Types of Insurance For Jewelers

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.