Why do wholesale jewelry distributors need business insurance?
Valuable inventory means high risks. A burglary at a storage unit or a lawsuit over shipping delays could devastate your small business. Insurance for wholesale jewelry suppliers helps you survive theft, lawsuits, injuries, and accidents. It also provides peace of mind for you and your clients.
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Insureon helps wholesalers in the jewelry trade find insurance quotes that match their unique risks.
Get free expert advice and peace of mind knowing you have the right property and liability coverage for your small business.
What types of insurance do jewelry wholesalers need?
These policies cover the most common risks in the jewelry industry.
General liability insurance
This insurance policy covers basic jewelry wholesaler risks, such as customer property damage and injuries. Bundle it with commercial property insurance for savings in a BOP.
- Slip-and-fall accidents
- Damaged customer property
- Product liability insurance
Workers’ compensation insurance
Most states require workers' comp for jewelry wholesalers that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
- Employee medical costs
- Disability benefits
- Employee injury lawsuits
Business owner’s policy
A BOP bundles commercial property insurance and general liability insurance at a discount. Add a jewelers block policy to cover jewelry, precious stones, and precious metals.
- Customer injuries
- Inventory damage or theft
- Business interruption incidents
Commercial umbrella insurance
Once a policy’s limit is reached, umbrella insurance boosts coverage on a jewelry wholesaler’s general liability, commercial auto, or employer’s liability insurance.
- Customer injury lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial auto insurance
Commercial auto insurance for jewelry wholesalers can pay for property damage and injuries in an accident. It can also cover vehicle theft, weather damage, and vandalism.
- Vehicle accidents
- Vandalism and theft
- Weather damage
Cyber insurance
This policy helps jewelry distributors and wholesalers recover from data breaches and cyberattacks. It's recommended for any business that stores customer data.
- Customer notification costs
- Credit monitoring services
- Data breach investigations
How much does insurance cost for wholesalers?
A jewelry wholesaler with only a few employees can expect to pay less for insurance than a larger business.
Factors that affect the cost of wholesaler insurance include:
- Wholesale products and services offered
- Business property and equipment
- Additional coverage purchased, such as jewelers block insurance (a type of inland marine insurance)
- Policy limits and deductibles
How do I get jewelry wholesaler insurance?
It's easy to get business insurance and surety bonds for jewelry wholesalers and jewelry retailers if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your wholesale jewelry business, whether you work independently or hire employees.
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