Protect your building and everything in it.
As a jeweler, your business involves more than just the pieces you sell. Your store holds display cases, equipment to perform repairs and engravings, signage, and many other items. You’ll want protection for those in case they get damaged. Commercial property insurance may not only cover the building your business is located in but may also cover damages to a vast majority of your business’s property like the examples above. Commercial property insurance is a key part of your comprehensive jewelers insurance policy.
Jewelers are at risk of theft.
Movies often feature thieves pulling off jewelry store heists and making off with bags full of gems, and with good reason since so much of your inventory is highly valuable. While movie portrayals may seem exaggerated, the threat of theft is very real. While commercial property insurance may cover some theft losses, you may also want to consider a crime insurance policy to fill in any gaps left behind. Crime insurance tends to cover a wider variety of crimes, but some policies may even offer resources for preventing and solving theft. For your jewelers insurance coverage, consider adding crime insurance for extra protection.
Unintentional and intentional dishonesty can happen.
As part of your business, you may be appraising jewelry and other related pieces. While you don’t intend to be dishonest with your appraisal, sometimes mistakes happen and you may end up undervaluing or overvaluing a piece. You could be held liable for the mistake, which is where errors and omissions liability insurance (E&O) can help protect you since it may cover damages your customers face because of your appraisal. However, sometimes there is unfortunate intentional dishonesty from your employees. They may overcharge customers to pocket the difference, may undervalue a piece being sold to your business in exchange for cash, or possibly try to embezzle inventory or cash from the store. To protect yourself from these intentional acts, consider employee dishonesty insurance as part of your jewelers insurance coverage.
Other coverages for your business needs.
There are a few basic coverages that any business should consider. Jewelers have been around for centuries, but times have changed and become more digital, which is why a cyber liability insurance policy is important for your jewelers insurance coverage. It may help protect your business from losses resulting from a data breach or hack. If your business has a lot of expensive equipment for repairs, cleanings, or other services, equipment breakdown insurance may provide coverage in case your machines need to be repaired or replaced. Your work environment may not seem particularly dangerous, but workers’ compensation is required in most businesses and even jewelers are at risk for injury.
Contact us to find out how a jewelers insurance plan may help protect your business and your assets.