Jewellers Insurance

Jewellers Insurance Ontario

What You Need to Know About Jewellers Insurance

As a jewellery business, you play a huge part in many people’s lives, from providing beautiful gifts to luxurious engagement rings to fixing family heirloom jewelry and more. And yet, at the same time, this opens you up to several industry risks like theft, damages and losses due to carrying such high-value products in store. This is where having a comprehensive jewelers insurance policy is essential. 

Insurance Coverage Options

The key to jewellers insurance is assembling a custom-built policy of coverages that offers the exact type of protection your jewellery business needs. We offer several coverage options for you to consider when putting your comprehensive business insurance policy together. When you partner with Insurance Hero, you can trust that we will find you high-quality insurance coverage at the lowest price.

What is Jewellers insurance?

In Ontario, jewellers insurance is a personalized business insurance policy that has been specially prepared for jewellery stores and jewellers. It is designed to protect you, your business and your employees from unique industry-related risks, such as damages, losses and lawsuits due to theft, loss, damage, injury and more. 

What is covered by jewellers insurance?

As a store owner dealing with high-value items, it is essential that you protect yourself and your business. Below are coverages you can generally find in a standard jewellers insurance policy.

Commercial Property Insurance

Commercial property insurance protects your building and the contents inside (e.g., equipment, inventory, etc.) by covering the financial loss from such perils as:

  • Property damage due to natural disasters, flood, fire, vandalism or theft.
  • Property damage or theft of electronics, equipment, company documents or employees’ personal belongings.
  • Inventory theft by employees.

Commercial property insurance can also include business interruption, which protects your business should you be unable to work due to an illness or injury and have to shut it down temporarily. This helps offset ongoing costs from income losses, such as bills, employee wages, etc.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, is absolutely essential for any business that provides a service. It can be the most important coverage for you to have. It protects your business against claims of misconduct, negligence, failure to deliver a service or inadequate work. Professional liability covers:

  • Errors, mistakes and oversights
  • Failure to meet deadlines
  • Failure to deliver your product/service as advertised
  • Professional negligence or malpractice
  • Failure to meet a standard of care
  • Breach of contract

Commercial General Liability Insurance

Commercial general liability protects you and your business from legal liability against third-party bodily injury or property damage claims that occurred while a client was at your office. It covers the costs of medical bills, legal fees, and repairs or replacements. This insurance policy also protects you against any advertising and reputational injuries (e.g., slander, libel, copyright infringement).

Cyber Liability Insurance

Cyber and privacy liability insurance protects your business by covering damages and legal claims if your customer’s personal information is leaked or stolen due to a data breach or theft. As storing business information online has become standard practice, this has become an essential insurance policy for any business with customers to have. 

Business Crime Insurance

Business crime insurance, also known as employee dishonesty or fidelity insurance, protects the business in case an employee loses funds due to forgery, fraud or theft. It covers events from an employee stealing from the cash register to an employee stealing expensive jewellery to a bookkeeper quietly stealing money from the business for several years. This policy takes effect if the loss of funds was a direct cause of the following:

  • Internal theft
  • Forgery
  • Counterfeiting
  • Impersonation 
  • Credit card fraud
  • Computer fraud
  • Disappearance or destruction of cash while in transit
  • Disappearance or destruction valuables (i.e., jewellery) while in transit

What other types of insurance do jewellers need?

While the above coverages are certainly what every jewellery business needs, there are a few coverages you may also want to consider. Below are some additional options that you may benefit from by adding to your policy.

Equipment Breakdown Insurance

Equipment breakdown insurance covers financial costs for equipment that need repairs or to be replaced due to internal damage. While you have some coverage for external event damage under commercial property insurance, this policy covers internal damages, such as power surges, motor burnout, electrical shorts, operator errors and mechanical breakdowns. 

Employment Practices Liability Insurance 

This policy protects your business against allegations and lawsuits from employees who claim their rights have been violated. Employment practices liability insurance protects you from employment-related claims, including, but not limited to, the following: 

  • Wrongful termination
  • Discrimination
  • Gender issues
  • Sexual harassment
  • Violations of leave laws
  • Accessibility 
  • Performance review/promotion disputes

Product Liability Insurance

If a customer is injured by a product you sell to them, you could find yourself facing a lawsuit. This coverage protects you against claims of bodily injury or property damage due to a product you manufacture, distribute or sell.

What factors affect jewellers insurance rates?

There are several contributing elements that affect the price of your insurance. While choosing which coverages best protect your business, your insurance company will consider the following factors:

  • Your previous insurance claims history
  • Your annual and projected revenue
  • The amount of experience you have
  • The number of employees you have
  • The location of your jewellery store
  • Your hours of operation
  • Any losses your business has experienced prior

Is jewellers insurance mandatory?

While jewellers insurance is not mandatory, it is extremely recommended. Jewellery stores are at an increased risk of damage and theft because they carry high-value items. Also, accidents can happen, such as a slip and fall inside your store, no matter how careful you are. As lawsuits are costly, having jewellers insurance can help protect you and your business from possible bankruptcy.

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At Insurance Hero, our heroes can help manage your risk and insurance costs by conducting a full commercial insurance policy review to determine what kind of coverage is best for you!

For reliable, affordable Ontario jewellers insurance, please request a quote online or call us at 1-855-777-4376. Our team of insurance heroes is happy to answer any questions you have!