Jewelers Block Insurance
What is Jewelers Block Insurance?
Jewelry businesses are a unique class of business. Inventory consists of one-of-a-kind, high-value merchandise with the continuous threat of theft. Jewelry store insurance specialized for jewelers can help mitigate the many risks you face.
Jewelers block is coverage that differentiates the jewelry business from other types of businesses. Jewelry store insurance policies are specialized commercial policiesdesigned to meet the needs of those in the jewelry business.
Does Your Business Need Jewelers Block Insurance?
Any business that designs, manufactures, distributes or sells jewelry (including gems and other fine metals) should consider getting jeweler’s insurance. This includes jewelry stores, jewelry manufacturers, and wholesalers.
These types of businesses have items of considerable value so having the right coverage is critical.
Why Choose FCI Insurance for your Jewelry Store Insurance?
Working in the jewelry industry is unlike any other business. That is why it is essential to have someone protecting your passion and livelihood who understands the nuances of the jewelry industry.
First Class Insurance represents the insurance companies jewelry professionals rely on with this difficult to place policy type.
Common Types of Insurance Available for Jewelers
As jewelers face multiple risks from many angles, jewelers need to rely on their coverage for the risks they face daily. From missing merchandise to a customer’s slip and fall, you have many things to consider as a business owner. Here are some of the more common coverages jewelers need to consider:
Jewelers Block Insurance
To protect your inventory, whether on consignment or memo, are raw material, goods in process, or completed pieces, your business needs a jewelers block policy to protect against the crippling financial event of a fire, crime, or other unforeseen losses. Jewelers Block insurance can vary by the insurance company and the policy’s terms and conditions but is considered an inland marine policy.
This means coverage can be worldwide, so coverage can be in place for retail stores, trade shows, or goods in transit and travel. In addition, Jewelers Block Insurance is often an “all-risk” policy—meaning coverage against all perils except those listed in the policy’s exclusions. It is critical you understand how your policy will respond as your business changes, so working with a trusted advisor is essential.
Businessowners Policy
The heart of your business lies in jewelry. Still, many other facets of your business need protection, such as business personal property, the building, business income, and non-jewelry inventory. These parts of your business can typically be covered under a Businessowner’s Policy (BOP).
Workers Compensation
If you have employees, part-time or otherwise, you are required by state and federal laws to carry workers’ compensation insurance. Worker’s compensation obligates an employer to pay specified benefits should an employee be injured or contract a disease during employment.
Employee Theft Insurance
Though all businesses are susceptible to employee theft, those in the jewelry business have an increased risk, given the value of their inventory. Employee Theft Insurance, also known as Employee Dishonesty coverage, can protect business owners from loss due to employee theft. This is critical coverage for jewelers as most commercial property policies generally exclude due to employee theft.
Employment Practices Liability Insurance
Employment Practices Liability Insurance (EPLI) can protect a business from the many risks of interviewing, hiring and employing personnel.
How Do I obtain Insurance for my jewelry business?
Contact us at (954) 241-4680 or send an email to info@firstclassins.com to speak with experienced jewelry and insurance professionals who can customize a commercial insurance plan designed to meet your business needs.