Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Jewelry business insurance

When you own and operate your own business, it is solely your responsibility. This means it is up to you to protect your inventory, as well as protect yourself against lawsuits and other problems that may arise.

Protect yourself and save money by comparing quotes online. Compare rates against several insurance companies and find the best rates available! Enter your zip code above to begin.

In most cases, this means carrying some type of insurance policy on your business. Whether you own a jewelry store with an expensive inventory or you make jewelry in your home to sell, a business insurance policy can be worth the cost.

Home Business Insurance

A home jewelry business may still require insurance, though of a different type than a business outside your home. For a home business, you need a policy that protects you if you cannot produce the product that you offer to your clients due to unforeseen circumstances. The policy can also provide you with protection if a customer sues you because of the jewelry you have provided.

Without this coverage, you would be responsible for covering the losses yourself. While at home business insurance can be expensive, especially for a jewelry business, the costs are often lower than what your losses would be.

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Small Business Insurance

If your jewelry business falls under the category of a small business instead, you will need another type of insurance. In addition to coverage to pay for losses due to damage or a lawsuit, a small business that employs outside workers will need to purchase worker’s compensation insurance, as well as other types of employee-related insurance policies. An insurance broker can help you determine which insurance policies your small business must have to operate efficiently.

Cover Your Losses

jewelry business insurance protection

There are many ways in which your jewelry business could experience losses. If you carry expensive types of jewelry, such as precious metals and gemstones, protection against theft is extremely important. Jewelry stores are often hit by burglars because of the high value of the items.

Protecting your business against fire and other damages is also important so you can receive proper compensation for any lost inventory. In addition, if your jewelry product causes an illness or injury to a customer, your business must be able to pay for damages in this respect.

Insurance Considerations

When chosing your insurance policy for your jewelry business, you need to take the following into consideration:

  • The cost of the policy. You don’t want to purchase a policy just because it is cheap. Shop around and compare quotes, making sure that each one offers the same types and amounts of coverage for a fair comparison.
  • The amount of the deductible. The higher your deductible, the lower your insurance rate falls. However, you need to make sure you can cover your chosen deductible if necessary. If you can’t afford to pay your higher deductible, a lower insurance rate won’t help you much.
  • The amount and type of coverage. Always consult with an insurance professional so you have the proper amount and types of coverage. This may involve getting an appraisal on your business to ensure that you are fully covered. The last thing you want is to find out you don’t have enough coverage when it’s too late.
  • The reevaluation policy of your insurance company. Check over your current policy periodically to ensure that it continues to meet your needs. A good insurance company will do this with you, but if they don’t, request a reevaluation at least once a year.

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Combine Your Policies

combine business insurance policies

If you feel that insurance for your jewelry business may cost too much for you on a monthly basis, you may be able to cut corners. Especially if you have a home business or qualify as a small business, you may be able to combine your business policies with your personal policies.

Shopping for an insurance bundle that combines your homeowner or rental, vehicle and business insurance into one policy can save you money on all of your insurances. This is because many insurance companies provide discounts for multiple policies.

Keep Good Records

Keeping good records for your business can also help you save money on your business insurance. When your insurance agent can see exactly how you spend your money and how much your inventory is worth, he can give you a better quote. The more accurate your information you can provide to your insurance agent, the more accurate your quotes will be. Maintaining good records for the future will also help your agent make appropriate adjustments when you reevaluate.

Purchasing insurance for your jewelry business, whether you have a home business, small business or a larger venture, is important. Seeking quotes from various companies can ensure you get the most for your money and find the best possible coverage for your business. That coverage must include payment for your business losses, any lawsuits that arise and worker’s comepnsation, just an in case an employee becomes injured on the job. To ensure that you have the proper coverage, consult with an insurance broker to find the best fit for you and your business.

Enter your zip code below to compare quotes and find the best available business insurance policy for your jewelry business!