Jewelers Block Insurance - Coverage for the Jewelry Industry
WHO WE INSURE:
- Retailers
- Wholesalers
- Manufacturers
- Designers
- Estate Jewelers
- Watch Dealers
- Precious Metals
- Coin Dealers
PROPERTY COVERAGE:
- Owned Jewelry Stock
- Owned Jewelry Stock by Others
- Traveling with Jewelry Stock
- Employee Dishonesty Coverage
- Trade Shows
- Building
- Business Personal Property
- Loss of Business Income
GENERAL LIABILITY:
- All Owned Premises
- All Operations – unless excluded
- Products – Completed Operations
- Personal and Advertising Injury
- Medical Payments
HIGHLIGHTS INCLUDE:
- United States Postal Service Registered Mail – Standard limit $100,000
- United Stated Postal Service Express Mail – Standard limit is $25,000
- Travel limits to/from post office – same as shipping limits
- Mysterious Disappearance – Stated limits with full limits available by request
- Wearing of Jewelry – Standard limit is $25,000
- Unattended Auto – with approved alarm system
- Worldwide Coverage
- Appraisal Liability
- No Claims Bonus
We’ll also be exhibiting at SJTA – swing by for some giveaways and information about Jewelers Block insurance!
Booth 1224.
Stop by to see us exhibit at JCK Las Vegas each year in the Gallery Level 1, Booth L212 – see you there!
We’re visiting the Windy City! Stop by Booth 1133 if you are in the Chicago area or attending the show.
What does a Jewelers Block Policy cover? Learn more about jewelry business insurance by clicking the Knowledge Center button below:
How To Obtain A Jewelers Block Insurance Policy
First Class Insurance brokers understand your business and work with all aspects of insurance for jewelry businesses. We offer insurance for Jewelry Retailers, Wholesalers, Manufacturers, and Designers to present to you another option for your jewelers block insurance. We are a very responsive agency who will be readily accessible to you. Your agent is happy to answer your questions and explain coverage options to you in a way that you fully understand.
Jewelry store insurance and other jewelry trade businesses are considered a specialty risk. The high value of your items poses a unique set of instances that can result in a loss. A Jewelers Block Policy offers coverage for property damage of your jewelry Inventory as well as theft of the jewelry and damage to your business personal property.
Your coverage options can include: Travel, Unattended Auto, Registered Mail Shipping, Mysterious Disappearance, Wearing, Property of others entrusted to the insured, and Property of an insured entrusted to others. Your policy can be customized to include the insurance solutions that your specific business requires.
In the Jewelry Industry, any loss is usually a significant loss. Losses can occur from robbery, theft, fire, snatch and grab, employee dishonesty, or even mysterious disappearance. We offer coverage for precious and semi-precious stones as well as your precious metals and raw materials.
To obtain coverage for a certain amount of items left out of your safe at night while closed for business, Out-of-Safe coverage can be included on your quote. Loaning items out on Memo? We offer coverage for goods owned by you and loaned to others, as well as goods of others loaned to you.
Do you frequently travel with jewelry? You may need wearing coverage as well as Trade Show coverage for scheduled special events. Do you repair items? If damage occurs, this could result in a loss.
Policy Discounts are also very important when reviewing your policy proposal. Insurance companies give credits to business owners who take extra care in protecting their business. Consider upgrading your safe or alarm system.
Other increased security options to consider could include adding surveillance cameras with audio and recording. Some jewelry retail locations further protect their inventory by adding bars to windows or hiring an armed guard.
In an effort to avoid or prevent a loss, advanced security measures should be in place at all times. Unfortunately, even with the best of security measures, sometimes a loss cannot be prevented. If that happens, rest assured that First Class Insurance will walk you through the claims filing process.
With the correct policy in place, you can recover from a loss with minimal down time to your business operations. To learn more about security for your industry consider joining the Jewelers’ Security Alliance, or try this helpful Guide. For training courses and seminars that discuss safety for retail stores, salespeople, and other loss prevention measures, you might want to also visit the ISPS website at this link.
When choosing an insurance broker to work with, First Class Insurance knows that you may have a choice. We hope that you will choose to give us the opportunity to earn your business for years to come. There is no greater compliment than to do right by our customers and earn your recommendation.
First Class Insurance Agency has access to markets with policy options that don’t pressure you into paying too much. We are licensed across the nation servicing the United States, Canada, and Central and Latin America. Call today (954) 241-4680. We look forward to working with you!
What is jewelers’ block insurance?
Jeweler’s block insurance is a specialty type of inland marine insurance. This is insurance coverage for highly valuable, portable items necessary to your business. The benefit of inland marine and jewelers’ block insurance is that it usually offers all risks coverage rather than named peril.
Named peril coverage would mean your insurance policy only covered events stated in the policy, like fire, theft, vandalism, etc. All risks coverage means all losses are covered unless written as an exception. This broader coverage is preferred for the jewelry industry.
Jewelers’ block insurance offers much higher limits than inland marine policies and offers better coverage to your jewelry business.
Specialized business insurance for jewelry stores
If you own a jewelry store, you face a particular challenge in insurance that most retail stores don’t contend with. You can seek out basic coverage through business owners insurance, but many policies exclude gems or precious metals. This is where jewelers’ block insurance comes in handy.
Jewelry retailers, wholesalers, and manufacturers face an increased risk of loss or damage because their primary merchandise is highly valuable and easily portable.
How much does jewelry store insurance cost?
The cost of your insurance will depend on several factors, including your location and claim history. Because of the high risk of your industry, insurance companies also consider:
- Security measures
- Value of your merchandise
- Risk management guidelines
- Anti-theft protocols
Some companies may require certain risk management guidelines be met before they agree to insure you. Others may offer discounts for more strict security measures. Our insurance agents are able to shop policies to find the best insurance plan for your business.
A business insurance portfolio built for your industry
Our jewelry store insurance products include all the basic business insurance policies – plus the specialty jewelers’ block insurance that is an industry must-have.
- Jewelers’ block insurance: covers damage or loss to high-value merchandise
- Business owners insurance: cost-efficient policy for general liability and commercial property
- Equipment breakdown insurance: insure repairs for expensive machinery for design or cleaning
- Crime insurance: protect against theft and employee dishonesty
- Workers’ compensation: required coverage for your employees in the event of illness or injury
- Employment practices liability: protection from employment-related lawsuits
- Commercial umbrella liability: excess liability as a safeguard in the event of extreme loss
Get a customized insurance plan from an insurance agent familiar with your industry needs. Our agents work with specialty insurance companies to offer you competitive rates on jewelers’ block insurance and your other commercial policies.
Which businesses need jewelers’ block insurance?
Any business dealing with high-value jewelry merchandise such as engagement rings, diamonds, pearl necklaces, gold bracelets, precious metals, custom-made pieces, and more should consider jewelers’ block insurance. This can include businesses like:
- Retailers
- Wholesalers
- Manufacturers
No gaps in coverage with jewelers’ block insurance
Whether you specialize in antique jewelry or custom-made pieces, gold bracelets or diamond rings, property damage or loss could be extremely detrimental to your business.
For example, your truck of merchandise is burglarized before a trade show event. Or, consider if an employee was undervaluing gold for a cash payoff or embezzling cash and merchandise from your business. Traditional commercial policies for vehicles or crime may exclude jewelry or have coverage limits that do not come close to meeting the value of your merchandise.
Jewelers’ block insurance was specifically created to close the gaps in coverage jewelry business owners may face with traditional commercial insurance policies.
