Jewelry Store Insurance

From providing jewelry cleaning, repair, and resetting services to offering a wide range of rings, necklaces, and other fine accessories that make lovely gifts, jewelry stores are a staple of our society. If you own a jewelry store, you want to be sure to protect your valuable inventory as well as the investment you made in your business. Getting set up with a solid jewelry store insurance policy is the key.

An independent insurance agent can help you build a jewelry store insurance policy that can protect your business from its various exposures. They'll consider all its unique risks and get you matched to the coverages you need most. But first, here's a closer look at jewelry store insurance.

Quick Jewelry Store Industry Stats

When shopping for coverage for your jewelry store, it can be helpful to gain a better understanding of the industry as a whole first. Check out just a handful of stats for the jewelry store industry in the U.S. to get a better idea.

As of 2023, there are 45,792 jewelry stores in the U.S.
The number of jewelry stores in the U.S. has declined by 3.3% over the past year.
In fact, the jewelry store industry has been on a steady decline by 3.3% annually over the last five years.
About 136,828 employees in the U.S. currently work at jewelry stores.
Last year, the jewelry industry market size in the U.S. was valued at $32.2 billion.

With thousands of jewelry stores remaining in the U.S. and more than 136,000 employees, the right insurance coverage is necessary to help protect all of these businesses and workers. The right coverage can help prevent these jewelry stores and their workers from suffering potentially serious financial losses caused by a number of common threats.

What Is Jewelry Store Insurance?

Insurance for jewelry stores is a special type of business insurance catered to meet the demands of the niche. Because jewelers deal with highly valuable merchandise, they face an increased risk of theft and loss. Most standard business insurance policies specifically exclude coverage for jewelry, which can make obtaining coverage solely through regular commercial insurance channels challenging.

To combat this, some insurance companies offer what's known as "jewelers block insurance," which provides jewelry store owners with the specific coverage needed by those in their industry. Given the high risks inherent in this industry, most jewelry store insurance providers likely require businesses to follow strict risk management guidelines. Failure to follow basic safety and anti-theft protocols may result in your policy getting canceled by the carrier.

What Does Business Insurance for Jewelry Stores Cover?

Part of the commercial coverage a jewelry store owner needs is a standard business insurance policy. This includes the following types of coverage:

Commercial property insurance: This provides compensation for loss or damage to business property in your store other than the jewelry itself. Covered property includes things such as décor, display cases, signage, machinery, and cash registers.
Commercial general liability insurance: This provides coverage for court costs, legal defense fees, and financial damages if your jewelry store gets sued by a third party, like a customer. Commercial general liability insurance includes such coverages as:
- Premises liability insurance: This provides coverage for property damage or injuries suffered by third parties on your jewelry store's premises.
- Product liability insurance: This provides coverage if a faulty product you sold causes injuries or illness to another, and they sue your business for damages.
- Libel, slander, and copyright infringement coverage: This provides lawsuit coverage if a third party accuses your jewelry store of damaging their reputation through libel or slander, or theft of their creative work.
Business income insurance: This coverage provides your jewelry store with a continuation of income if a covered disaster forces you to close shop for an extended period. It enables you to continue paying employee salaries and monthly expenses while your store is closed for repairs.
Equipment breakdown insurance: This insurance provides coverage for necessary repairs if your machinery breaks down. Many jewelry shops have a lot of expensive machinery for creating jewelry, cleanings, and engravings.

An independent insurance agent can help you get set up with all the right kinds of insurance for jewelry businesses.

What Is Jewelry Block Insurance?

Jewelers block insurance, also referred to as jewelry block insurance or jewelers standard insurance, is a package of coverage designed specifically for jewelry store owners. It supplements your business insurance policy by providing necessary coverage that traditional policies don't.

Your independent insurance agent can help you find local jewelry store insurance companies that offer jewelers block coverage and review the various policy offerings with you. These may include:

Coverage for merchandise, whether it's kept inside your safe, in your shop window, in transit between places of business, or inside a bank vault
Coverage for cash, whether it's in your jewelry or is being transported to the bank for deposits
Coverage for trade shows

Once you've secured a business insurance package and a jewelry block policy, your independent insurance agent can help you identify any remaining exposures you may have. Together, you can work to add any extra necessary coverage to address these exposures.

Other Insurance for Jewelry Store Owners to Consider

In addition to the property and liability coverage mentioned above, there are other insurance coverages you may want to discuss with your independent insurance agent. Common examples include:

Workers’ compensation insurance: This insurance is required in most states and protects your business from employee injuries and illnesses caused by job duties or the work environment.
Employment practices liability insurance: This provides your jewelry store with coverage if one of your employees sues your business for breach of contract, wrongful termination, harassment, or discriminatory practices.
Employee dishonesty insurance: This coverage protects your business against direct employee theft, the act of undervaluing jewelry that's sold to your business, or overcharging customers and pocketing the balance.

Your independent insurance agent will work with you to build a comprehensive jewelry store insurance package.

Get Help Finding the Right Jewelry Store Insurance Policy

Purchasing jewelry store insurance can be a complex endeavor, particularly because you own a business that requires specialized coverage. Fortunately, when you work with an independent insurance agent, the process becomes much simpler.

These agents can explain your coverage options and help you find competitively priced policies that provide the coverage you need. They shop and compare policies from many different local carriers and ultimately find you the best blend of coverage and cost.

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