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What types of business insurance do jewelry stores need?
These policies provide coverage for the most common risks of jewelers.
General liability insurance
This policy bundles commercial property and general liability insurance in one plan. A BOP is often the most cost-effective type of commercial insurance for jewelry stores.
BEST FOR
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Physical damage and collision coverage
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Injuries caused to another person
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Vandalism and theft
General liability insurance
This policy covers common jeweler risks, such as accidental damage to a customer’s watch. Bundle with property insurance for savings in a business owner’s policy.
BEST FOR
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Slip-and-fall accidents
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Damaged customer property
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Libel or slander lawsuitss
Workers’ compensation insurance
Workers’ compensation insurance is required in almost every state for jewelry stores that have employees. It can cover medical costs for work-related injuries.
BEST FOR
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Employee medical expenses
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Partial missed wages
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Lawsuits over employee injuries
Umbrella / excess liability insurance
Once a jeweler’s policy limit is reached, umbrella insurance (or excess liability insurance) boosts coverage on general liability or employer’s liability insurance.
BEST FOR
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Customer injury lawsuits
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Customer property damage lawsuits
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Employee injury lawsuits
How much does insurance cost for retail businesses?
Workers’ compensation insurance is required in almost every state for jewelry stores that have employees. It can cover medical costs for work-related injuries.
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Several factors will have an impact on insurance costs, including:
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Retail products and services offered
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Business equipment and property
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Revenue
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Location
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Number of employees
Why do jewelry stores need insurance?
The stakes are high for jewelry store owners. Whether you sell custom-made pieces or antique jewelry, you could lose a tremendous amount of money following a robbery or fire. Small business insurance for jewelers can provide you with the funds to handle an unexpected event and keep your business thriving.
