Insuring a jewelry store can be a little more complicated than some other sorts of businesses. Here are several types of insurance you’ll need to make sure your jewelry store is safe in case of a problem. You can get an insurance quote ASAP from a quality agency to start the process.

A Guide to Jewelry Store Insurance

1. Workers Compensation

This type of insurance covers your business if an employee is injured on the job. Although it might seem like someone is unlikely to have any injuries at a jewelry store, unexpected accidents can still happen.

The machinery that’s used to repair jewelry can malfunction, or they could get a repetitive stress injury from data entry.

2. Umbrella Liability

Umbrella liability is a combination of premises, product, and completed operations liability insurance. Premises liability covers any injuries customers might encounter in your store, while product liability protects you if any of your jewelry causes harm to a customer.

Completed operations liability covers you if you’re asked to complete a repair on a piece of jewelry but it gets broken further in the process.

3. Cyber Liability

You only need this type of insurance if you operate parts of your jewelry business online. Cyber liability insurance protects you from cybercrimes, such as someone using a stolen credit card or hacking your database to steal information.

4. Commercial Property

This type of insurance will cover you in case of a natural disaster, like a flood, strong winds, or hail. It also offers protection against fires. It covers not only your physical storefront but also the products your store sells.

5. Jewelry Appraiser Professional Liability

Appraiser professional liability insurance protects you if a customer alleges that your appraiser was negligent or failed to perform their professional obligations.

It will cover any legal fees or payouts that result from a lawsuit by a customer. This type of protection isn’t covered by general liability insurance, so you’ll need to add this option when you insure your store.

Kramer-Myers & Werring-Dickerson Insurance offers all of these types of jewelry insurance and more. They serve commercial customers throughout Batavia and Blanchester, OH, and they have more than half a century’s worth of insurance experience. Their independent agents work with a variety of carriers to get you the best price and policy possible. Visit their website or call (513) 732-1461 to request an insurance quote or make an appointment today.