Texarkana, Texas
5131 Summerhill Rd.
Texarkana, TX 75503
(903) 831-3493

4 Types of Insurance Jewelry Store Owners Need October 9, 2020

Texarkana, Bowie
4 Types of Insurance Jewelry Store Owners Need, Texarkana, Texas

From diamond rings and gold watches to necklaces adorned with precious gems, most jewelry stores have millions of dollars of pieces in stock. Protecting their inventory from the unexpected is a top priority, especially if the business involves the repair and maintenance of items brought in by customers. Having the right type of insurance in place helps provide financial safeguards against damage, theft, and mistakes. Here’s a closer look at the components of coverage that will adequately protect your business.

What Types of Coverage Are Necessary for Jewelry Stores?

1. Product Liability 

This type of coverage extends to faulty jewelry. For example, a watch clasp may have injured a customer’s wrist, or the prongs that hold a gem in place weren’t properly secured and scratched the paint on a client’s car. Product liability insurance covers the costs related to harm caused by defective jewelry. 

2. Cyber Liability

Jewelry store owners who have online stores need protection in place to protect against cybercrimes. If your website is hacked and your customers’ personal bank account and credit card information is stolen, cyber liability insurance pays for the recovery costs. The coverage may provide additional financial protection for legal costs if customers sue you. 

3. Workers’ Compensation

insuranceAt first glance, it may seem that there’s little to no risk of being injured while working in a jewelry store. However, some outlets provide on-site repair services that require using machinery. An employee can potentially injure themselves while working with the equipment.

Workers’ compensation is designed to pay for their medical treatment and wage loss while they recover. As a condition of providing the medical assistance, employees forfeit their rights to sue their employer for being injured. 

4. Jewelers Block

Given the type of inventory jewelry stores have, it puts them at higher risk for theft. A standard jewelers block policy covers financial losses stemming from robberies and internal theft, so it’s an essential purchase.

Most plans also provide recovery from damage caused by fire and natural disasters. This type of coverage not only includes jewelry and customer property but also the store’s computer equipment, furniture, and other items in the store. 


Barry Insurance understands the unique needs of jewelry store owners. Based in Texarcana since 1962, the independent agency works with a network of leading insurance companies that provide comprehensive and customized coverage across Texas and Arkansas. To speak with a professional and friendly agent about your store’s needs, call (903) 831-3493. Learn more about their business coverage online.

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