Worried about the cost of jewellery shop insurance? Wondering what you need? Relax. Help is on hand; not just from one insurer or broker, but from a whole panel of them!
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The purpose of jewellery shop insurance is to protect your retail jewellery business from a variety of risks and claims. These can come from customers who are injured or become ill after using your products, or from damages caused by employees you are responsible for.
Shop insurance experts can arrange cover swiftly and efficiently, ensuring you're covered should the unexpected happen, as outlined in your policy. Each jewellery business has unique needs, and you only pay for the cover you need.
What does jewellery shop insurance include?
The jeweller's shop insurance policy is a type of jewellery business insurance tailored specifically to the needs of retail premises. It provides all of the protections you need under one umbrella policy. The jeweller's shop insurance policy is a type of jewellery business insurance tailored specifically to the needs of retail premises. It provides all of the protections you need under one umbrella policy. While many of the cover options required by retailers are the same as those needed by other jewellery businesses, many jeweller's shops have specific requirements when it comes to jewellery business insurance.
Is insurance really necessary for my jeweller's shop?
As we all know, accidents do happen, but as a jeweller's shop owner you have a responsibility to your customers, employees, suppliers, and to others' property. Shop insurance is a necessity for any jeweller's shop to protect themselves from the unexpected.
Anyone who works with members of the general public will need public liability cover, and anyone who employs staff is required by law to have employers liability cover.
Shop owners will also need to protect their inventory with cover options including products liability, fire and theft, property insurance, and many others.
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Nevertheless, finding the right cover for your company can sometimes be difficult; but an insurance broker panel can probably handle all the work for you!
Shops face a unique set of risks, from locking up at night to taking your jewellery business online. It sounds unlikely, but accidents strike hundreds of jewellery businesses every day, and an average public liability claim can cost thousands of pounds. You'll be able to focus on running your jewellery business and earning money while the brokers work hard to protect the jewellery business you've built.
What does jeweller's shop insurance cover?
A jeweller's shop insurance policy can be tailored to cover your jewellery business' specific risks, but there are a few important features.
In order to operate a jeweller's shop you need to deal with customers. Public liability insurance isn't a legal requirement, but if a customer or third party is injured or their property is damaged while on your premises it will be invaluable. In the event that a customer makes a claim, public liability may cover the cost of compensation and legal fees.
If you offer advice or expertise from your jeweller's shop, you may need professional indemnity insurance. If a client is unhappy with your advice or believes you are negligent, this cover can help protect you.
A legal requirement for employers who employ staff is employee liability insurance. This ensures that workers who work at your a jewellery business can be compensated in any way if they hurt themselves.
Product liability insurance might protect your a jewellery business against claims, legal costs, and even reputation damage if a product you sell or manufacture causes injury, illness, or loss.
If your jewellers shop has to close due to damage caused by an unforeseeable event, jewellery business interruption insurance may help to cover the income you may lose during that time, as well as your fixed costs.
In the event that you own your jewellers shop, you should examine buildings insurance. You may be able to include cover for the structure, or fixtures and fittings, against loss or damage due to risks such as fire, flood, terrorism, vandalism, or accidental damage.
Business contents insurance can cover the interior of your jewellers shop, including fixtures, fittings, and a jewellery business equipment, such as computers and other technology systems.
Shop owners typically store some of their inventory in their premises, and there's a risk that it can be stolen or damaged through risks like fire or flooding. Stock insurance may protect it up to a certain amount, and some insurers offer fast payments to boost cash flow.
You should check your stock insurance policy to make sure that the value of the stock covered is sufficient for your needs, and check whether your policy allows you to increase the value covered around certain dates, such as around Christmas.
A good broker can advise you on what is covered, and more importantly, what is not covered, under your jewellers shop's accidental damage insurance policy.Compare quotes now! There are a number of brokers, all of whom are regulated by the Financial Conduct Authority, who can assist you in finding the best insurance policy for your needs.
How it works
- You fill in a simple form, giving some details of what you are looking for.
- You will receive broker quotations to compare.