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Owning a jewelry store is a lucrative business. It allows you to help create special moments and memories in your customers’ lives. If you’re interested in creating this kind of enterprise, there are a few steps you should take before starting. Specifically, you must invest in the proper business insurance. Below is more information about the different kinds of coverage you need.

A Guide to Insurance for Jewelry Stores

1. Workers’ Compensation

This insurance coverage protects employees if they get an injury on the job. This coverage provides compensation for income replacement and medical funds. Having this policy in place is crucial, as it will protect you against personal liability claims. If an employee has an injury while working, and you don’t have a policy, you are personally responsible for covering any expenses they incur. Additionally, many states require businesses to carry this insurance for their employees, and you can face fines for going without it.

2. Property Insurance

business insuranceProperty insurance protects both your physical building and any items inside it. This covers you during vandalism, theft, or a natural disaster. As a jewelry store owner, this is crucial, as the belongings in your facility are likely high-end and expensive. For those in this line of work, extending your coverage is ideal, as your existing policy may not equal the worth of all your items. You can pick up additional coverage through umbrella policies that take over when the original insurance reaches its limit.

3. Jewelry Appraiser Professional Liability

This policy is unique to those in the jewelry industry. It protects owners against any accidental errors while appraising an item, such as undervaluing or damaging a piece. If your customer experiences financial losses due to your mistakes, the jewelry appraiser professional liability coverage will cover those costs. 

 

If you need to invest in business insurance for your jewelry store, turn to Pearson & Barnes Insurance in Somerset, KY. The professionals at this agency have over 20 years of combined experience and offer a broad range of policy options to protect their customers. Visit the website for more information on their offerings. Call (606) 679-1450 to request a quote.

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