Regardless of whether you work in the makeup or fashion industry, making people look good is a wonderful business to be in. It’s hard not to get a smile on your face when you see that you’ve made a client feel better about themselves and ensured that other people can see that glow within them.

The jewellery industry is in many ways the same, since you’re selling people accessories that they will treasure for a long time, which they may even hand down to their children. In this guide, we’re going to cover the things that you need to know about getting insured as a jewelry store owner.

After talking about the particulars of jewellery business insurance , we’ll take a look at the top three companies that you can get jewelry store insurance from to make it easier for you to find the right carrier for your needs.

Jewellery Business Liability Insurance

When it comes to jewellery shop insurance, one of the most common types of policies that business owners will get their hands on is liability insurance. However, liability insurance is a little more complicated than a single type of policy that you can get that will meet all of your needs.

Liability insurance is vital because it protects you from the most common risks, mainly litigation on the part of other individuals. If you are found to be responsible for the property damage or injuries that another person has sustained, then you’ll be covered by a liability insurance policy.

For example, if you’re found liable for someone slipping on the wet floor in your jewelry shop and breaking their arm, this insurance type will cover you when that person comes demands settlement. The same is the case when someone ends up having their property damaged on your premises.

However, there’s more than one kind of liability insurance that you can opt for. The most affordable kind of liability insurance is public liability insurance. This is liability coverage that mainly applies to members of the public such as customers or third parties.

If you want the most protection out of your liability policy, then you’ll want to shell out a little bit more money so that you can get general liability coverage. General liability cover will apply to anyone at your workplace after getting injured or sustaining property damage, including employees.

Jewellery Business Insurance

Along with liability coverage, some business owners would rather opt for a more robust jewellery shop insurance policy. A business owner’s policy (BOP) bundles together various forms of coverage, making it more affordable to have relatively complete coverage under the same policy.

In most cases, BOPs consist of two components: a liability insurance policy and a commercial property insurance policy. The liability policy is typically a general liability policy but it can sometimes be a public liability policy instead, especially in the case of more affordable BOPs.

This ensures that you’re not at risk of losing your business because something went wrong under your watch. Along with this liability policy, you’ll also have access to a commercial property insurance policy which can be crucial when you’re a jeweler that operates out of a storefront.

A commercial property insurance policy will cover you when your premises are damaged. This can save you from having to pay for pricey repair work for your store. For example, if the glass along your storefront gets damaged, commercial property insurance will help to pay for buying and installing a new glass. 

Jewellery Business Insurance Cost

If you’ve never shopped around for jewelry store insurance, then you may be wondering how much it’s going to cost you. Unfortunately, it can often be difficult to get an idea of how much your insurance will cost because of different factors.

For example, your jewelry store’s size will play a huge role in determining the cost of your coverage. A larger jewelry store will automatically be more expensive to insure because you’re more likely to see more clients over the course of a month, meaning that there’s a higher risk of needing to make a claim.

Speaking of making claims, if you have a history of making numerous insurance claims, then you can expect to have higher insurance premiums now. This is because insurers don’t quite trust that you won’t be filing any more claims in the future.

We’ve gathered the following numbers from some of the top insurers in the jewelry business insurance industry. To get the numbers, we’ve used a medium-sized jewelry store that has no history of prior incidents that could potentially ramp up the cost of insurance.

As you can see, the average cost of jewelry store insurance tends to hover around $69.66 per month, coming out to an average total of about $1,504 per year. Keep in mind that these numbers can swing in either direction between larger and smaller jewelry stores.

Insurance for Small Jewelry Business

If you run a smaller jewelry store and you’re wondering how much you can expect to pay for your coverage, you can expect to pay less on your insurance policy. 

One thing to remember is that jewelry businesses (even small ones) are considered high-risk for insurance companies. This makes many companies reluctant to work with jewelers unless they follow a relatively strict list of guidelines that the insurance companies lay out before they’ll provide them coverage.

Best Jewelry Business Insurance Companies

Looking around for the right jewelry business insurance company may seem like a bit of a challenge if you’ve never done so before. You need to do your research to find the right companies that are going to provide you with good rates and the claims responsiveness that your business needs.

In this part of our guide, we’ve gathered together some of the top insurance companies in the industry. We’ll go over what you need to know about them, including a bit of background about them, what you should know about their policies, and what you can expect to pay for their coverage.

Hiscox Jewelry Store Insurance

Hiscox was founded in the early 1900s as an underwriter for Lloyd’s of London, and they originally focused on marine insurance. Since then, the company has started to deal with niche insurance policies that most other carriers won’t get involved in, and that involves jeweler’s insurance.

Hiscox Policy Details

Hiscox’s insurance policies for jewelers are mainly centered around providing general liability insurance coverage. The company offers worldwide coverage as well as quick responses to any claims that you have to make. They aren’t too specific about the details of their coverage, instead insisting that potential customers come to them for a quote.

Pros

• Claims process is fast
• Provides coverage for jewelry stores locally and internationally

Cons

• Insurance features are complex and needs agent consultation for further clarifications

Average cost: $51

Best for: Jewelers who own shops locally and abroad

Our rating: 5/5

AmTrust Jewelry Store Insurance

mTrust specializes in both property and casualty insurance, and the company is based in New York. Their main area of specialty is small business insurance, making them an excellent choice for jewelers who run smaller stores and want to pay reasonable rates for their coverage instead of getting rolled into a more commercially-oriented policy.

AmTurst Policy Details

AmTrust  offers a range of policies that are tailored specifically for jewelry store owners, including workers’ comp policies, general liability insurance, and cyber liability coverage. The company is used to working with high-risk clients like those in the jewelry industry.

Pros

• Not afraid to insure high risk customers
• Has a wide range of policies tailored for jewelry store

Cons

• Doesn't attend to the needs of established jewelry shops

Average cost: $56

Best for: Startup jewelry store owners

Our Rating: 5/5

Progressive Jewelry Store Insurance

Progressive got started in 1937 as an auto insurance company and the company has always been known for being on the technological forefront when it comes to insurance coverage. For example, Progressive is one of the first companies to start selling insurance over the internet.

Progressive Policy Details 

Progressive doesn’t necessarily offer a specific policy that applies to jewelry shops, but they do cover jewelers and their stores under their retail insurance policy. They offer a range of different forms of coverage, including general liability insurance, BOPs, and workers’ comp. They also offer commercial auto as an add-on

Pros

• Reasonable pricing
• Online insurance application
• Offers jewelry store insurance that comes with commercial auto coverage

Cons

• Has a reputation of being slow to respond to claims made by customers

Average cost: $55

Best for: Jewelry stores selling products through websites only

Our rating: 5/5