Insurance for Jewelry Designers
Sue Fritz, Jeweler's Mutual Insurance

Most jewelry design businesses need insurance for 1) jewelry inventory, including stones, findings, raw materials, etc., and 2) business property and liability that covers your leased space or building (as applicable); building contents or business personal property such as furniture, fixtures, tools, equipment, patterns, molds and die; and liability for injuries or damage to another party.

Homeowners coverage
If your business is located in your home, contact your homeowners insurance agent. Inform your agent about your home-based business and ask about a business endorsement to your policy. This may be the least expensive option for a small, developing business. Without a business endorsement, however, your homeowners policy provides little or no coverage for your business. Also ask your agent about insurance restrictions or exclusions associated with a home-based business.

Be aware that your homeowners insurance company may deny coverage for a loss if you do not inform the company that you are operating a home-based business.

Protecting your inventory
As your business grows, you will need more specific coverage than is available under your homeowners policy.

Jewelers Mutual's Jewelers Standard policy provides a basic combination of coverages at an affordable price. A Jewelers Block policy is appropriate for designers who need higher travel limits (more than $25,000) or who exhibit at trade shows or exhibitions sponsored by trade associations (i.e., JCK, JA, SJTA) or a public authority.

Coverage highlights for these policies:
~ Inventory of jewelry stock for sale (valuation includes your cost for jewelry components such as stones, findings, and raw materials, as well as your time and costs for design and manufacture)
~ Memo goods
~ Customers' merchandise
~ Travel coverage (jewelry merchandise taken away from your business; also called off-premises coverage)
~ Deliveries
~ Exhibiting at shows sponsored by trade associations (JCK, JA, etc)
~ Exhibiting at home or private residence shows and parties
~ Exhibiting at art or craft shows, gift shows
~ Shipments
~ Express Mail via United States Postal Service ($25,000 coverage included at no charge)
~ Registered Mail via United States Postal Service ($50,000 coverage included at no charge)
~ FedEx/UPS or other carrier (available for additional premium)
~ Jewelry worn at social occasions and events: Automatic coverage up to your policy's travel limit
~ Jewelry worn while away from your insured premises: Up to the limit on your policy's declarations page.

Protecting your leased space, building, business personal property, and liability
This set of coverages is provided by a Businessowners Policy, which can be custom designed to fit your business needs.

Coverage highlights for the Businessowners Policy:
~ Building or leased space
~ Business personal property such as furniture, fixtures, tools, equipment, patterns, molds, models, dies
~ Loss of income when your business is interrupted by loss or damage to real or personal property caused by a covered peril, excluding theft
~ Liability coverage (for example, slip and fall, fire that damages neighboring businesses)
~ Chemical cleanup caused by accidental spilling of chemicals used in the normal course of jewelry operations
~ Accounting expense for loss of income claims
~ Appraisal equipment/master stones

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