Jewelry Repair Shop Insurance

How to Properly Insure Your Jewelry Repair Shop

(Insurance is just as valuable as gold.)

Jewelry Repair Shop Insurance

As the owner of a jewelry repair shop, you know that running a small business comes with a multitude of risks and difficulties. You face handling the valuable and cherished property of your customers on a daily basis, and are being trusted to repair rings, necklaces, earrings, and more. It’s no easy task.

To protect the business you’ve worked so hard to build, you will need sufficient business insurance coverage to safeguard yourself from potential losses. Without the proper protection, you could lose everything. 

Fortunately, an independent insurance agent can evaluate the many exposures your business faces and help you obtain affordable and comprehensive coverage. 

Why Do You Need Business Insurance? 

Even when you're taking great care to prevent accidents, calamities can still happen. No business is immune. It’s essential for your jewelry repair shop to have a strong risk-management strategy in place for those unexpected mishaps. Any number of disasters can threaten your business, like: 

  • Natural disasters
  • Storms 
  • Fires 
  • Floods
  • Employee injuries
  • Customer injuries

It’s essential to consider the wide range of possible scenarios when choosing business insurance. 

What Kind of Business Insurance Do You Need for Your Jewelry Repair Shop? 

Insurance is never a one-size-fits-all solution. Based on several factors, you’ll need a mixture of coverages to fully protect your business. 

Commercial property insurance 

Commercial property insurance is the basic level of protection every business needs against destructive losses. Since you are taking care of others’ property in your jewelry repair shop, property insurance protects against loss of both your property and theirs. 

Property coverage defends you against losses from natural disasters, fires, theft, vandalism, and more. With the proper coverage, you’ll never have to worry about losing your business over one of these misfortunes. 

Commercial general liability insurance

Liability insurance protects your business against events that you are found liable for, such as the injury of a customer on your property. A liability policy is made up of three coverages: 

  • Bodily injury and property damage liability:This covers physical and psychological harm to an individual resulting from your business operations.
  • Personal and advertising injury: In case you are accused of libel, slander, copyright infringement, or defamatory remarks, your policy covers your legal defense and damages. 
  • Medical payments: Pays for the cost of medical treatment in the case of an injury resulting from your business activities.

Business owners policy 

A business owners policy (BOP) is generally the best option for business coverage, because it is made up of both property and liability insurance. It can also include additional types of insurance you find to be a necessity for your business. This is usually the most affordable option for multiple policies. 

An independent insurance agent can help you put together an insurance package with the right coverage for your jewelry repair shop. 

Business interruption insurance

In the event of a catastrophe, could you afford to shut down for a month or more? For most small businesses, the answer is no. A major loss could permanently close your doors. With business interruption coverage, you can be paid for lost income and other ongoing expenses during the period when you are repairing or rebuilding. 

Does Your Jewelry Repair Shop Have Additional Exposures? 

Even with property, liability, and business interruption insurance, additional coverage may be necessary to protect against other losses. 

Workers’ compensation

If an employee is injured on the job, workers’ comp insurance pays the cost of medical bills and lost wages from the injury. Each state has different regulations when it comes to this type of insurance, so check with your state board for clarification. 

Employee dishonesty

Unfortunately, employees can be a major cause of lost revenue.


The Association of Certified Fraud Examiners revealed that the average business loses 6% of its annual revenue due to employee fraud. 

Employee dishonesty insurance protects you from this type of loss. 

Bailee's insurance

Your jewelry repair shop takes possession of highly valuable accessories every day (which is called holding in bailment). What if a customer's ring worth $20,000 were to somehow get stolen or damaged? With risks this high, a bailee's insurance policy is an important type of coverage to consider. It would cover the cost of replacing your customers' property in the case of a loss. 


Save on Business Insurance

Our independent agents shop around to find you the best coverage.

How Much Will Business Insurance Cost for My Jewelry Repair Shop? 

The amount you pay for your monthly premium will depend on several factors. The size of your establishment, the number of employees, the value of the property, and the types of policies you choose will all have an effect on the price. No two repair shops are alike, and costs can differ even in the same industry. An independent insurance agent can guide you on finding the most affordable coverage. 

The Benefits of an Independent Insurance Agent 

Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. As your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying. 

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