Jewelry Design insurance – cost and coverage

Whenever you budget the expenses of your business, Jewelry Design insurance must be high on the list because you can’t always know exactly what could happen in the future.

With the protection provided by insurance against accidents and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your Jewelry Design enterprise, you must consider how much financial liability you are taking on.

If your Jewelry Design business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a final wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

In this article, we are giving very general guidelines for growing businesses to outline what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Jewelry Design business?

What this means, for any Jewelry Design business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Jewelry Design business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.

In some states, like Texas, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.

When you are running your Jewelry Design operations, you can’t avoid responsibility for the results of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.

What does Jewelry Design insurance protect you from?

For your Jewelry Design business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Jewelry Design business owner should know when negotiating the insurance needed.

The main types of insurance for your Jewelry Design businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Jewelry Design business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be ruined.

In such a case, they can require compensation.

General liability insurance policy for your Jewelry Design business covers you against claims coming from injury to customers or damage to their property.

It protects your Jewelry Design business from the claims themselves and as well to any resulting court costs and legal fees of the lawsuits.

In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.

The usual level of general liability insurance for your Jewelry Design business would be with a cap of $1 million for a single event and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Jewelry Design insurance operations.

Professional liability insurance for your Jewelry Design business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Jewelry Design business for them, you can quickly have to fight a court case.

Even if the lawsuit against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Every small Jewelry Design business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.

See the table in the cost of Jewelry Design insurance section below for average prices of professional liability insurance for your Jewelry Design operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what you delivered didn’t meet your description of function, or that your advice was basically incorrect.

You need to be aware of the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held responsible for damages caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Jewelry Design

Only you can determine exactly how much insurance you need.

Best advice is to talk to experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Jewelry Design business

Beware! – almost all policies for private vehicle insurance do not cover any event like theft or accidental damage when the car is being used for business purposes.

The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial truck policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your truck is involved in an accident.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The required value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your Jewelry Design business needs unique and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Jewelry Design business running.

It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Jewelry Design business’ equipment.

Commercial Property insurance

Any Jewelry Design business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, as well as a big liability if there’s a mortgage.

Your physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Jewelry Design business works in areas of high risk, like Florida or North Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Jewelry Design business premises, there is a need for more supplementary cover than in warmer climes.

Although the level of cover depends completely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Jewelry Design insurance section below to give some indication of the average prices per million dollars of property insurance for your Jewelry Design business.

Temporary insurance by month, week or day for your Jewelry Design business

Is your Jewelry Design business working part-time or casually, or is the level of business variable?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Jewelry Design – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having identical risk cover.

The key feature of short-term insurance is that you buy the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of better business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Jewelry Design business

You have the choice to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP integrates commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Jewelry Design businesses, such as yours.

There are a few limits that will determine whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle cover.

Also, the size of your business will dictate whether you are eligible to take out BOP cover.

The typical business that is eligible for a BOP policy must have less than one hundred employees, and maximum five million dollars in annual turnover.

As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Jewelry Design business employees

In almost all states, it is mandatory to have workers compensation insurance when your Jewelry Design business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s laws in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you may not take out your workers compensation obligations from private insurance corporations.

Workers compensation charges are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Jewelry Design insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.

Of course, you should always check with a broker what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Jewelry Design businesses needs.

Cost of insurance for your Jewelry Design operations depends on many different factors.

We have estimated these figures for small self-employed Jewelry Design businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they can be about 20%-30% lower.

The location and size and type of your Jewelry Design business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Jewelry Design operations?

This is a wide term used to describe standard insurance policies designed to protect Jewelry Design business owners from risks like bodily injury, property damage, claims of negligence.

Does my Jewelry Design business have to have insurance?

Some of the kinds of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Jewelry Design business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the best policies for Jewelry Design insurance.

How much will Jewelry Design business insurance cost?

On top of the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

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