The inventory that jewelers carry exposes them to more risk than many typical small businesses face. For this reason, jewelers in Massachusetts often need specialized jeweler insurance policies.
Jeweler insurance policies typically offer high limits and robust protections for jewelry inventory. These protections can often be combined with other property and liability coverages to meet a particular business’ needs.
As mentioned, the primary coverage in most jeweler policies is for jewelry-related inventory itself. Depending on a particular policy’s terms and conditions, jewelry-specific coverage might extend to:
Some policies also cover jewelry inventory that’s kept in a store but belongs to another business that’s in the jewelry industry.
In addition to these protections, there are a number of other coverages that some policies might make available. Some of these complementary coverages are particularly relevant to the jewelry industry, while other coverages have a broader appeal to many small businesses.
The more specialized coverages that jewelers may want include:
A few of the more broadly appealing coverages that jewelers sometimes get are:
Exactly what incidents jewelers policies cover can vary, but most policies offer protection against a range of potential perils. Some common perils that a policy may cover are:
Most jewelry businesses in Massachusetts can benefit from having a jeweler policy. Jewelers can have a difficult time finding all the protections they need from a non-specific policy, and going without all appropriate coverages leaves a business dangerously exposed to risk.
As an added bonus, some jeweler policies include fringe benefits that can help jewelers reduce their risk exposure. Select insurers include membership to the Jewelers’ Security Alliance (JSA), advice on safes and security systems, and other loss prevention programs for policyholders with the policies that they underwrite. Insurers that offer these benefits do so because preventing inventory loss is in the best interest of both jewelers and insurers. Jewelers don't lose stock, and insurers don't have to pay on as many claims.
Insurance companies consider many different factors when setting jewelers’ policies premiums. A business’ location, inventory, annual sales, past claims history and chosen coverages are just a few of the items that can impact how much a policy costs.
Because jeweler policies are highly specialized, not all insurance agents are familiar with the details of these policies and the coverages they afford. To speak with an agent who is familiar with the nuances of jeweler insurance, contact the independent agents at Haberman Insurance Group. Our agents have helped many jewelers in Massachusetts find a policy that meets their business’ needs, and we’d be happy to help you make sure your jewelry business is properly protected.