Jewelry Store insurance – cost and types of policies

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

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With the protection provided by general insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

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

If your Jewelry Store business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.

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

Jewelry Store Insurance

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 possible, a rough guide to how much you can expect to pay.

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

What this means, for any Jewelry Store business owner, is that if some customer 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 Store business is not protected 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 New Jersey, there are specific monetary levels that limit the amount a court can award in any case against the state.

In a court case, it’s purely the right 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 Store operations, you can’t avoid responsibility for the consequences of your actions.

Even more importantly, unless you have spent beforehand 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 Store insurance protect you from?

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

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

In the next few paragraphs, we will describe the most important points any Jewelry Store business owner should consider when negotiating the insurance needed.

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

Liability insurance

General liability insurance

Any Jewelry Store business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your Jewelry Store business insures you against claims coming from injury to visitors or damage to their property.

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

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The normal level of general liability insurance for your Jewelry Store business would be with a boundary 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 Store insurance operations.

Professional liability insurance for your Jewelry Store business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Jewelry Store business for them, you can quickly have to fight a monetary claim.

Even if the matter against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Jewelry Store business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.

See the table in the cost of Jewelry Store insurance section below for average prices of professional liability insurance for your Jewelry Store 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 guidance was basically incorrect.

You need to know 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 following lawsuit, you need Product liability insurance for Jewelry Store

Only you can estimate exactly how much insurance you should get.

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

Commercial insurance

Commercial vehicle insurance for your Jewelry Store business

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

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

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

Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a crash.

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

The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your Jewelry Store 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 gear may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

In addition, 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 specific gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy everything needed to keep your Jewelry Store business running.

It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Jewelry Store business’ equipment.

Commercial Property insurance

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

If you own the space, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Any physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.

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

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

Whereas the level of cover depends mainly 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 Store insurance section below to give some idea of the average prices per million dollars of property insurance for your Jewelry Store business.

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

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

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

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

The essential feature of short-term insurance is that you pay for 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 larger 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 Store business

You have the option 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 packaging these coverages into one insurance policy, which can save you money.

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

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

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

BOPs do not cover your professional liability or commercial vehicle risks.

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

The usual business that is allowed to take a BOP policy must have no more than one hundred employees, and under five million dollars in annual revenue.

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

Workers Compensation insurance for your Jewelry Store business employees

In most states, it is mandatory to have workers compensation insurance when your Jewelry Store 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 cover medical expenses, death benefits, lost wages, and vocational rehabilitation.

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

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

In these states, you may not obtain your workers compensation obligations from private insurance companies.

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

However, you must consult the relevant authorities in your state.

Average costs of these types of insurance

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

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

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

Types of insurance Price range
Public liability insurance $305 – $791
Product liability insurance $324 – $824
Commercial insurance $1040 – $2200
Equipment insurance $465 – $1034
Commercial vehicle insurance $1511 – $2945
General liability insurance $564 – $1115

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

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

In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they will be about 20%-30% less.

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

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

In addition you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Jewelry Store operations?

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

Does my Jewelry Store business have to have insurance?

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

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

What does a small Jewelry Store business insurance policy cover?

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

The exact 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 Store insurance.

How much will Jewelry Store business insurance cost?

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

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

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