Jewellery Store Insurance

Protect your jewellery store from the financial burdens of organized retail crime, internal theft and other risks.

Zensurance - Jewellery Store Owner

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Jewelry Business Owner

Insurance for jewellery stores

With an inventory full of diamond rings, gold earrings and precious stone pendants, jewellery stores are a risky enterprise. Even stores that predominantly stock fashion jewellery can be susceptible to crimes such as theft – to the untrained eye, those shiny pieces can look like the real deal. In one instance of organized crime or multiple counts of petty theft, jewellery store owners can lose thousands of dollars worth of stock, even with tight security tactics. 

It’s not just theft you need to cover, any retail location needs financial protection against other costly claims, such as property damage and liable instances. Jewellery store insurance can protect your business against various events, from theft to third-party injury.

​​A jewellery store insurance policy is a type of retail insurance policy that caters to the needs of jewellery store owners. It combines several commercial policies to cover the risks that can be faced when running a brick-and-mortar or an online jewellery business.

Jewellery store insurance provides financial and legal coverage for the risks that might be encountered while running a jewellery business. Here are the main coverages you can expect from most common jewellery store insurance policies:

  • Commercial General Liability (CGL) Insurance: GGL insurance is essential for any business – it can provide coverage against liable incidents that occur on your premises, and other liable events that lead to third-party injury or property damage. This coverage is also commonly known as “slip-and-fall insurance”. Say a customer is entering your store and trips over the threshold. They break their wrist in the fall. Your CGL policy could cover their medical bills and any related/applicable legal fees.
    • Product Liability Insurance: As part of a commercial general liability policy, you can be covered for third-party injuries or property damage caused by a defective product you made or sold. Suppose a customer specifically bought real gold earrings as they were allergic to any other metal in their ears. They return a week later, very upset due to a serious reaction after wearing the earrings. They accuse you of selling fake jewellery and causing them a painful reaction. Product liability insurance could cover any legal defence costs and medical fees that were related to the incident.
  • Commercial Property Insurance: Commercial property insurance financially covers the business location and contents (such as your equipment and inventory) from certain events, like fire, theft, and vandalism. As jewellery stores can fall victim to organized theft, this is a very important coverage for your business. Suppose your store is broken into overnight and, regardless of the top security equipment you have in place, the thieves run off with over $10,000 of jewellery. Commercial property damage could cover the costs to replace stolen inventory (up to your specified limit) and repair or replace broken equipment and fixtures that were damaged during the break-in.
    • Business Interruption Coverage: Often included under a commercial property insurance policy, business interruption insurance can provide financial reimbursement for lost income following an insured event. Say after a break-in, you’re forced to close your business for three days to reinforce security measures and repair the damage caused. In this case, the business interruption may cover the estimated lost income (which is based on previous financial data).
  • Cyber Liability Insurance: If you have access to confidential customer data (such as financial information or personal details) you can be held liable in the event of a cyber-attack or data breach. Cyber liability insurance can provide protection against these events, covering things such as legal fees, third-party notification costs and the costs to restore data protection.
  • Legal Expense Insurance: This insurance provides access to a lawyer for immediate legal advice on any business-related matter, regardless of whether or not you’re covered for legal services under another policy. With this coverage, you can be reimbursed for the costs of legal advice or retaining legal representation.
  • Commercial Crime Insurance: Also known as fidelity insurance, commercial crime insurance protects business owners from a loss of funds (e.g. cash or inventory) caused by employee theft/dishonesty, forgery, counterfeiting or impersonation by an employee or other third parties.

Jewellery stores come in a large variety of offerings, and it can be hard to pin down an estimated cost. Ultimately, the price of your insurance policy will depend on factors that make your business unique. In your application, you’ll be asked questions relating to the following questions (below). This information helps to build out options that are right for you:

  • Years of experience
  • Services/products available
  • Value of items 
  • Percentage of sales online
  • Business size and location(s)
  • Annual and projected gross revenue
  • Number of employees

Jewellery store insurance is imperative for any business owner that sells fine jewellery or fashion jewellery within a physical location (or a chain of stores), at events, or online. This policy can also be catered to the needs of watch repair shops and jewellery makers.

Getting insured is quick and easy!

Complete our 5-minute online application for a free jewellery business insurance quote.

Common claims scenarios

Commercial building on fire

Problem: A fire breaks out in your stockroom, causing damage to your inventory, furniture and equipment. You have to close up shop for two weeks for repairs.

Outcome: Your commercial property insurance policy could cover the costs to repair and replace the damage caused by the fire, totalling $50,000. Additionally, your business interruption insurance could cover the estimated income lost based on the two weeks you had to close your business.

jewelry business owner looking through inventory

Problem: You realize an employee has been doctoring inventory checklists and stealing stock that was unaccounted for. By the time the theft has come to light, your business has lost over $15,000 worth of stock.

Outcome: Your commercial crime insurance may cover the cost to replace the stolen inventory, totalling $15,000.

customer - head injury

Problem: A customer trips and bangs their head on one of your display cases. They cut their forehead which requires stitches.

Outcome: Your commercial general liability insurance may the customer’s medical fees, totalling $2,000.

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Zensurance has made getting jewellery store insurance easier than ever. Make a free quote today in just five minutes. All you need to do is fill out our simple online application form and we’ll provide you with the options you need to cover your business.