Do You Need Insurance for a Jewelry Business? Insurance Requirements for a Jewelry Store

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A jewelry store requires substantial investment to get started. To protect this investment from risks, business insurance is required. In fact, some policies like workers’ compensation and commercial auto insurance are a legal requirement to operate.

Retail Insurance Coverage

When starting your jewelry-making business full-time or part-time, purchase insurance coverage to protect yourself from risks. Sole proprietors face liability risks like larger organizations and can get insured. Explore options for retail insurance, which combines coverages for a comprehensive policy. Retail insurance typically includes:

  • Commercial general liability insurance to protect against day-to-day risks during in-person shopping, including product liability insurance.
  • Jewelers block insurance to protect jewelry stock or inventory against theft, damage, or loss.
  • General liability insurance covering risks like bodily injury and property damage.
  • Professional liability insurance protecting against unforeseen difficulties resulting in fees.

Insurance Policies to Consider

To build a customized insurance portfolio, consider the following core insurance policies:

  1. Jewelers block: Protects jewelry stock or inventory against theft, damage, or loss.
  2. General liability insurance: Covers risks like bodily injury and property damage, with premiums ranging from $400 to $1500 per year.
  3. Professional liability insurance: Protects against unforeseen difficulties resulting in fees.

Other policies to consider include product liability and workers’ compensation.

Insurance Considerations for Jewelry Business Owners

Selling on Etsy or eBay? You may need more than a home worker’s policy. Attending craft fairs? You want insurance for selling worldwide.

Should you insure a $1000 ring?

Start your jewelry-making business full-time or part-time. Purchase insurance coverage to protect yourself from risks. Sole proprietors face liability risks like larger organizations and can get insured.

To build a customized insurance portfolio, find a Jewelers Mutual agent. Core insurance policies are available:

  • Jewelers block protects jewelry stock or inventory against theft, damage or loss.
  • General liability insurance covers risks like bodily injury and property damage. Premiums range $400-$1500 per year.
  • Professional liability insurance protects against unforeseen difficulties resulting in fees.
  • Other policies to consider: product liability and workers’ compensation.

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