It is instinctive to protect the things that matter and are valuable to us. We protect our families and possessions with home security systems. We protect our health with gym memberships and our future with retirement planning. For those of us in the jewelry business, we protect our work and our livelihoods with jewelry insurance.
What is Jewelry Insurance?
Jewelry insurance for jewelers protects against the various risks that you face. This includes risks like theft, damage, loss and liability related to physical merchandise as well as personal and business liability.
Business owners in other retail industries face similar risks, of course. Customers or employees could steal merchandise and products can get damaged. But the jewelry business is unique in that we deal in high-value items and standard insurance policies often do not provide sufficient coverage or protection.
In 2023, jewelers reported $133.2 million in losses, an increase over the $129.4 million the year before. Some of those losses came from off-premises crimes – like theft from trade shows or robberies that did not occur in stores – which rose from 65 cases in 2022 to 100 in 2024.
Rising losses from crime, natural disasters, fraud and cyber crime means it is even more essential to protect yourself and your business with insurance coverage designed for jewelers.
Specialized Jewelry Insurance and Coverage
There are many kinds of insurance and coverage you as a jewelers should consider in order to protect your business.
Stock and inventory coverage
Also broadly known as block insurance, this kind of coverage protects the jewelry in the store including finished pieces, loose diamonds and stones, and raw materials. Coverage usually includes protection in the event of loss or physical damage.
Transit coverage
Whether you’re expecting a shipment of inventory, delivering products to a trade show, or fulfilling an online order, moving merchandise involves risk. Any time you move product, you’ll want to make sure the pieces are covered in case of theft, accident, or other incident. Your transit insurance carrier should give you end-to-end visibility, have easy integrations, and simple claim forms.
Liability insurance
In addition to protecting physical items, you’ll want to make sure you and staff are personally insured against lawsuits or other litigious action. Should a customer or employee fall or have any kind of incident at your business, you’ll want to have coverage that protects you from financial loss.
Appraisal insurance
If you offer jewelry appraisal, you’ll also want appraisal insurance. This type of protection covers liability and costs that can occur due to errors, omissions or negligence that happen during the appraisal process. Should disputes or legal issues arise from inaccuracies, you’ll want to make sure you’re protected.
Umbrella Insurance
Because your business deals in high-value items, you’ll want to consider umbrella insurance for an extra level of protection should losses exceed the limits of commercial property or business insurance. Umbrella insurance adds an extra layer of protection against merchandise loss, lawsuits, and more.
Workers’ compensation insurance
Legally required in California and in other states, workers’ compensation insurance covers medical expenses and lost wages if one of your employees is injured on the job. In the jewelry business, your employees could be injured as they unload inventory, move cases, or use tools in the course of their work.
Cyber coverage
If you conduct ecommerce or conduct any business with customers online, you’ll want to protect yourself from cyber attacks, fraud, and data breaches. As hackers get more sophisticated, this kind of coverage is even more crucial to protecting your business.
How to Get Jewelers Insurance
Your business is valuable, and you want to protect it. Knowing which kinds of insurance and how much coverage to purchase depends on the specifics of your enterprise. You can purchase coverage directly from carriers or by contacting a broker who can evaluate policies from multiple companies and help you find and assemble the best plans for you.
The best way to make a confident purchase is to talk to professionals who specialize in jewelry and high-value businesses.
Reach out to one of our experienced brokers to find the coverage and companies that are right for you.
