When you own or manage a jewelry store, there are special small business insurance requirements to consider. Many insurers won’t cover the loss of valuable property, like jewelry, under a standard policy. To make sure you have the protection you need, below are some types of business insurance coverage to consider.

What Types of Small Business Insurance Do Jewelry Stores Require?

1. Standard Business Insurance Coverage

It’s vital first to cover your property with standard business insurance. This includes property insurance and general liability coverage. The first covers damages to your building and equipment due to disasters like fires, storms, and falling objects. This coverage protects signage, cash registers, electronics, display cases, and jewelry-making equipment. A standard policy, however, won't protect the jewelry itself, so you'll need additional coverage. 

2. Jewelers Block Coverage

Jewelers block coverage protects your merchandise, including items kept in display cases, in your window, and in your safe. It also covers materials in transit and items stored in a bank vault offsite. Jewelers block also covers cash—in your store or en route to deposit—and trade show losses.

3. Additional Coverage

Your store may also require other coverage, including workers compensation insurance. In Ohio, if you have more than one employee, you are legally required to carry workers comp. It pays for medical care in the event of a workplace injury or illness. Also, consider employee dishonesty coverage that guards against employee theft or embezzlement. If you live in a flood plain, you might also want flood coverage. 

For invaluable guidance designing a small business insurance policy, contact Somers Agency in Lorain, OH. They are a proud member of the Trusted Choice® network of independent agencies and the Keystone Insurers Group®. In addition to business insurance, they also specialize in auto, home, life, and umbrella insurance. Visit their website to reach out to them online or call (440) 324-3447 to request a free quote.