Jewelry stores sell a wide range of jewelry, including necklaces, rings, bracelets, earrings and watches. Many stores carry a selection of fine jewelry and fashion jewelry that is less expensive. You may also provide repair and re-sizing services, such as mounting stones that have fallen out of a ring, re-sizing a wedding ring or engraving rings and bracelets. As you can imagine, your store is mostly at risk from crimes like theft or vandalism, but also many others. Protect your jewelry store with business insurance.
Types of Jewelry Store Business Insurance
Since you have a variety of risks to be concerned about, there are also a variety of types of business insurance policies. The following jewelry store business insurance policies are ones you should consider:
Jewelry Store General Liability Insurance
General liability insurance includes three basic coverages: premises liability, product liability, and completed operations. Completed operations is protection for services you provide, such as repair work, engraving or re-sizing. If a customer asks you to repair a family heirloom, and an accident occurs to damage it further, you are liable for the costs. Premises liability is for any injuries or damage occurring in your store, such as a customer tripping in your store and hurting themselves.
Jewelry Store Product Liability Insurance
Often covered under general liability, product liability is protection in relation to the products you sell. If your products caused harm, damage or loss to a customer, you become liable for the medical or legal costs. Product liability will help to cover these types of costs. For example, you may sell a bracelet that claims to be nickel and lead-free, but contains small traces of lead and then causes the customer to become ill. Medical costs associated with this illness are covered by product liability insurance.
Jewelry Store Commercial Auto Insurance
Business auto insurance is essential if you or any of your employees use their own vehicles for business purposes. This could be for anything from driving to a trade show to making a bank deposit. If you get into a collision, the business auto policy covers costs relation to body injury, vehicle damage or property damage. You can also get an auto policy that includes theft and vandalism.
Jewelry Store Business Property Insurance
You are at risk for a number of unexpected events, such as natural disasters, extreme weather conditions, fire and flood. These events can destroy the majority of your jewelry items and the store itself. If there is a flood in your store, the property is at risk as well as your very expensive jewelry items that are ruined by water. The same could be said for any type of event. This is why you need business property insurance. This insurance policy helps you replace items that were destroyed and make any necessary repairs to the property.
Jewelry Store Cyber Liability Insurance
If you operate an online jewelry store, you need a cyber liability policy with your other jewelry store business insurance policies. There are a variety of cyber crimes that can occur even with the right security, such as a customer paying with a stolen credit card, hacking into your database to steal customer’s financial information, or other types of fraudulent activity. This means you lose out on money for your business, and you may also get sued by customers. These costs are covered by a cyber liability insurance policy.
Jewelry Store Workers’ Compensation
You should also be protecting your employees from work-related injuries with a workers’ compensation policy. While it may seem like your employees have a low risk of injuries working in a jewelry store, there are many unexpected accidents that can occur. Employees who repair jewelry are using machinery that could potentially injure them, and any of your employees could get a repetitive motion injury. Workers’ compensation is required in most states, and will cover their medical and recovery costs for work-related injuries, as well as lost wages.
Jewelry Store Crime Insurance
Other crimes are also a risk, not just cyber crimes. In your physical store, you are at great risk for shoplifting, theft of money, embezzling from employees, and vandalism just by the very fact that you sell jewelry. After making sure to have proper locks, a passcode for the store and surveillance cameras, get a crime insurance policy. With this policy, any damage or loss incurred following the crime is covered and you don’t lose your business assets as a result of the crime.
Now that you are aware of the most important insurance policies for your jewelry store, you can protect it effectively. Keep your risks in mind when deciding which jewelry store business insurance policies you need the most.
