Calling All Jewellery Shop Owners! How To Prevent Yourself From Being Out Of Pocket
If you own a jewellery shop, it is important to ensure that you have the right insurance coverage for your business. Like every other retail enterprise or small business, jewellery shops need to be covered by commercial insurance as a way of protecting both the business and its owners. In order to determine the right jewellery store insurance coverage for your enterprise, you will need to consult the services of an insurance professional. Below is a look at some of the reasons why you need to have jewellery shop insurance and how to get it.
Jewellery shop insurance isn’t just about covering and protecting diamonds and expensive watches in recognisable jewellery stores against loss or damage. It’s a bespoke policy called a “Jewellers Bloc” and a policy wording is specifically written with Jewellers in mind taking into account the uniqueness of their businesses. In fact it can also be extended to related businesses, many artists and craftsmen and women today create jewellery out of an assortment of raw materials, precious stones and metals, all of which bring them retail and internet revenues. Regardless of the type of jewellery shop you have, there are various insurance policies that any business will require. As a jewellery store business, you will require general liability insurance, including Public &/or Products Liability, property insurance, as well as well as Employers Liability if your business has employees.
General Liability Insurance
General liability insurance is designed to cover your jewellery shop business, as well as your employees for negligence. Put simply, public liability insurance will protect the business and its owner/s in the event that they are sued for any injury or property damage. This insurance policy will typically cover any legal fees, court judgments, settlements and costs.
Property Insurance
In many cases, property insurance is designed to protect against the loss or damage to your jewellery shop stock & contents, fixtures and fittings but can be extended to include building, money cover, valuation services and employee dishonesty Employers Liability
Employers Liability is designed to insure your employees whether voluntary, part or full time, for any injuries that occur while on the job. Such a policy will include medical treatment, rehabilitation, as well as pay a loss of earnings to the employee until they are unable to return to work. In return, such coverage will in most cases prohibit the employee from suing your jewellery shop business. Such coverage must be purchased together with Public Liability as a minimum. In most cases, a Jewellers Bloc policy, which combines property insurance and general liability, is designed specifically for your jewellery shop needs. There is also a variety of coverage options that are available that can be tailored to your requirements. If you are considering getting your jewellery shop some insurance, be sure to consult an insurance broker. Such professionals will be able to assist you in determining the specific areas of risk that your jewellery shop may be exposed too, and thereafter design a business policy package that will eliminate or reduce such risks.
By Sarah; an article writer interested in topics related to insurance. Exploring everything from jewellery shop to artwork insurance
