When it comes to protecting your assets and your jewellery business, it’s vital to get enough information to ensure peace of mind and avoid unpleasant surprises if any loss occurs. This is where jewellers insurance comes in.

Jewellers insurance is a particular field, and it requires good field expertise from your insurance broker to handle your jewellery business insurance adequately.

Before embarking on a new insurance contract, you should ask yourself the right questions, knowing that the role of the insurance broker is to understand their client’s specific needs. 

How to choose your jewellers insurance broker:

Your insurance broker should:

• Be familiar with terminologies related to the field of jewellery.

• Understand the coverages, exclusions, warranties and obligations found in a jeweller’s insurance contract. 

• Leverage its jewellery business expertise and client volume to negotiate better terms and premiums with insurers.

• Help your jewellery business mitigate risks and come up with effective risk management strategies. This may involve installing a specific type of alarm system as well as upgrading your safes, security systems and surveillance cameras.

• Help you reduce your insurance premiums by providing your team with training on loss prevention best-practices. This may involve increasing the deductible, using adjusting coverage limits, and other strategies like storing jewellery in the safe when your business is closed.

• Offer you support when handling claims with your insurance company.

What types of business insurance do jewellery stores need?

1. Jeweller’s block insurance:

• Your inventory of stock for sale
• Customers’ property that has been delivered or entrusted to you
• Property of others in the jewellery business that has been delivered or entrusted to you; often referred to as “memo goods”
• Postal consignments
• Goods in your possession or that of your employees
• Goods entrusted to third parties in the field of jewelry

2. Business owner’s policy coverage includes:

• Buildings
• Business personal property such as furniture, fixtures, and tenant improvements
• Equipment break-down
• Loss of income when your business is interrupted by loss or damage to real or personal property caused by covered peril, excluding theft
• Employee dishonesty

3. Commercial liability coverage includes:

• Bodily and property damage
• Civil liability
• Medical payments
• Tenant legal liability
• Ear piercing liability

4. Business owner’s policy enhancement:

The traditional Jewellers Enhancement Endorsement is included in the Jewellers Pack for no additional premium and covers the following:

• Accounts receivables
• Computers
• Money and securities
• Outdoor signs
• Valuable papers and records

Protect all your precious assets

As you can see, jewellery store owners are always on edge: a robbery or a fire could mean the end of their business. While there is no better loss prevention strategy than being vigilant and following risk best practices in risk management, luckily, small business insurance for jewellers can provide you with funds to keep your livelihood afloat in an emergency and make sure that one mistake doesn’t devastate everything you’ve worked so hard for. If you want to protect your assets and help your business grow, make sure you choose the best insurance for jewellers – leave it to the professionals at LMBF!