Jewellery Business Insurance Options for Small Business

As a small business owner in the jewellery industry, it's essential to consider the right insurance options to protect your business from potential risks.

Public Liability insurance is a must-have for jewellery businesses, as it covers you against claims of accidental damage or injury to customers or third parties.

You can choose from various policy limits, but it's recommended to have at least £1 million to cover most potential claims.

Business Interruption insurance can help you recover from unexpected events like theft or fire, by covering the loss of income and fixed costs.

This type of insurance can be tailored to your business needs, so be sure to discuss your requirements with your insurance provider.

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Jewelry business insurance is a must-have for any small business, especially those that sell high-value items like jewelry stores. Most jewelry stores sell expensive, expertly designed jewelry, precious metals, and stones, which makes them a high-stakes business.

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Loss or damage to property or liability claims could set your business back financially, so it's essential to assess the risks. A few possible loss scenarios that could happen to your jewelry store include an elderly customer slipping and falling, your store being burglarized after hours, or an employee accidentally damaging a valuable item while servicing it.

Insurance coverage is necessary for any small business, but for jewelry stores, it's crucial to protect the significant investment required to open and operate the business. Comprehensive insurance coverage can help mitigate some of the risk in running a small business, giving you greater peace of mind.

Adequate insurance coverage also helps you build credibility and trust with your customers, who see your business as more prepared, reliable, and secure when they know you have insurance.

Insurance policies can be expensive, but a payout from an insurance claim may be the difference between your business continuing or closing its doors. Here are some types of insurance policies available for small businesses that cover various costly situations:

Jewelry businesses need insurance because they have large, expensive collections of property that need to be protected, and they often travel with and ship valuable jewelry, which presents a vast financial exposure.

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Running a jewelry business comes with its fair share of risks. High-value items and expensive equipment make your store a prime target for theft and damage.

Loss or damage to property or liability claims could set your business back financially, which is why risk assessment is crucial. Jewelry stores often face unexpected situations such as an elderly customer slipping and falling in the store, or a burglary after hours.

Crime insurance can help you recover from criminal acts like theft, burglary, shoplifting, or employee dishonesty. This type of insurance lessens the blow of these types of incidents.

Your insurance policy should cover various costly situations, including liability, theft, property damage, automobile damage, interrupted income, and more. Being covered for these events mitigates some of the risk in running a small business.

Here are some potential loss scenarios that could happen to your jewelry store:

It's essential to consider the types of jewelry covered by your insurance policy. Engagement ring insurance is the most popular type, but you can get coverage for any valuable piece of jewelry that can be appraised.

Insurance costs for a jewellery business can be substantial, but it's essential to have the right coverage in place to protect your investment. Lavalier jewelry insurance starts at $70 per year, and typically only costs 1-2% of your insured jewelry's value.

You can customize your rate according to your budget by choosing your deductible, which can be as low as $0 and as high as $25,000. There are also discounts available if you have a home safe or home alarm, or if you store your jewelry in a bank vault or safe deposit box.

Insurance policies for small businesses, like jewelry stores, can be expensive, but they're necessary to protect against various costly situations, including liability, theft, property damage, and more. These policies can be bundled together for added protection.

The price for business insurance varies depending on several key factors, including sales, payroll, property value, location, and class of business. For example, properties by the shoreline or near high wildfire zones cost more to insure.

You can choose to cover multiple pieces of jewelry with a single policy, including watches, which may require a standalone policy on a case-by-case basis.

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Choosing the right insurance is crucial for a jewelry store's financial protection. You'll want to consider a general liability insurance policy to cover customer injuries or damage to their property.

A worker's compensation policy is also essential if you have employees, as it will cover their medical care, lost wages, and disability benefits in case of a work-related injury or illness. Business property insurance covers the physical location of your store and all the property inside, including inventory, equipment, and furniture.

A business owner's policy (BOP) is a bundled insurance policy that combines multiple policies, typically including general liability insurance, business property insurance, and business income insurance. This can save you money compared to buying these policies separately. Consider the following when choosing an insurance provider:

General liability insurance is a must-have for any jewelry store, protecting you against financial liability for customer injuries or damage to a customer's property in your store.

You should also consider worker's compensation insurance, which will cover financial liabilities for employee medical care, lost wages, and/or disability benefits in the event of a work-related injury or illness.

Business property insurance covers the physical location of your jewelry store and all of the property you have in your store, including inventory, equipment, furniture, decorations, and any other physical property of the business.

Business income insurance will replace lost income if your business needs to temporarily close due to property damage.

A business owner's policy (BOP) is a bundled insurance policy that combines multiple policies, typically including general liability insurance, business property insurance, and business income insurance, saving you money by not having to pay for these policies separately.

Other policies to consider include professional liability insurance, which covers errors and omissions, and data breach insurance, which covers a business in the case of a breach in cybersecurity that leaves them financially liable.

Here are some key insurance policies to consider for your jewelry store:

You can easily create and share a COI in just a few clicks through the Oyster dashboard for your active insurance policies.

To showcase certificates of insurance to landlords, partners, or vendors, you'll need to access the Oyster dashboard.