Jewelers Block Insurance
Business Insurance for Jewelers and Jewelry Stores
While Property Insurance usually covers a retail business's inventory, jewelry stores and pawn brokers often sign up for a specialty insurance policy called Jewelers Block Insurance to cover their high-dollar items.
What is Jewelers Block?
What is Jewelers Block Insurance?
Because jewelry stores often have expensive inventory and might be a bigger target for theft, Jewelers Block can cover many of the unique risks of your business. This policy may cover…
- Your inventory of raw materials, precious stones, findings, and jewelry.
- Theft of certified mail.
- Damage to customer jewelry while it's in your possession (i.e., you damage it during a repair).
- Theft of jewelry from your store windows.
- Damage or theft that occurs during tradeshows, auctions, sales, or other occasions while jewelry is in transit.
Jewelers Block Insurance is a type of Inland Marine Insurance — a Property Insurance policy that is designed to cover property that is portable, easily stolen, or being transported. Rather than buy a generic Inland Marine policy, our agents can help you find coverage that is specifically designed for jewelers.
Who Needs Jewelers Block?
Which Jewelry Stores Need Jewelers Block Insurance?
Jewelry stores can be quite different — a bead store or costumer jeweler doesn't have much in common with a jeweler who specializes in engagement rings and other fine jewelry. So when do you need Jewelers Block Insurance?
Generally speaking, if your jewelry store sells jewelry with precious gems and metals and your inventory is extremely valuable, you should consider Jewelers Block Insurance. This policy makes a lot of sense for jewelers who are worried about the theft of their fine jewelry, supplies, and customer property — while it's at your store or in transit.
If you sell vintage jewelry or jewelry that isn't made with precious materials, it probably doesn't make much sense to have Jewelers Block Insurance.
How It Works
How Jewelers Block Insurance Works
You're tending your store on a perfectly ordinary day. Suddenly, your front window shatters, and you see a pair of thieves swipe a handful of diamond necklaces and bracelets from your display case. They're sprinting down the street before you've even registered what's happening.
Jewelers Block Insurance can help cover these "smash and grab" thefts that occur while your business is open, potentially shielding you from unexpected losses due to theft.
In addition to burglary coverage, Jewelers Block may also cover losses from fires, water damage, and "sneak theft" when customers slip a piece of jewelry in their pocket and walk out of your store unnoticed.
Premiums, Deductibles, & Limits
Understanding Your Premiums, Deductibles, and Limits for Jewelers Block Insurance
As with other small business insurance policies, each Jewelers Block Insurance policy has a different balance of premiums, deductible, and limit. Here's how these parts of your policy will work:
Deductible. This is the amount you must pay before your insurance will cover a loss. For instance, a jewelry store with a $10,000 deductible would have to pay for the cost of a theft until it exceeded $10,000. After that, your insurance kicks in.
Limit. This is the maximum amount your insurer will pay. A Jewelers Block Insurance policy may have a $500,000 limit. For a theft costing $600,000, your insurer would only cover $500,000 of your losses.
Premiums. Each year you'll have to pay an annual premium to your insurer. Premiums will vary based on your location and the value of the inventory you're insuring.
When you work with Insureon's agents, we'll help you find a policy that makes sense for your jewelry store. With our experience insuring hundreds of other jewelers, we're able to advise you on finding the right balance of cost and coverage.
Free Insurance Quotes on Jewelers Block and Jewelry Store Insurance
Submit an online insurance application with Insureon and one of our agents will send your free, customized insurance quotes on jewelers insurance.