Why Is Jewelers Block Insurance Important for Jewelry Businesses?

Jewelers block insurance provides specialized coverage for the unique risks associated with handling high-value items. This insurance helps protect inventory both on and off the premises, including during transit, making it crucial for jewelry businesses.

Jewelers Insurance

Q: How Much Does Jewelry Insurance Cost?

The cost of jewelry insurance varies based on the specific needs of the business. On average, The Hartford’s small business customers in this industry pay about $1,748 a year for a Business Owner’s Policy (BOP) and $621 a year for workers’ compensation insurance. However, rates can differ depending on various factors.

small business protected by insurance for craft vendors

What Is Jewelry Store Insurance?

Running a successful jewelry store can be stressful. From employee injuries to stolen jewelry items, there are many incidents that can put your business at risk. That's why having the right business insurance is essential to managing your small business.

Jewelry Business Insurance Requirements

Many jewelers start with a Business Owner’s Policy (BOP) for their insurance needs. It combines three common types of insurance coverage to help protect your business from various risks with one jewelry insurance cost.

General liability insurance can help cover claims that your jewelry shop caused bodily injury or property damage.

Commercial property insurance helps protect your owned or rented building and the equipment you use to run your jewelry shop. This includes:

Jewelry-making tools
Display cases
Security systems
Computers and point-of-sale systems

Additionally, some insurers also offer jewelers block insurance, which provides specialized jewelry insurance coverage for the unique risks associated with handling high-value items. This coverage helps protect your inventory both on and off the premises, including during transit.

Business income insurance can help replace your lost income if you can’t open your jewelry shop because of damage to your property.

And with jewelry makers insurance, you can run your business without worry, even when there are unexpected issues.

Additional Coverage Opportunities

Consider additional jewelry insurance coverage options tailored to your specific needs, such as:

Appraisal liability
Employment practices liability
Commercial flood insurance
Management liability insurance

How Much Does Jewelry Insurance Cost?

The Hartford’s small business customers in this industry pay an average of $1,748 a year, or about $146 a month, for a BOP, and for workers’ compensation insurance, our customers pay an average of $621 a year, or about $52 a month.**

It’s important to remember that insurance costs vary, because every business owner has unique needs. Insurers can also use different factors to determine rates. The best way to find out how much jewelry insurance will cost your business is to get a quote.

business owner protected by crafter insurance

You Won’t Have To Wait With Us

We know how valuable your time is. That’s why we give you the option to get your proof of insurance online.

Covering Your Operations

Your display cases are full of some beautiful pieces – many of them with expensive price tags. With such a costly stock of jewelry items, having jewelry business insurance is important. The right coverage will help ensure you won’t have to pay out of pocket when the unexpected happens.

50% of small to medium-sized businesses have been the victims of cyberattack and over 60% of those attacked go out of business.³

Data Breach Insurance

“When my sales associate accidentally clicked on a spam email, we got hacked. All our customers’ information was stolen, and it was a whole process to let them know and get our business back in order.”

Data breach insurance can help your business respond to breaches if personally identifiable information (PII) gets lost or stolen. It can help cover your costs to notify impacted customers and offer credit monitoring services.

Employment Practices Liability Insurance

“I had to let one of my sales guys go after he kept calling out. It was a hard choice, because he was one of my top sellers. I was shocked when he sued me for discrimination.”

Employment practices liability insurance (EPLI) helps protect your business from employment-related claims, like wrongful termination, discrimination and harassment.

Protecting Your Property

You've invested so much to get your jewelry business where it is today. From your elegant showroom to your expensive tools, help protect your property with jewelers insurance that’s made for your unique business. At The Hartford, we designed our small business insurance especially for jewelry stores like yours.

In 2022, retailers said shrink, or inventory loss, affected 1.6% of sales, on average.⁴

Commercial Umbrella Insurance

“My sales associate used the company van to make a bank deposit. She lost control on a turn and caused a multi-car accident. Several drivers had to go to the hospital, and a few cars were towed away.”

Commercial umbrella insurance gives you extra protection to help cover a claim that exceeds the limits of certain liability policies.

Franchise Upgrade Coverage

“After a bad storm caused damage to my storefront, my franchise contract required me to make some upgrades that were quite costly.”

Franchise upgrade coverage helps pay for extra costs that franchisees may incur to upgrade damaged property to franchise standards following a covered loss.

Taking Care of Your Team

Owning a small business is a big responsibility. That’s why having employees who help keep your jewelry business running successfully can make such a difference. But if you have employees, you need the right types of insurance to protect them as they work.

Private industry employers reported 2.8 million nonfatal workplace injuries and illnesses in 2022.⁵

Workers’ Compensation Insurance

“One of my employees injured her finger while repairing a watch. She had to go to the ER and get stitches.”

Workers’ compensation insurance helps provide benefits to employees who suffer work-related injuries or illnesses. This can help pay for their:

Medical care
Lost wages if they need time off work to recover
Disability benefits

Commercial Auto Insurance

“My employee got into an accident while dropping off an order. He was fine, but the car had to be towed and needed repairs before it could get back on the road.”

Commercial auto insurance can help protect your employees on the road if they drive company-owned vehicles for business.

Frequently Asked Questions About Jewelers Insurance

What Does Jewelers Insurance Cover?

Jewelers insurance helps provide essential coverage for a small business in the jewelry industry. It helps protect against risks like theft, damage and liability claims. It also typically includes coverage for valuable inventory, equipment and incidents that might occur on the premises.

Is It Worth Insuring Jewelry?

Yes, insuring jewelry is worth it. Jewelry businesses face unique risks, from theft and damage to liability issues, making comprehensive coverage essential to help protect your valuable inventory and business operations. With the right policy, you can manage insurance costs effectively and ensure that unexpected incidents don’t lead to major financial losses.

What Other Retail Businesses Does The Hartford Cover?

Having helped over 1.5 million small business owners like you, we understand that every business is unique. We will work with you to customize a jewelry store insurance policy that fits your specific needs, including commercial property insurance and general liability insurance.

Other similar professions and businesses we also insure include: