s often offered to small businesses at an affordable rate. A jewelry store business owner’s policy may also cover product liability and what is known as boiler or equipment breakdown insurance. There are also many types of policies and riders that can be put into place. Work with your insurance professional to determine the specific areas of risk your jewelry store may have exposure to and design a policy package to reduce or eliminate those risks.

Jewelers Block Insurance

Jewelers block insurance (sometimes referred to as jeweler's standard insurance) is designed specifically for jewelry store owners as a supplement. A jewelers block policy often covers things traditional insurance packages don’t. This can include: 

• Coverage for merchandise that is stored inside a safe and/or bank vault, in a show window, in transit, or on display in your store.
• It includes coverage for cash in transit to be deposited or in your store. 
• Coverage for when you’re at trade shows (additional protection provided while attending jewelry industry events).

Other Business Insurance Coverages to Consider

What other business insurance should jewelers consider?

• Appraisal Liability: This protects you if you make a mistake when performing an appraisal on Jewelry (a type of errors and omissions or professional liability insurance).
• Employment Practices Liability Insurance (EPLI): EPLI protects jewelry stores if management or owners are accused of discrimination, sexual harassment, wrongful termination, etc.
• Data Breach & Cyber Related Protection: What if your computers are hacked and your data is compromised? Cyber liability can help cover computer fraud, funds transfer fraud, and help with identity theft exposures.
• Commercial Umbrella Insurance: Sometimes jewelers insurance isn't enough on its own. Umbrella insurance can help cover costs that exceed your underlying insurance coverage.
• Commercial Auto Insurance: A personal auto policy may not cover business-related use. If you use a vehicle for work purposes (other than transportation to work) you'll need this insurance.
• Employee Dishonesty Coverage: Sometimes referred to as crime coverage, this employee dishonesty insurance helps reimburse jewelers for theft carried out by store employees.

Get a Free Jewelry Store Insurance Quote

How much do jewerly business insurance policies cost? What insurance companies are right for you? Let us help you find protection for your business and bring you peace of mind. Our mission at Tivly is to help medium and small businesses manage risk by finding affordable jewelry insurance quotes at a reasonable price. If you're ready for a free quote, complete the form at the top of the page or call us at 877-907-5267. We'll connect you with insurance agents knowledgeable in your industry!

Related Insurance: Jewelers Block Insurance Coverage