What Insurance Does a Jewellery Store Need?

As the owner of a jewelry store, you already know that you need business interruption and liability insurance cover along with a general business insurance policy that covers your furniture, display cases, computers and so forth. However, can you notice what is missing from the list? It’s the jewelry itself!

What happens if a piece of jewelry is stolen from the exhibition in which you are participating? What if an item which you have accepted for repair gets stolen? How do you compute the value of assets if the price of metals, like silver, gold, etc.; fluctuates? These are just a few of the considerations where a jewellery insurance policy can help you. Like other retailers and small businesses, a jewellery store also requires a commercial insurance policy to get complete coverage for its business and owners.

Protection against myriad of risks

A jewelry insurance offers coverage for stones, precious metals, gems, etc. The policy is designed to cover various types of risks of gold, valuable trade specific risks, etc.; against perils like lightning, fire, riot, strike, burglary, theft, robbery, etc. Not only the policy covers the stock, but it also offers additional covers, like, safety deposit box cover, trade shows and exhibition cover, zero deductible benefit, etc.; on the payment of additional premium as well.

Here are some of the sections which you can choose and include in your jewelry insurance policy document depending upon your requirement=

  • Stocks which are kept on the premise of the policyholder, including the goods in trust or held on commission
  • Stocks kept in custody, including goods in trust or on commission
  • Stocks in transit, including goods in trust or on commission
  • Stock presented in exhibitions, including goods in Trust or on commission
  • Coverage of building & assets of the policyholder’s place
  • Cover available for fixed glass and related fittings which are kept in the premise of the insured
  • Coverage of neon & illuminated signs, hoardings at the policyholder’s premises
  • Electronic equipments
  • Public liability at the policyholder’s place
  • Loss or damage happens to workers while working at the insured premises
  • Cover available for money in transit or at the premise of the insured Consequential Loss (Fire)

By paying an additional premium, jewelry insurance policy can be extended to cover the risk of terrorism as well.

Further, various jewelers who are engaged in online or mail-order business or who frequently move their inventory can also get the coverage for various kinds of shipping options, including vehicle transportation, the armored car, etc.

However, some retailers host shows, accept lots of items on memo or loan out their items to be worn for various events like ceremonies, awards, fashion shoots, etc.; need to work with their agents in order to ensure the coverages for such special situations are also covered. Some other risks which are included under jeweller’s block insurance are employee theft, mysterious disappearances, breakage due to workmanship, etc.

How much to pay for?

As per your needs, it is feasible to customise a jewelry insurance policy and for that premium would depend upon the sum insured, security, type of construction, coverage, etc. Further, the jewelry insurance policy comes with compulsory excess, which means, at the time of loss or damage, the policyholder has to pay a certain portion of the claim and the remaining would be paid by the policyholder.

By opting for a higher excess limit, it is feasible to get a discount on the premium payable. However, increase the voluntary excess amount up to that level only which you can afford. There is no point in having the insurance policy when you would have to pay a substantial part of the claim from your pocket.

How Can SecureNow Help You?

Looking for the best jewelry insurance policy, but confused among available options? It’s time to take the help of SecureNow who would walk through all the contingencies and help you frame a viable insurance plan for your business in accordance to that.

Known as an eminent corporate insurance advisor, SecureNow can generate deeply researched quotes for you which you can compare to find the best one. Not only at the time of purchasing jeweller’s block insurance, but SecureNow is also there at the time of the claim as well.

Get customised policy quotes from SecureNow which is only one call away from you!

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