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Jewelry Store Insurance
Customized small business coverage for jewelry shops
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Jewelry store insurance tailored to your business needs
Running a successful jewelry store isn't just about showing beautiful pieces. It also comes with exciting opportunities and unique challenges. Jewelry store insurance can help protect you from the risks you face so you can focus on helping your customers discover that perfect item.
What is jewelry store insurance?
Jewelry store insurance is specialized business insurance for jewelers. With customized coverage, you can get protection for incidents like theft, workplace accidents, customer injuries, and more.
At Progressive Commercial, we've been working with small businesses like yours for more than 50 years. Our team of experts can help you get a policy that protects the many facets of your business. Start a quote online or call our licensed agents to explore your options.
Why insurance for jewelry stores is important
Jewelry stores often have more security protection than typical retail operations. But cameras, alarm systems, and safes aren't foolproof, and unexpected events can still happen. That's where insurance comes in.
Having the right jewelry store insurance coverage means you share the risk of protecting your business, which helps you bounce back quickly from disruptive events. For example, if your storefront is damaged during a break-in, jewelry store insurance can pay for repairs and replace your inventory. It can even cover lost revenue.
Is jewelry store insurance required?
It depends. You'll probably need workers' compensation and commercial auto coverage if you have employees or rely on vehicles for your daily operations.
When it comes to your business property, you might not legally need insurance for your inventory, retail space, or other business assets. However, your landlord might require commercial property coverage when you sign your lease.
You can prove you're covered with a certificate of insurance (COI). This document summarizes your policy details, such as your insurance limits and types. With Progressive Commercial, you can get a COI quickly and easily.
Who needs jewelry store insurance?
Businesses and professions that handle valuable merchandise or need extra protection for their business property can benefit from jewelry store insurance, including:
- Boutiques
- Art galleries
- Luxury goods stores
- Estate dealers
- Personal jewelers
- Gold and silversmiths
- Luxury watch retailers
- High-end electronics shops
Whether your shop is a small sole proprietorship, an LLC with multiple employees, or a new jewelry startup, insurance can protect you against losses and help you build a resilient business.
Types of insurance for a jewelry store
Insuring expensive merchandise is often the biggest priority, but jewelry shops should consider protection for other aspects of their business, too. Beneficial jewelry store insurance coverages to consider include:
General liability (GL)
Covers third-party injury and property damage
General liability (GL)
Covers third-party injury and property damage
General liability insurance can benefit businesses of all kinds. It covers damage you accidentally cause others, like if a customer slips on a wet floor. It also protects against claims of personal and advertising injury, like libel or copyright infringement. Learn about other benefits of general liability and how much GL costs.
Example: While unloading your inventory, you accidentally scratch a neighboring business's car with your hand truck. Your general liability coverage can pay to repair the scratch.
Business owners policy (BOP)
Combines liability and property insurance in one convenient policy
Business owners policy (BOP)
Combines liability and property insurance in one convenient policy
A BOP is a flexible policy popular with many small businesses. It combines liability with insurance for your business property, such as your retail space, inventory, and display cases. Even better, you can customize with optional BOP coverages to get protection for other risks you face.
Example: Burglars attempt to rob your shop by breaking the front door and windows. Luckily, the alarm scares them off, but you're left with significant damage. The commercial property coverage on your business owners policy can pay to repair your smashed storefront so you can reopen.
Workers' compensation
Protects your employees if they get hurt or become ill at work
Workers' compensation
Protects your employees if they get hurt or become ill at work
Most businesses with employees need to have workers' compensation insurance, which pays medical bills and lost wages for individuals who get injured on the job. Learn more about workers' comp costs and what your state workers' comp requirements are.
Example: While repairing a piece of jewelry, your employee accidentally cuts their thumb with a jeweler's saw. Workers' comp can pay for their medical bills and lost wages while they recover.
Professional liability
Covers mistakes and claims of negligence
Professional liability
Covers mistakes and claims of negligence
Jewelers who give advice or perform services may need professional liability insurance, also called errors and omissions. This coverage protects against claims of negligence. For jewelers who create commissioned pieces or provide appraisals, professional liability can help if a customer sues you for not fulfilling a service correctly.
Example: You're hired by an estate to appraise the value of a vintage jewelry collection. After you negotiate a sale based on your appraisal, the client alleges that you undervalued the collection and caused them to lose money. Professional liability can pay for your legal fees and other related expenses to defend the claim.
Cyber
Safeguards customer data, software, and your reputation
Cyber
Safeguards customer data, software, and your reputation
If you sell jewelry online, accept credit card payments, or store sensitive customer information, you should consider cyber insurance. It can help pay for services like data recovery and investigation into cyber attacks, helping you minimize losses from a breach and rebuild customer trust. Learn more about what cyber insurance covers and what it costs.
Example: Your customer database is breached by hackers, and sensitive information is stolen. Cyber insurance can pay to investigate the breach, notify your customers, and restore your data.
Commercial auto
Protects vehicles used for your business
Commercial auto
Protects vehicles used for your business
If you rely on vehicles for work, you need commercial auto insurance to comply with the law in most states. You can also add other commercial auto coverages, such as comprehensive and collision, to better protect your business property.
Example: While transferring inventory to your second location, your driver crashes the store van into another car. Commercial auto can cover the damage and injuries caused to the other driver. And if you have collision coverage, it'll pay to repair your van too.
Inland marine
Covers business property on the move
Inland marine
Covers business property on the move
If you regularly transport goods to trade shows, outdoor markets, or other off-site events, adding an inland marine endorsement to your GL or BOP is a good idea. It protects your inventory while it's in transit or stored somewhere other than your shop.
Example: You set up a custom booth at a retail market, which starts the next morning. Overnight, your glass display cases, signs, and linens are stolen. Inland marine can pay to replace your wares so you're ready for the next show.
Employee dishonesty insurance for jewelry stores
It's smart to be prepared with coverage that protects your jewelry store from every type of risk, even employee theft. Employee dishonesty insurance can help you recover from internal fraud or stolen merchandise, which wouldn't be covered by standard commercial property protection on your BOP.
How much does jewelry store insurance cost?
The cost of business insurance depends on the risks your jewelry shop faces. For example, a small store will have a different premium than a local chain with multiple locations and employees. Your insurer will assess the following to determine your rate:
- Years in business
- Annual revenue
- Number of employees
- Location
- Security measures (e.g., cameras, alarms)
- Claims history
- Coverages and limits
If your jewelry store has vehicles, you'll need commercial auto coverage, which is priced separately. The cost of commercial auto insurance depends on things such as your driving history and the make and model of the vehicle.
Combining your commercial auto and business insurance policies with Progressive Commercial can make coverage more affordable. We offer multi-product and other insurance discounts to make saving easy.
Jewelry store insurance through Progressive Commercial
At Progressive Commercial, we're trusted by all types of businesses across the country. And with over 50 years of experience, we have the knowledge, specialty coverages, and expertise to get you the right insurance for your jewelry shop.
Start an online quote or give us a call, and we'll help you put together a custom policy to protect what makes your business shine.
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