Jewelers Block Insurance in New Hampshire
What is Jewelers Block Insurance?
The jewelry business is a unique business class. It often deals with one-of-a-kind, high-value merchandise for a demanding clientele while navigating the continuous threat of theft. Jewelers Insurance specialized for jewelers can help navigate the many risks they face.
Jewelry store insurance policies are specialized commercial policies designed to meet the many risk mitigation needs of those in the jewelry business. Typically a jewelers block is coverage that differentiates the jewelry business from other types of businesses.
What Businesses Need Jewelers Block Insurance?
Any business that designs, manufactures, distributes or sells jewelry (including gems and other fine metals) should consider getting jeweler's insurance. This includes jewelry artisans, jewelry stores, jewelry manufactures, jewelry appraisers, pawn shops, consignment shops, jewelry repair shops.
These types of businesses are handling items of considerable value so having the right insurance is critical.
Why Choose HPM Insurance for your Jewelry Store Insurance?
Working in the jewelry industry is unlike any other business. That is why it is essential to have someone protecting your passion and livelihood who understands the nuances of the jewelry industry.
This is where HPM Insurance can help as HPM Account Executive, Kara Collins, worked in the jewelry industry for 23 years. She holds a Graduate Gemologist certificate and designation (G.G) and understands the many risks those in the jewelry industry regularly face.
HPM Insurance represents the insurance companies jewelry professionals rely on, such as Jewelers Mutual, while comparing coverage and pricing with other national insurance companies growing in the jewelry store insurance space.
Common Types of Insurance Available for Jewelers
As jewelers face multiple risks from many angles, jewelers need to rely on their coverage for the risks they face daily. From missing merchandise to a customer's slip and fall, you have many things to consider as a business owner. Here are some of the more common coverages jewelers need to consider:
Jewelers Block Insurance
To protect your inventory, whether on consignment or memo, are raw material, goods in process, or completed pieces, your business needs a jewelers block policy to protect against the crippling financial event of a fire, crime, or other unforeseen losses. Jewelers Block insurance can vary by the insurance company and the policy's terms and conditions but is considered an inland marine policy.
This means coverage can be worldwide, so coverage while at retail stores, trade shows, or transit. In addition, jewelers Block Insurance is often an "all-risk" policy—meaning coverage against all perils except those listed in the policy's exclusions. It is critical you understand how your policy will respond as your business changes, so working with a trusted advisor is essential.
The heart of your business lies in jewelry. Still, many other facets of your business need protection, such as business personal property, the building, business income, and non-jewelry inventory. These parts of your business can typically be covered under a Businessowner's Policy (BOP).
If you have employees, part-time or otherwise, you are required by state and federal laws to carry workers' compensation insurance. Worker's compensation obligates an employer to pay specified medical, rehabitational, and death benefits should an employee be injured or contract a disease during employment.
Employee Theft Insurance
Though all businesses are susceptible to employee theft, those in the jewelry business have an increased risk, given the value of their inventory. Employee Theft Insurance, also known as Employee Dishonesty coverage, can protect business owners from loss due to employee theft. This is critical coverage for jewelers as most commercial property policies generally exclude due to employee theft.
Employment Practices Liability Insurance (EPLI) can protect a business from the many risks of interviewing, hiring and employing personnel.
As nearly every business relies on utilizing online services and the ever-changing ingenuity of cybercriminals, having coverage for the many cyber risks businesses face is an essential piece to protecting your jewelry business. Not all cyber insurance policies are the same with various coverages and exclusions, so it is vital to work with an insurance agent who can help you uncover the online risks your business may face.
Commercial Umbrella Insurance can help protect your business from a liability suit that exceeds the underlying coverage you have on the various other policies such as commercial auto, business owners insurance, or commercial general liability insurance (CGLI).
How Can Jewelers Get Jewelers Business Insurance?
Jewelers can contact HPM Insurance to speak with experienced jewelry and insurance professionals to customize a commercial insurance plan designed to meet their business needs. In addition, HPM can find the right fit for your jewelry business through various insurance companies that specialize in the jewelry trade.