The lights are out, the store locked up tight, and the alarm is set. You go home for a relaxing evening, but are awakened by a late-night call from the police. Your store has been robbed. Tens of thousands of dollars of precious jewels – and profits – are gone. For 1 in 16 jewelry stores nationwide, this scenario is all too real, with over $60 million in thefts reported annually. You may have the typical business insurance to protect your store, but do you have the right Massachusetts jeweler insurance you need to protect your business?
Jewel theft is a highly lucrative crime. From a smash-and-grab theft to a movie-worthy jewel heist, criminals can make away with thousands of dollars of gems and precious metals in a matter of moments. While you can and should invest in physical security measures, you must also protect your Massachusetts jewelry business financially with a jeweler insurance policy.
Like other small businesses, jewelers, jewelry shop owners, designers, and manufacturers typically need a Business Owner’s Policy or other commercial insurance to cover business property and standard liability coverage. However, because of the high-value nature of the materials worked with, jewelers need additional coverage to minimize financial losses in case of theft or other events. With your jewelers policy, you should obtain coverage help for areas like:
This additional coverage extends your limits beyond what a typical property insurance policy would cover. You invest a lot of money into these materials, and your insurance is designed to protect that investment.
For many jewelry stores, a jewelers policy is sufficient to cover most losses. However, you may find yourself wanting the additional protections of a commercial umbrella policy. If you’re working with customers’ invaluable pieces and they are lost through fire or theft, you may be held liable for their loss. While your jewelers policy will cover the loss up to your policy limits, an umbrella policy can help extend your coverage significantly.
While purchasing your jewelers policy, your agent may recommend additional safety steps you can take to protect your business and reduce your premiums. Weapons detection systems, surveillance video, guards, and alarm systems are all ways to deter thieves. You should also be sure all employees are trained in what to do if a robbery is in progress; you want to protect your property, but you must also try to keep your employees safe.
The Jewelers’ Security Alliance, founded in 1883, specializes in jewelry store security. Your insurance provider may encourage you to join, as the JSA forms a large network of security personal working closely with law enforcement to keep jewelers’ businesses safe.
Jewel thieves will never fully go away. For as long as there has been a jewelry industry, criminals have been targeting them for access to precious gems and metals. While you take steps to physically secure your building, robberies can still happen. Protecting your Massachusetts jewelry store with jeweler insurance will help you keep your business open even in the face of a devastating robbery.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions, and conditions of the applicable policy. For an actual description of all coverages, terms, and conditions, refer to the insurance policy.