Jewelry business owners know that every day is different and can bring unique challenges. Some of these challenges are just minor annoyances, like leaving the store keys at home and having to go back to get them. Other challenges, like being sued after a customer falls or is injured in your store, can threaten your business. Luckily, you can protect yourself with general liability insurance.
What is General Liability Insurance for Jewelers?
General liability insurance protects you from third-party damage, injury, and accidents that could financially threaten your business. “Third-parties” are the people who come in and out of your business like customers, vendors, mail carriers, employees and the like.
What Does General Liability Insurance Cover?
General liability (GL) coverage provides protection for injuries or accidents that happen in and around your physical business. Policies can differ so it’s important that your agent or broker goes over the details but generally speaking GL shields you from financial losses that could result from the following scenarios.
A customer is in your store, trips on a rug, falls and hurts their wrist. Instead of being liable for their medical bills associated with emergency room care or surgery, your GL policy is responsible for paying those bills.
An employee helps a customer to their vehicle and accidentally opens the car door into another car. Your GL insurance may help with any damage repair.
Or if a customer claims that your advertising material is false or misleading and leads to the customer sustaining a financial loss, your general liability policy would protect you.
What is Excluded from a GL Policy?
Your jewelry business general liability policy is not all-inclusive. That is, there are circumstances and events that a GL policy does not cover. Exclusions include:
- Damage to your personal property
- Employee injury or workers’ compensation
- Intentional damage or injury
- Professional services
- Appraisal errors
Why Do Jewelers Need a General Liability Policy?
Jewelry retail and wholesale is a unique business that needs to be shielded from the unexpected. As a business owner, you’ll likely carry different kinds of policies to protect your business and livelihood. Here’s why you should include a GL policy in your suite of coverage.
It may be required. Much like a mortgage company requires you to have homeowners’ insurance or a lienholder requires you to carry a certain amount of car insurance, your landlord may include general liability insurance as a term of your lease.
Additionally, some states and municipalities require such insurance before granting you a business permit or license.
What’s more, if you work with unique products in high-traffic areas, you’re at higher risk. The more customers, vendors, and employees come and go, the higher the likelihood that accidents could happen.
How to Choose the Right Coverage
Choosing the right general liability insurance plan for your business depends on many factors. Policies vary in cost and coverage, so you’ll want to make sure you have the right amount of coverage and that coverage limits are suitable for your circumstances.
Any kind of business requires a general liability insurance policy. Some insurance companies and brokers sell GL policies for businesses ranging from lawn care to law offices. But the jewelry industry is unique. It involves high-value merchandise and retail locations can be frequented by a variety of stakeholders ranging from prospects to vendors to clients. Your merchandise is handled by many people and is often transported between wholesalers, retailers, and even customers. To make sure you’re properly covered, you’ll want to work with an expert.
Choose a brokerage office or agent that is familiar with the challenges and needs of your individual business and the industry as a whole. Engaging with someone with jewelry expertise will help you make the best decisions and protect your enterprise.
To get started, reach out to Meslee Insurance Services (click here). We can talk you through your options to make sure you’re protected.
