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Business Insurance for Jewelers

A jewelry business, like any business, needs insurance coverage. In addition to liability insurance and coverage for business personal property, which are common pieces of any business insurance package, there is also the need for additional coverage specific to the industry.


The following are additional considerations for jewelers:

· Inventory of jewelry and raw materials

· Customers property that is being held for consignment or repair

· Jewelry that you may have in transit to trade shows or wedding shows

· Inventory shipped to/from vendors and/or customers


Jewelry itself is not covered as Business Personal Property coverage like most contents is usually covered for a business. Jewelry is covered by a Jewelers Block policy which is then packaged with the common Business Owners policy package. There are limited carriers that offer options for Jewelers Block but it’s important for any jeweler, whether a wholesaler or retailer, to secure coverage with a financially strong and experienced jewelry insurance provider.


Not every Jewelers Block Insurance Policy is created equal. In addition to the carrier’s financial stability, rating, and experience, you should be aware of any unique coverage or exclusions that they have. For example, some may have specific requirements on shipping. What if you or one of your employees is working on a ring and the diamond goes missing? Would there be coverage?


Paroubek Insurance has access to great options for Jewelers. Like any business, our goal is to work with you to discover and understand your business, uncover any exposures you have, and determine how best to minimize risk and cover your business in the most cost-effective way possible. We can then offer risk management solutions to help you minimize risk but maintain coverage for the unexpected.


The jewelry industry has experienced large increases in claims, especially in the last 3 years. The Covid-19 pandemic led to an increase in shipping claims. During that time, signatures were often waived for shipments and with businesses closed, packages were left unattended and often stolen or lost in transit. In addition to increased shipping claims, there was an increase in theft and vandalism during the pandemic. The country has also experienced more wide-spread natural disasters which impacts jewelry businesses and the insurance carriers that protect them. All of this contributes to higher prices for insurance but also highlights the importance of having adequate coverage and understanding your coverage.

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