If you have a jewelry store, you probably already know the importance of jewelry store insurance. According to recent data from the Jewelers' Security Alliance, in 2008 there were 1,557 robberies against jewelry stores, with a total of $97.7 million in losses reported, with an average loss per robbery of over $62,000.
In addition to jewelry store insurance to cover theft, you will also need business insurance to cover liability issues as well as your building and other personal property.
Jewelers' Insurance Basics
Because jewelry store insurance has unique coverage requirements, your best bet is to find a company that specializes in jewelry insurance. These companies frequently offer various types jewelers' block insurance that insures your inventory against things like robbery, theft, employee dishonesty, loss of income in the event your store needs to be temporarily shut down for repair. Some of these policies will also include liability and property coverage as well if you want to combine your business insurance for jewelers with your jewelers' insurance.
Additional protection against theft or loss you may want to consider includes:
- Memo goods (inventory on loan or entrusted to you or your business)
- Customers' jewelry in your care for cleaning or repair
- Shipment coverage for inventory in transit
- Jewelry you wear or loan out while it is off the premises
- Security guard in the event your alarm system fails
Business Insurance for Jewelers
In addition to the jewelry store insurance you get to cover loss of inventory, you will also need business insurance to cover property damage that may occur to the structure and furnishings of your jewelry store and liability insurance to cover bodily injury or property damage.
Your jewelry store insurance should include liability coverage for:
- Bodily injury/medical expenses (to cover customers who are injured while in your store and sue you for damages)
- Workers compensation (for employees who are injured on the job; covers medical bills and lost wages)
- Ear piercing liability (this add-on coverage is not a bad idea if your jewelry store offers ear piercing)
Finding Affordable Jewelry Store Insurance
Commercial insurance for jewelers can be costly, especially if you choose additional coverages or you have a large inventory to insure. The best way to find affordable business insurance for jewelers is to shop around and compare multiple quotes, since they can vary widely with each company. Netquote.com is an excellent site for finding specialized jewelry store insurance and providing multiple quotes within minutes for free. Netquote also has a wealth of information on all types of insurance coverage, so you will know exactly what you need before you build your quote.
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