Commercial insurance protects businesses from a variety of risks, including lawsuits, property loss, and unexpected accidents. Because they deal with high-value merchandise, jewelry stores need additional coverage beyond the standard property loss and workers’ compensation insurance. If you own a jewelry store, consider adding these coverage options to your insurance policy.

What Type of Insurance Does Your Jewelry Store Need?

1. Faulty Workmanship Coverage

If you or an employee makes a mistake when working on a custom order, your general liability policy may not compensate the customer or cover the cost of repairs. While your team should take pride in its work, mistakes do happen, which is why it’s important to add faulty workmanship coverage to your policy. If an item proves to be defective or you damage a customer’s favorite ring, faulty workmanship coverage will cover the costs of making it right.

2. Umbrella Liability

Your general liability insurance protects you from lawsuits stemming from a wide range of situations, but some accidents will likely slip through the cracks. Due to the value of your merchandise, losses caused by mistake can exceed the limits of your policy. Umbrella insurance can save your business from expensive lawsuits by stepping in to pay valid claims or the cost of your legal defense when your other policies have been exhausted.

3. Jewelry Appraiser Professional Liability

Before selling a piece or purchasing coverage, customers often seek an appraisal from an experienced expert. Unfortunately, even the most qualified appraiser can make a mistake, potentially costing their clients significant sums of money. These losses may be excluded by your general liability insurance, which is why jewelry appraisers need more customized coverage. Professional liability insurance will compensate your customers for any losses caused by mistake, giving them confidence and providing you with peace of mind.

If you own a jewelry store anywhere in the Texarkana, TX, area, you need an experienced agent to help minimize risks and protect the value of your investments. Since 1962, Barry Insurance has been one of the area’s leading agencies, offering a wealth of coverage options from some of the industry’s leading carriers. Visit their website for an overview of their services or call (903) 831-3493 to request a quote.