Category Archives: Do Insurance

Types of Insurance For Jewelers

Category : Do Insurance

Because of the high value of the products being sold, jewelry liability insurance is absolutely essential for anyone working in the jewelry business. Ensuring comprehensive coverage means you will be well protected in the event of a robbery or other disaster that affects your business.

What Types of Jewelry Insurance Exist?

Typically, jewelry liability insurance consists of both block policy and standard policy options.

  1. Standard policies are generally taken out by smaller jewelry businesses, and may only cover up to $250,000 in inventory. Policies are fairly limited and will only cover specifically jewelry items (and not related products that your business may sell).
  2. Block policies are usually far larger and may offer more complete coverage for a wide range of liabilities that can arise in a jewelry business, including non-jewelry inventory, as well as other attendant risks that may arise in a jewelry business environment.

Working with a reputable and experienced insurer will help you build a coverage plan that is tailored to the specific needs of your business, and that sufficiently covers all risks that may arise in your place of work.

Given the potentially high stakes of a loss, and the significant value of any inventory that is sold, comprehensive jewelry liability insurance is essential for anyone working in the industry.

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Do Insurance Agents Need Insurance?

In the same way that a surgeon cannot operate on himself, those in the insurance industry must also find an insurance company to protect them from financial risks. One of the primary coverages is insurance agent E&O, also known as professional liability.

What Is Errors and Omissions Insurance?

An insurance agent is a trusted professional who helps people navigate the complicated world of insurance by advising they purchase policies to mitigate their financial risks. If clients claim an agent gave them bad advice, an errors and omissions policy covers the expenses associated with legal defense. It also  reimburses the client if the agent is found to be at fault.

Who Is Eligible?

The word agent is a general term that means anyone who acts on behalf of another person. Because most people lack the expertise needed to make good decisions about insurance policies, an insurance agent selects coverage for them. Other job titles eligible for insurance agent E&O include the following:

  • Managing general agent
  • Wholesaler
  • Surplus line broker
  • Program administrator

With so many policies at their fingertips, it may seem that insurance agents do not need insurance for themselves. An errors and omissions insurance policy, however, is not just required by law, but also is a smart way for agents to protect themselves.