Why Business Insurance is Essential for a Jewelry Store
Running a jewelry store is a profitable business. They are places where customers buy jewelry pieces, but also sell silver, gold, and different jewelry pieces. A jewelry store also offers cleaning and repairs. A jewelry store sells a wide range of jewelry pieces including rings, necklaces, bracelets, brooches, watches, cuff links, and earrings. Many stores carry a wide selection of fashion and fine jewelry pieces that can be expensive and less expensive too depending on your taste. Many stores also provide re-sizing and engraving of wedding rings, bracelets, and much more. As an owner of a business, it is essential that you protect your store and everything in the shop that you own. To protect your business, you must have business insurance to protect your stock and to protect you against any accidents that may occur on your premises. To protect your valuable assets and investment that you have made to your business it is essential to purchasing a suitable business insurance package from a valuable insurance company. Owning your own store, you are at risk of theft or vandalism. There are several types of policies that any business would need. So, let’s take a look at business insurance in more depth and why it is essential for a jewelry store.
Types of jewelry store business insurance
There are several types of insurance to cover your business as well as your stock and employees these include:
- General Public Liability Insurance
- Product Liability Insurance
- Employers Liability
General Public Liability Insurance
Public liability protects you from anything in connection with your business venues, products or otherwise, is responsible for damage or injury to a property of a third party. This policy covers you in the event a claim is made against you for damage or injury to the property, this way you are covered for the costs of the claim. A good public liability insurance policy helps in the event if your business gets sued and you may need to pay out compensation for any damages in the case of a liability charge.
Product liability Insurance
With product liability insurance you are covered in the event your products cause damage, harm, or loss to a customer and you become liable for legal or medical costs. It is very unlikely that a piece of jewelry will cause harm but it is still possible, so that is why it is important to have product insurance to ensure you are covered in the event of this. In certain cases, there can be a small chance that a customer could say that one of your products caused harm or damage to them, so it is important to have your business set up with the right policy to prevent this. Many people can react differently to jewelry pieces it just depends so it is essential to be covered. Insurance comes in very effective if a case is taken against you, all the legal fees will be covered.
Employers Liability
This only applies to you if you employ staff in your business. It is designed to cover you in the event an employee makes a claim against you relating to their health or safety. This type of insurance is compulsory if you have other staff working for you in order to protect you against any type of claim made against you and your business. If a member of your staff become injured on your premise while working for you and they may need medical attention, then this policy has got you covered in the payment of hospital bills. Due to injury, your staff may need to be out of work for a while so the loss of wages would incur, so this policy will cover and take care of this. If your property becomes damaged due to a natural disaster or a fire, this policy has you covered. Compensations for the loss incurred on the property will be provided.
Someone could Sue You
In the event of an accident to a third party on your premise or a member of staff, if you are liable a claim could be made against you. Having a liability insurance policy will give you complete peace of mind in knowing you are covered against claims enabling you to concentrate on what matters the most the running of your business.
It is the Law
In the eyes of the law, it is required to have business insurance essentially to cover you for legal costs, protect your assets, and your property that you may own.
Keeps your stock and assets safe
Like every store, you have jewelry as your stock, you are required to sell these products to make a profit. If one day your jewelry store is robbed and a lot of stock was stolen, if you do not have business public insurance you will not be covered to make any claim back on the stock that was stolen. By purchasing business insurance your products would be covered in the event your jewelry was stolen.
It will make your business look more credible
Your business will look more credible if you have business insurance. Having business insurance will show your potential and prospective customers that you are a safe bet. If anything goes wrong with your jewelry pieces or a fault, you will have ways to compensate.
Peace of Mind
Unfortunately, accidents can occur in-store. Business insurance will give you peace of mind that your shop is covered in the event of damage or an accident to the public, premise, or even the employees.
Employees will be protected
Your business is run by you the owner and you may also have staff members. Your staff attend to the customers and uphold a friendly environment. Employee’s liability insurance will cover any costs that may occur in the event one of your employees has an accident on your premise you will be protected at all times. Take care of your business and your staff with business employees’ liability insurance.