As the owner or manager of a jewelry store, you are tasked with protecting the business and its assets. One of the best ways to do that is to purchase a good business insurance policy. Because a jewelry store faces several unique challenges, below are some of the key types of coverage you should consider. 

4 Types of Business Insurance Coverage for Your Jewelry Store

1. Property Insurance

This covers both the structure of your store and its contents in the event of a covered risk—such as a fire, storm, theft, or vandalism—should occur. Premises coverage pays for losses to the building itself, including the foundation and roof, while business property coverage pays for damages to your furniture, equipment, and display cases.

2. General Liability

Any business that's open to the public requires general liability coverage in case a customer should slip and fall on your premises. It also pays for repairs, medical treatments, and legal bills if you or an employee should accidentally injure someone or damage their property.

3. Jewelers Standard Insurance

This is a supplementary type of coverage designed for jewelers that covers merchandise you keep in the store. Depending on the policy, it may cover items kept in a safe, in your show window, or in a display case. It also covers cash in the store and being taken to the bank for deposit. It also offers coverage of materials on hand at trade shows.

4. Workers Compensation Insurance

Ohio requires that businesses with one or more employees purchase workers comp insurance. This pays for medical treatments if you or a worker should suffer a workplace injury or illness. It also reduces your chances of a lawsuit because employees who take advantage of the free medical care must agree not to seek other recompense from you.

To have an experienced insurance agent help you design a business insurance plan for your jewelry store, contact Lighthouse Agency in Fairfield, OH. They are an independent agency founded in Butler County in 1996 and are licensed to sell insurance in Ohio, Kentucky, and Indiana. They also specialize in home, health, renters, and life insurance. Visit their website or call (513) 860-9100 to request a business insurance quote.