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Owning or operating a jewelry business can be costly so it is important to have the right insurance such as jewellery shop insurance coverage that covers loss, damage and liability. Insurance is an important asset that needs to be well thought off.
This article will go into detail about the types of insurances needed for jewellers, their costs as well as recommendations on what insurance companies to opt for.
Large scale and small scale jewelry businesses operate in a unique market and thus face excessive risk needing unique insurance policies. Insurance for jewelry businesses includes general liability insurance and property insurance, which are applicable to every type of business.
Most Jewelry business insurance policies help cover the risk of being injured, damage to property and loss of items which is common in the jewelry business.
Jewellers block insurance is catered towards jewelers in the jewelry market and helps cover inventory assets not normally covered by regular insurance policies such as stock that is “out for display”.
Small jewelry business owners have a small amount of resources available for them to operate, hence, insurance policies have to be selected that allow for maximum benefits and value for the money. Here are certain types of small jewelry business insurances that are applicable for small jewelry business owners:
Jewelry designers are exposed to certain risks that others are not – the reason being the value of their inventory and the threat of theft or loss. To solve for this issue, jewelers business insurance should have:
For jewellers in particular, making sure they have the most adequate coverage of all the risks is paramount for ensuring their business will continue running. Some important points are a few of the following:
Jeweller liability insurance ensures that you are protected against any legal claims that may arise from accidents or damages. This would include things like:
The cost of jewelry store insurance varies based on factors such as the type of coverage, business size, and location. Here is a breakdown of typical costs:
| Type of Insurance | Average Cost per Month | Average Cost per Year |
| General Liability | $69.66 | $835.92 |
| Jewelers Block | $84 | $1,008 |
| Professional Liability | $62 | $744 |
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There are three main aspects of an insurance firm for jewelry shops that need to be kept in mind. They are as follows:
Comparison of Top Jewelry Insurance Companies
| Company | Specialization | Coverage Options | Reputation |
| Jewelers Mutual | Specialized in jewelry insurance | Comprehensive coverage for jewelers | Excellent |
| Chubb | High-end insurance solutions | Theft, damage, liability | Strong |
| BriteCo | Fine jewelry and watches | Zero-deductible policies | Innovative |
Here are some of the top insurance companies for jewelers: including their, pros, cons, and ratings:
If you are considering getting any type of insurance in the jewelry business, Jewelers Mutual is definitely the most popular option.
They have been operating for more than a century in the industry and have established a reputation for themselves. The good news is that claims are resolved as quickly as possible and readers have access to many educational resources.
Rating: 7/10
Chubb deals in providing customized jewelry business insurance as relates to the jewelry business. Due to its high quality nature, this type entirely specializes in item insurance including jewelry which is very expensive. With regards to coverage, they provides advice around the globe.
Rating:7/10
BriteCo is a company that provides insurance coverage for luxurious pieces of jewelry and watches at low premiums with no deductibles. For a more rapid and full-value coverage of claims, the company collaborates with the jewelers directly.
Pros:
Cons:
Rating: 6/10
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
