There are nearly 20,000 jewelry stores in the US. These stores make about $32 billion worth of sales a year. If you own a jewelry store in the Grand Canyon State, protecting it with the right insurance products can help it stay profitable when facing problems like crime and natural disasters.
Independent insurance agents in Arizona are available to help you put together a comprehensive jewelry store insurance policy package at a competitive price. Arrange an obligation-free consultation with an insurance agent near you to start comparing policies and rates.
What Is Jewelry Store Insurance?
Jewelry store insurance, which is also frequently referred to as jewelers block insurance, is a business insurance policy package that has been specially customized to meet the unique coverage needs of jewelry stores.
How Much Does Jewelry Store Insurance Cost in Arizona?
Jewelers carry a lot of very expensive portable merchandise, which makes them more prone to theft than most kinds of businesses. Also, if a jewelry store sustains a lot of damage in a covered event like a tornado, the resultant losses can be quite large.
Therefore, this coverage doesn’t come cheap. The cost for a policy can vary from one jewelry store to the next because insurance companies base their premiums on the following considerations.
- The size of your store and its expected annual revenues
- The value of your store’s merchandise and property
- The number of people you employ
- How long your company has been in business and its insurance claims history
- The crime rate and weather risks where your store is located
- The crime mitigation methods used by your store
To find out how much a policy will cost for your jewelry store in Arizona, you will need to contact a few competing insurance companies and request customized quotes. Or, at your request, an independent insurance agent to do this for you.
What Does Jewelers Block Insurance Cover?
A typical jewelers block insurance policy package can provide your jewelry store with the coverage it will need to stay protected against most of its potential hazards.
It includes the following types of coverage
- Commercial general liability insurance (CGL): This can cover some of the most common liability risks businesses face. For jewelers, some of the most important aspects of CGL coverage include:
- Premises liability insurance: This can provide coverage if a client or visitor is seriously injured in an accident on your business premises.
- Advertising liability insurance: This can cover against lawsuits related to accusations of copyright infringement, deceptive pricing, false advertising, or other marketing errors.
- Commercial property insurance: This can cover damage to your store-owned property like glass display cases, computers, signs, and décor if it is lost or damaged due to a covered event. Covered events include the following:
- Monsoons (excluding flood damage)
- Jewelers property insurance: This is designed to give your store the added coverage it needs to fully cover its inventory of jewelry, gems, and raw materials for making jewelry.
- Inland marine insurance: This can cover your jewelry and precious materials when in transit over land and when located outside of your place of business, such as at a trade show.
- Bailee’s insurance: This can cover your customers’ jewelry when it is in your store’s custody, care, or control for the purpose of maintenance, repair, or consignment work.
- Crime insurance: Jewelry stores have a high theft risk. Crime insurance can provide your store with the coverage it needs to be protected against losses related to crimes like employee theft, burglaries, armed robberies, and vandalism.
With these policies in place, your jewelry store will have coverage against most of its exposures. In many cases, however, it may be necessary to purchase some supplemental policies.
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What Additional Liability Insurance Products Might Arizona Jewelry Stores Want?
Business liability insurance products can cover expenses like legal fees, mediation costs, settlements, and judgments if your jewelry store is sued for a covered event.
Here are some of the liability insurance products that Arizona jewelry stores may want to have in their business insurance policy package.
- Cyber liability insurance: This can cover your store’s obligations to affected individuals if hackers break into your computer system and access sensitive information like employee or customer records.
- Employment practices liability insurance (EPLI): This can cover your store against accusations of illegal employment practices like harassment, discrimination, retaliation, and wrongful termination.
- Professional liability insurance: This can protect your jewelry store if professional services, like ring modifications or ear piercing, performed by you or your employees cause your clients to experience injuries, financial losses, or other harm.
When you have coverage against each of your company’s liability exposures, you can rest assured that a liability lawsuit will not bankrupt your business.
What Additional Property Insurance Products Are a Good Idea for Arizona Jewelers?
As with all insurance products, the property insurance included in your jewelers block coverage has some limitations. Specifically, it will not cover against flood or earthquake damage. You may therefore want to consider adding those policies.
- Commercial flood insurance: Arizona sees a lot of flooding during Monsoon Season. Fortunately, affordable flood insurance policies are available through the National Flood Insurance Program (NFIP), a program that is managed by FEMA.
- Commercial earthquake insurance: Some parts of Arizona experience a moderate earthquake every 5 to 10 years. If your jewelry store is located in a risky area, you may want to consider adding an earthquake insurance policy to your coverage package.
Whatever types of property insurance you purchase for your jewelry store, you will want to be sure that the coverage limits are high enough to fully cover all your store’s property.
What Other Kinds of Insurance Might My Arizona Jewelry Store Need?
The following are some additional insurance products that you may want or need to include in your jewelry store’s policy package.
- Business interruption insurance: This can provide your jewelry store with a continuation of income if it must remain closed for an extended time while repairs are made to damage caused by a covered event like a tornado or fire. This can enable your store to continue paying the following expenses.
- Loan payments
- Other regular expenses
- Workers’ compensation insurance: This can cover the costs associated with employee injuries. In Arizona, this insurance is required if your store has at least one employee.
By putting all the coverage your company needs into a single, easily manageable policy package, you can save time and money as well as simplify the claims process if your firm is impacted by a disaster.
An Independent Agent in Arizona Can Help You Get the Best Jewelry Store Insurance
Making sure you have the right insurance products for your jewelry store can be complicated, especially if you try to do it on your own. Independent insurance agents are available to help.
These local agents can answer your insurance-related questions, explain your various coverage options, and help you find the policies your store needs at the most competitive prices.
There are more than 400 independent agents with offices in Arizona. Contact an experienced insurance agent near you to get more information and to start comparing customized jewelry store insurance quotes.
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