Jewellery Store Insurance

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.