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
