Insurance for Jewellery Stores

Insurance for Jewellery Stores

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Why it matters

Insurance for Jewellery stores has a different set of requirements than other retail businesses. The risks are unique and require tailored Insurance solutions to ensure that the business succeeds in the event of an event that could prohibit trade.

This page goes into the risks that a jewellery store faces, and how engaging Morgan Insurance Brokers as their preferred broker will safeguard the store.

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Transit Insurance

Transit Insurance for a jewellery store is an important consideration as transporting jewellery, whether it be importing it, or receiving it locally. It can be expensive to replace the stock if an event were to damage the items, If there is storage of the items as part of the transit, there is also a greater risk of theft of the items. Ensuring that you have an adequate transit insurance in place is essential so don't find yourself with a large uninsured loss.

Fire & Perils

Business Insurance

Theft

Damage

Vandalism

Collision

Business Insurance

Overturning

Crime Insurance

Jewellery stores have a theft exposure. Some would agree that the exposure is large, whereas others say the exposure is low. This is all dependent on your security measures that you have in place.Do you have CCTV? An alarm that goes back to a security company? Do you have roller doors, or bars on the windows? Is your store inside a shopping centre with no external openings manned by a security company after hours?Depending on the answer to these questions, this will provide us with a good indication of your theft exposure.

Theft of your contents & stock

Theft Insurance for a jewellery store is quite expensive. You will find that it will be more than likely that you will opt fo small amount of jewellery to be covered, with the remainder of the theft limit to cover contents items like laptops, phones, computers etc for theft.

Theft of money

Money cover is available under a business package policy. You can elect to insure the limit of your choice. Some insurers have a lower sublimit for money on site after hours. As such, it is best to avoid having large sums of money at your store overnight.

Theft By Employees

Employee theft, whether it be electronic funds, or phsyical theft of your cash, or jewellery items, can be covered under a Management Liability Insurance policy where the Crime section is insured. Please refer to our Management Liability page for more information.

Public & Products Liability Insurance

Public Liability Insurance can protect your business in the instance that you had a customer injure themselves as a result of your negligence. For example, a customer could allege that whilst in your store, they slipped over a spill of water over the ground. Public Liability Insurance would pay for the defence costs to represent you in court if they believe you weren't negligent. If there was a clear case of negligence, your insurer will negotiate with the claimant a compensation settlement figure.In the off chance that your jewellery items injure the public, your policy will respond in a similiar way to the above mentioned scenario.

What other insurances should a Jewellery Store have?

Business Interruption

Electronic & Machinery Breakdown

Management Liability

Fire & Perils cover for your customers jewellery items being repaired, engraved that is left on site overnight

Tax Audit

Motor Vehicle

Cover for your stock (fire, perils, weather)

Portable Items Cover

How Morgan Insurance Brokers can help your Jewellery Store

Morgan Insurance Brokers have a large portfolio of jewellery stores, and are experienced in the risks they face. We know what insurance you need, what insurance you can go without, how to minimise your risks, and how to provide a solution for your budget.

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