There are many types of business insurance, each of which offers specific protection. Finding the right combination of coverage is a must for jewelry store owners, especially when considering the high value of their merchandise. The following are a few types of business insurance you might need to protect your establishment. 

Workers’ Compensation

These policies protect employees if they’re injured on the job by offering income replacement and funding for medical costs. They also protect store owners from personal liability if the injured worker files suit as a result of a work accident. While jewelry stores are considered relatively risk-free, keep in mind that work accidents can happen anywhere. 

Property Insurance

Property insurance is not just for the building that the business operates out of. It can also safeguard the items kept within a retail space, which is crucial for protecting valuable jewelry pieces. Keep in mind that existing coverage may fall short of insuring expensive pieces, which is likely with jewelry stores. In this case, you should consider expanding the coverage limits to ensure your merchandise is properly protected. 

Liability Insurance

If a customer is injured in your store, you’ll be on the hook for any medical costs or lawsuits that arise from the incident. Liability insurance provides funding for these issues, which prevents you from paying out of pocket. For further protection, consider implementing an umbrella policy to expand existing coverage limits. 

Jewelry Appraiser Professional Liability

Many jewelry stores also offer professional appraisal service. If you make an error while performing an appraisal, general liability coverage will not apply. A professional liability policy is necessary if a customer experiences a financial loss due to errors or oversights made by your establishment. 

Are you seeking reliable business insurance in Mooresville, IN, for your retail establishment? If so, State Farm® Agent Bruce Richardson is here to help. As a resident of the community, Bruce helps local business owners protect their interests with carefully chosen policies. And because this insurance agent is backed by State Farm, you can rest assured of quality insurance coverage, whether for your home, vehicle, or business. Schedule a consultation today by calling (317) 831-3500. You can also learn more about this trusted insurance broker by visiting him on Facebook.