Like other retailers and small businesses, a jewelry store needs to have commercial insurance in place to protect the business 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 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 store, there are several policies any business needs. A business needs to have general liability insurance, property insurance, and worker’s compensation when the business has employees. In many cases, a business owner’s policy, which combines general liability and property insurance, may be a good fit. In addition, some optional coverages are generally available. Let’s look at each separately and see what is covered.
General liability insurance covers the business and its employees for negligence. Simply put, it protects the business and its owner(s) if sued. Any legal fees, court costs, judgments, and settlements are normally covered.
Property insurance, often combined with casualty insurance for the best value available to a business. The property insurance covers the loss or damage to the building and its contents. The building can be owned or leased. The casualty portion for the policy (or a separate policy) insures against losses or damage to the business.
Workers' compensation insures your employees for any on the job injury. 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 is purchased as a separate policy.
It’s important to remember as well, a personal auto policy may not cover business-related use. A commercial auto policy may be needed as well.
A jewelry store business owner’s policy may also cover business interruption, product liability, and what is known as a boiler or mechanical 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 business policy package to reduce or eliminate those risks.
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