Jewelry Store Insurance

Running a jewelry store can be a very profitable business. Jewelry stores are places where consumers come, not just to purchase jewelry, but also to sell jewelry, gold, and silver. A jewelry store may also offer repairs and cleaning. Stock in a jewelry store typically includes necklaces, bracelets, earrings, cuff links, watches, and rings, made from silver, gold, platinum, and various jewels. As the owner of a jewelry business, you have a lot of assets to protect. All stores need to protect their stock, but few have items worth as much money as a jewelry store. In addition to protecting the business assets, you need to have small business insurance to cover the costs of accidents that occur on the premises.

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General Liability

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Property Coverage

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Workers Compensation

General Liability Coverage

With your small business insurance policy, you will have general liability coverage. This type of coverage is broad and protects you from variety of situations. Because you have many people coming and going in and out of your store each day, a big concern is accidental injury. You can be liable for a large expense if someone is hurt in your store. While you can take several precautions to avoid them, accidents are inevitable. To fully protect your business and your assets from the high costs of lawsuits and injuries brought on by customers, you need to have comprehensive general liability coverage.

General Liability Insurance Includes:
  • Premises Liability – Most important for shop owners of any type is premises liability. This type of commercial insurance protects you from nearly any type of accident that occurs in your store. If a customer enters your shop and is cut on a sharp jewelry case corner, they may need emergency care, stitches or minor surgery, and prescriptions to recover. Premises liability helps you with these costs. It will also help in the case that a customer or other visitor has personal property damaged in your business location.
  • Products Liability – Less important for a jewelry store is products liability. This part of your commercial business insurance covers costs related to faulty products that you sell. Jewelry is not usually a product that causes harm, but it is still possible.
  • Completed Operations – When a customer complaint arises after a service contract has been completed, this type of coverage in your business insurance will protect you. If, for instance, a customer has a ring repaired and only later decides it was done badly, this coverage will kick in to cover arising expenses.

Business Owners Policy

A business owners policy, also known as a BOP is a tailored policy for your specific type of business. It includes general liability, but also bundles in any other type of coverage you may need. It is a policy that can be specified to meet the needs of any business operation. You may include coverages such as the contents of your buildings, additional shops, data protection, employee dishonesty, or business interruption.

Workers Compensation Insurance

With employees working in your stores, you will need to include workers compensation in your commercial business insurance policy. Most states require it because it minimizes lawsuits and their costs. Workers compensation covers most costs associated with an injury or illness of an employee that is caused during the course of employment. For example, if an employee is making repairs and is injured by some of the equipment, this will cover their medical expenses and any other needs they have related to getting back to work.