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 and itself! Thus, the need for a Jeweler’s block insurance offering substantial financial relief to insured in case of loss or damage to jewellery.
If a piece of jewelry is stolen from the exhibition in which you are participating, what will happen? 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 covers various types of risks for gold, valuable trade-specific risks, etc. It protects against perils like lightning, fire, riot, strike, burglary, theft, robbery, etc. Furthermore, 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=
- The policy covers stocks kept on the premises of the policyholder, including goods held on commission or in trust.
- 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
- The policy provides coverage for fixed glass and related fittings kept within the insured premises.
- 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 can also get coverage for shipping options. This includes vehicle transportation, armored cars, and more.
However, retailers who host shows, accept lots of items on memo, or loan out their items for various events like ceremonies, awards, fashion shoots, etc., need to ensure that their agents cover such special situations. Jeweler’s block insurance includes risks such as employee theft, mysterious disappearances, and breakage due to workmanship.
How much to pay for a Jeweler’s block insurance?
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. The jewelry insurance policy includes a compulsory excess, which means the policyholder must pay a certain portion of the claim in the event of loss or damage, with the remaining amount covered by the policy.
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. You can compare these quotes to find the best one. Not only at the time of purchasing jeweler’s block insurance, but SecureNow is also there at the time of the claim as well.
SecureNow is just one call away, providing customized policy quotes for your convenience!