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Jewellery Shop Insurance
Running a jewellery business involves risks that can differ from those faced by many other retailers. From valuable stock and customer-owned items to premises, employees, deliveries and transactions with the public, there are several areas to consider when arranging insurance.
At 1st Choice Insurance, we can help you explore jewellery shop insurance designed around the way your business operates. Whether you run an independent jeweller, jewellery store, workshop or larger retail business, our team can discuss your requirements and explore available cover through our panel of insurance providers.
Jewellery businesses can have significant amounts of stock on the premises, as well as items belonging to customers that are being repaired, altered, valued or held temporarily. This means it is important to consider not only your own property and stock, but also your responsibilities for goods belonging to other people.
Get a Jewellery Shop Insurance Quote
Looking for jeweller insurance for your business?
Call us on 03301 081615 for a no-obligation quote or complete our online quote form and a member of the team can discuss your requirements.
What Is Jewellery Shop Insurance?
Jewellery shop insurance is a type of commercial insurance designed around the risks associated with running a jewellery retail or jewellery-related business.
A jewellery business may require a combination of property, stock, liability and business interruption covers, depending on its activities.
For example, a jeweller may need to consider:
- Buildings insurance
- Contents insurance
- Jewellery stock insurance
- Goods in trust
- Public liability
- Products liability
- Employers’ liability
- Goods in transit
- Accidental damage
- Business interruption
- Glass and signage
- Legal expenses
- All risks cover
- Seasonal stock increases
The covers available will depend on your business, the insurer and the policy selected.
Who Needs Jewellery Shop Insurance?
Jewellery shop insurance can be suitable for a wide range of businesses, including:
- Independent jewellery shops
- Jewellery retailers
- High street jewellers
- Jewellery stores
- Bespoke jewellers
- Goldsmiths
- Silversmiths
- Jewellers and jewellery workshops
- Jewellery repair businesses
- Watch and jewellery retailers
- Antique jewellery dealers
- Jewellery manufacturers
- Businesses selling jewellery online
- Businesses trading from premises and online
If your business sells, repairs, designs, manufactures, stores or handles jewellery, the insurance requirements can vary depending on your activities.
What Does Jewellery Shop Insurance Cover?
The exact cover available will depend on your business and the policy selected. Options can include:
Buildings Insurance
If you own the premises from which your jewellery business operates, buildings insurance can provide cover for specified insured damage to the structure.
This can include areas such as walls, roofs, floors and permanent fixtures, subject to the policy terms.
If you rent your premises, you may instead need contents, stock and tenant-related covers.
Contents and Business Equipment
Contents insurance can provide cover for business property and equipment following specified insured events.
This may include:
- Furniture
- Display cabinets
- Office equipment
- Computers
- Security equipment
- Workshop equipment
- Tools
- Fixtures and fittings
The items covered and limits available will depend on the policy.
Jewellery Stock Insurance
Jewellery stock can represent a significant proportion of a jeweller’s business assets.
Stock insurance can provide cover for specified loss or damage to jewellery and other insured stock, subject to the policy terms, limits and security requirements.
This can include stock held at your business premises and, depending on the policy, stock temporarily held elsewhere.
Goods in Trust
Jewellers may regularly handle jewellery and other items belonging to customers.
For example, a customer may leave an item with you for:
- Repair
- Cleaning
- Valuation
- Alteration
- Resizing
- Restoration
- Remodelling
- Resetting
Goods in trust insurance can provide cover for certain loss or damage to property belonging to customers while it is in your care, subject to the policy.
This can be an important consideration for jewellery repairers and jewellers who regularly handle customer-owned items.
Public Liability Insurance
Jewellers interact with customers, suppliers, contractors and other visitors to their premises.
Public liability insurance can provide cover for certain claims made against your business following injury to a third party or damage to their property arising from your business activities, where you are legally liable.
Employers’ Liability Insurance
If you employ staff, employers’ liability insurance is generally a legal requirement, subject to certain exemptions.
This provides cover for certain claims made by employees following work-related injury or illness where your business is legally liable.
This can be particularly relevant to jewellery businesses employing:
- Sales staff
- Goldsmiths
- Bench jewellers
- Watchmakers
- Apprentices
- Administration staff
- Workshop employees
Goods in Transit Insurance
If jewellery or other valuable items are transported between your premises, suppliers, customers, exhibitions, repairers or other locations, goods in transit insurance may be available.
The policy can provide cover for specified loss or damage while goods are being transported, subject to the insurer’s conditions.
Accidental Damage
Accidental damage cover may be available for specified accidental damage to your premises, contents, equipment or other insured property.
Whether this is included as standard or available as an optional extension depends on the policy.
Business Interruption
A fire, flood or other insured event could prevent your jewellery shop from trading normally.
Business interruption insurance can provide cover for certain financial losses resulting from an insured event that interrupts your business.
Depending on the policy, this can help cover areas such as loss of gross profit or additional increased costs of working.
Jewellery Stock Insurance
For many jewellery retailers, stock is one of their most significant business assets.
Jewellery stock can include:
- Rings
- Earrings
- Necklaces
- Bracelets
- Watches
- Precious stones
- Gold and silver jewellery
- Bespoke pieces
- Antique jewellery
- Pre-owned jewellery
When arranging jewellery stock insurance, insurers may consider the value of stock, how it is displayed, where it is stored, security measures and how often stock is transported.
You may also need to consider whether stock is held at exhibitions, trade shows, markets or other locations.
Benefits of Jewellery Shop Insurance
Protection for Jewellery Stock
Insurance can provide financial protection against specified loss or damage to insured jewellery stock, subject to the policy terms and limits.
Cover for Customer-Owned Items
Goods in trust cover can provide protection for specified loss or damage to jewellery belonging to customers while it is in your care.
Liability Protection
Public liability and products liability insurance can provide cover for certain claims arising from your business activities where you are legally liable.
Protection for Business Equipment
Contents and equipment cover can provide protection for specified damage to equipment, fixtures, fittings and other business property.
Support Following an Insured Interruption
Business interruption insurance can provide cover for certain financial losses following an insured event that prevents your business from trading normally.
Options for Seasonal Stock Levels
Seasonal increase cover can help accommodate periods when your jewellery stock levels are higher than usual, subject to the terms and limits of the policy.
Cover for Jewellery in Transit
Goods in transit insurance can provide cover for specified loss or damage while jewellery and other insured goods are being transported.
Cover That Reflects Your Business
Jewellery businesses can operate in very different ways. Whether you are a retailer, manufacturer, repairer, online jeweller or a combination of these, your insurance can be structured around the activities you undertake.
Factors Insurers May Consider
When arranging jewellery shop insurance, insurers may consider factors such as:
- Type of jewellery business
- Annual turnover
- Value of stock
- Maximum value of individual items
- Value of customer-owned goods
- Premises
- Security arrangements
- Opening hours
- Stock storage
- Whether jewellery is displayed overnight
- Goods in transit
- Online sales
- Repairs and manufacturing
- Previous claims
- Number of employees
- Whether stock is taken to exhibitions or trade shows
Providing accurate information helps insurers assess your business and determine the terms available.
Jewellery Shop Security
Security can be an important consideration when arranging jewellery shop insurance.
Because jewellery can be valuable and relatively easy to transport, insurers may have specific security requirements.
These can include requirements relating to:
- Safes
- Alarms
- CCTV
- Locks
- Shutters
- Security doors
- Window protection
- Key management
- Out-of-hours storage
- Stock display
- Opening and closing procedures
Security requirements vary between insurers and policies.
When requesting a quotation, provide accurate details about the security measures in place at your premises.
Jewellery Shop Insurance for Online Businesses
Not all jewellery businesses operate from a traditional high street shop.
If you sell jewellery online, you may still need to consider insurance for:
- Stock
- Business equipment
- Goods in transit
- Public liability
- Products liability
- Customer property
- Business interruption
- Cyber risks
The appropriate cover will depend on how your business operates, where stock is stored and how orders are fulfilled.
Jewellery Workshop Insurance
If you manufacture, repair, restore or modify jewellery, your insurance requirements may differ from those of a retailer.
Jewellery workshops may use specialist tools and equipment and handle customer-owned items.
Depending on your activities, you may need to consider:
- Contents and equipment
- Tools
- Goods in trust
- Public liability
- Products liability
- Employers’ liability
- Accidental damage
- Goods in transit
- Business interruption
Tell your insurer exactly what work you undertake so the appropriate options can be considered.
Frequently Asked Questions About Jewellery Shop Insurance
What insurance does a jewellery shop need?
The insurance requirements will depend on how your business operates.
A jewellery shop may need to consider buildings, contents, stock, goods in trust, public liability, products liability, employers’ liability, goods in transit and business interruption insurance.
Is jewellery shop insurance a legal requirement?
There is no general legal requirement to have a specific jewellery shop insurance policy.
However, employers’ liability insurance is generally legally required if you employ staff, subject to certain exemptions.
Other covers may be required by a landlord, lender, contract or other business arrangement.
Does jewellery shop insurance cover stock?
Jewellery stock cover can be included in a commercial insurance policy, subject to the insurer’s terms, limits and security requirements.
Make sure your declared stock values accurately reflect the amount of stock you hold.
What is goods in trust insurance?
Goods in trust insurance can provide cover for specified loss or damage to property belonging to customers while it is in your care.
This can be particularly relevant to jewellers carrying out repairs, cleaning, valuations, alterations or restoration work.
Does jewellery insurance cover customer jewellery?
Customer-owned jewellery may be covered under goods in trust or property in your custody cover, depending on the policy.
Check the policy wording carefully to understand the circumstances, limits and exclusions that apply.
Can jewellery be insured while being transported?
Yes, goods in transit insurance may be available for jewellery and other insured goods being transported between locations.
The method of transport, value of goods and security arrangements may affect the cover available.
Can I insure jewellery stock at exhibitions and trade shows?
Potentially. Some policies can provide cover for stock away from the main premises, including at exhibitions or trade events.
You should discuss this with your insurer before taking stock away from your insured premises.
Does jewellery shop insurance cover theft?
Theft cover can be included, subject to the policy terms, conditions and security requirements.
Jewellery insurers may have specific requirements relating to safes, alarms, shutters, CCTV and how stock is stored outside business hours.
Can I insure an online jewellery business?
Yes. Insurance can be arranged for online jewellery businesses, although the appropriate covers will depend on how the business operates.
Stock, goods in transit, public liability, products liability and cyber risks may all need to be considered.
Does jewellery shop insurance cover repairs and manufacturing?
Insurance can be arranged for businesses involved in jewellery repairs, manufacturing, restoration and other specialist activities.
Tell your insurer exactly what work you undertake so the relevant risks can be considered.
Can I insure a jewellery workshop?
Jewellery workshop insurance can be arranged depending on the work undertaken, premises, equipment, stock and customer-owned goods involved.
Can I insure high-value jewellery?
Potentially. The value of your stock and individual items will need to be declared accurately, and insurers may have specific limits or requirements for higher-value items.
How much jewellery stock can I insure?
The amount of stock you can insure depends on the insurer and policy.
You should provide accurate information about your average and maximum stock levels, including seasonal increases where applicable.
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