Best Jewelry Business Insurance

The Hartford ranks first for jewelry store insurance with a MoneyGeek score of 4.76 out of 5. The company excels in coverage options, competitive rates and quality service for jewelry businesses of all sizes. We recommend comparing quotes from The Hartford, NEXT and Simply Business to find the best coverage for your jewelry shop.

Note: We based all scores on a jewelry business with two employees across professional liability, general liability, workers' comp and BOP policies.

Simply Business offers the most affordable coverage at $33 monthly, ranking among the top three providers for general liability and business owner's policies. For workers' compensation or professional liability, The Hartford and NEXT provide better rates on the specialized coverage types jewelers handling custom designs and repairs often require.

Simply Business leads with the most affordable general liability insurance for jewelry stores at $17 monthly. That rate saves jewelers around $24 per month compared to the industry average of $41, cutting costs by nearly 60%.

NEXT provides the cheapest workers' comp insurance for jewelry retailers at $28 monthly, beating the industry average of $30. While the savings appear modest at $2 monthly, it adds up for jewelry shop owners with employees handling repairs, custom designs and valuable inventory. The Hartford, Thimble, Progressive Commercial and Simply Business also offer competitive rates for jewelers needing workers' compensation coverage.

The Hartford offers the cheapest professional liability insurance for jewelers at $55 monthly, saving you $6 compared to the $61 industry average. It protects jewelry designers and appraisers from claims related to professional mistakes, like incorrect gem valuations or flawed custom designs. NEXT follows closely at $58 monthly, giving jewelry business owners another affordable option.

Simply Business has the most affordable BOP insurance for jewelry stores at $26 monthly, saving jewelers $13 compared to the $39 industry average. For jewelry shop owners seeking comprehensive protection without paying for separate policies, this 33% savings makes financial sense.

In general, jewelry business insurance costs are the following for the four most popular coverage types:

• General Liability: $41 on average per month, ranging from $35 to $54, depending on the state
• Workers' Comp: $30 on average per month, ranging from $26 to $35, depending on the state
• Professional Liability (E&O): $61 on average per month, ranging from $52 to $72, depending on the state
• BOP Insurance: $39 on average per month, ranging from $33 to $45, depending on the state

Jewelry businesses experience unique risks managing high-value inventory, customer property and specialized operations like repairs and appraisals. Understanding your jewelry shop's insurance needs starts with mandated coverage, then adds specialized protection for your precious inventory before considering additional policies based on your specific operations.

• Workers' Compensation Insurance: Required in most states if you employ staff, this coverage handles medical costs and lost wages when your bench jeweler gets burned during soldering, your sales associate injures their back lifting inventory or employees experience trauma during robberies. Most jewelry shops need $500,000 to $1 million in coverage per occurrence.
• Jewelers Block Insurance: This specialized coverage protects your diamond rings, gold bracelets and gemstone inventory from theft, fire and mysterious disappearance both in your display cases and during transit to trade shows or bank deposits. It covers inventory in your vault, show windows and shipments, with most jewelers insuring 80% to 100% of replacement cost.
• General Liability Insurance: Protects your jewelry store when customers slip on your freshly polished showroom floor, you accidentally damage a client's heirloom during repairs or someone claims your marketing copied their designs. Jewelry retailers carry $1 million per occurrence and $2 million aggregate limits.
• Commercial Property Insurance: Covers your storefront, display cases, engraving machines and cleaning equipment when fire, storms or vandals strike your shop. Standard property policies exclude fine jewelry and precious metals, which is why you need jewelers block insurance as your primary inventory protection.
• Business Owner's Policy: Bundles general liability, commercial property and business income insurance at lower rates than buying separately. Most BOPs for jewelry stores cost $1,500 to $2,000 annually, though they cap jewelry coverage around $2,500, requiring jewelers block for your valuable inventory.
• Professional Liability Insurance: Guards against claims when you appraise an estate piece incorrectly, misgrade a diamond's clarity or make errors setting a customer's precious stone. Jewelers offering design, repair or appraisal services should carry at least $1 million in coverage.
• Commercial Crime Insurance: Protects against employee theft from your safe, counterfeit payment schemes and robbery beyond what jewelers block covers. Essential protection given that jewelry retailers experience significant internal theft risks alongside external crime threats.
• Cyber Liability Insurance: Covers costs from data breaches exposing your bridal clients' credit card information and addresses stored in your customer database. Critical for jewelry businesses accepting online orders, processing in-store card payments or maintaining client wish lists digitally.

Getting business insurance for your jewelry business involves comparing quotes from multiple providers and matching coverage limits to your inventory value and specific operations.

Protecting your jewelry business requires specialized coverage like jewelers block insurance for inventory, workers' compensation and general liability for customer incidents. The Hartford leads in comprehensive coverage and service quality, while Simply Business offers the most affordable rates at $33 monthly. Compare multiple quotes annually to match your evolving inventory value and operations.

We answer frequently asked questions about jewelry business insurance:

We selected the best business insurer for jewelry stores based on the following criteria:

• Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better the company performs.
• Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
• Coverage (15% of score): We scored business insurance providers for this category based on the flexibility, payment and actual coverage options.
• Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely companies are to pay out claims compared to the competition.

All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:

• Three-person business with two employees
• Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
• $150,000 in payroll
• $300,000 annual revenue