Business Insurance For The Jewelry Store Owner And What You Need To Know
For diamond-plated stubs to personalized engraved watches, today’s jewelers are equipped to offer what one might be looking for. The only problem is, having such a high-value inventory on hand at all times makes one a constant target. Whether it be from thieves or damaged inventory, there are tons of risks in the jewelry industry. Jeweler’s insurance just might be able to offer the protection that you need in certain situations. There is no denying that there is tons of money to be made in the Canadian jewelry trade, but it is also hard to overlook the risks associated with the industry as well.
If you are going to get into the niche, you’ll without a doubt want to make sure that you know exactly which retail insurance policies are needed to protect your business to the fullest. Not only will you need to know this, but you’ll need to know exactly what these policies do and how they can protect you.
A Look At General Liability And Business Owner’s Insurance
You can speak with agents from PorfessionalsCoverage, do your research, or whatever you want, and you’ll find that two of the most basic policies available today are business owner’s insurance and general liability insurance. These are probably also two policies that most insurers will start you out with. Working with a good insurance provider is key because they’ll be familiar with your specific field. Being familiar with your specific field is pertinent because it’ll let the provider know which exact risks you are exposed to. While every Canadian business industry is exposed to risks, they are exposed to different risks. Just being located in a certain province might put you at more of a risk for natural disasters than others.
Whatever the situation is, a good provider will be able to interrupt these risks and help you apply policies to offer the necessary protection. General liability and business owner’s insurance is a good foundation and starting point. When you couple these policies together they will protect your business against in-store slip and falls, damaged merchandise, customer’s damaged property, libel and slander suits, and theft. Theft is no doubt the biggest concern amongst the masses, but the other risks should by no means be overlooked. They could just as easily bankrupt your business and put you in the red as a heist.
A Look Into Workers’ Compensation Insurance
Do you plan on hiring employees? Maybe you are bringing on a relative or a neighbor. Whatever the situation is and your plans are, you are required by law to protect each and every one of your employees with what is known as workers’ comp insurance. This is a type of policy that not only protects your employees, but it protects your business as well. Just as an example, a lot of workers’ comp cases result in lawsuits. Even the slight lawsuit could be the financial ruin of a company.
These lawsuits are long, drawn-out, and usually end up getting wrapped up in the courts for months and years at a time. Every time you talk to your lawyer, it’ll cost you. When your lawyer goes to court for you, it’ll cost you. Simply put, there are going to be a lot of research and deposition costs associated with even the smallest of court cases. This is why it is imperative to be protected with workers’ comp.
This policy will not only pay the medical expenses of the injured employees as well as the rehab costs, but it’ll cover court-related costs in the event that the customer wants to sue. The policy will cover your attorney as well as court fines and deposition fees. Some policies with the right providers might even cover part or all of the settlement.
A Look At Umbrella/Excess Insurance Coverage
While the above policies might sound like a godsend to many, and they are, they just aren’t enough. Not only are there more risks that you’ll be exposed to on any given day, but they don’t always offer all the protection needed. For instance, some insurance providers might only offer 1 to 2 million in libel and slander coverage. Some might offer as high as 5 million. This is something you’ll need to know ahead of time. And, if you think you are at risk of exceeding this amount, you’ll want to invest in umbrella/excess coverage.
This policy does pretty much what the name suggests, and covers any charges that go over the original coverage limits. That being said, you must also know that coverage is limited to this extra policy as well.
What Will Jewelers Pay For Jewelry Business Insurance
Given the importance of the above policies, you have probably already been wondering exactly how and where to get coverage. Well, before you get that far along, you’ll need to look at the price of coverage. Or, at least have a decent idea of what you can expect to pay. And, this is where things get even trickier. If you thought choosing a policy and provider was tough, you haven’t seen anything yet. And, this is because rates vary so much. Rates vary so much because providers base their specific rates on certain factors.
For instance, ProfessionalsCoverage puts a lot of emphasis on the types of products that you offer as well as the type of business equipment that you have on hand. Other providers might consider the number of employees that you have coupled with the amount of money that you bring in each year. It is important to know that each provider is different and this is exactly why quotes will vary. You can get quotes for the same policy from several different Canadian providers and they’ll all likely be different. They all might be within the same realm or ballpark, but expect them to be different.
Why Jewelers Need Coverage
Going into business is not only a decision that will affect you but it is a decision that will affect your family as well. When it comes right down to it, the main reason for insurance is protection. When incidents like the above rise they are usually unexpected, meaning they just happen right out of the blue. While it is always ideal to have a nest egg on hand that you can dip into, it is hard for even the most profitable of companies to come up with $500,000 extra dollars here or there for doctor’s fees or lost wages.
That’s where these policies come in handy. These policies offer the protection that your business needs so you can operate free and clear with a free mind, focusing on the things that are important. Your financial ruin will likely mean the financial ruining of your family as well, which is something you’ll want to avoid at all costs. The above policies can help with that.
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Other Types of Retail Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of retail industries.
- Art stores
- Bridal shops
- Clothing store insurance
- Computer and electronics store insurance
- Consignment and thrift store insurance
- Convenience and drug store insurance
- E-commerce and online retailer insurance
- Florists insurance
- Furniture stores
- Gift shops
- Grocery stores insurance
- Hardware stores
- Jewelry store insurance
- Music shops
- Smoke, tobacco, and vape shops
- Store insurance
- Toy stores
- Vending machines