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Understanding the Importance of Jewellery Block Insurance

By Maria Hickey on September 27th, 2023

For jewellery shop owners, protecting your business against unforeseen risks is crucial. One of the best ways to protect your enterprise is with comprehensive jewellery shop insurance

This type of policy is specially designed for jewellery businesses, covering you against a range of risks and hazards, including theft, damage and business interruption. With the right jewellery block insurance, you can rest assured that your business is fully protected.

What is Jewellery Block Insurance?

A jewellery block insurance policy, also known as jewellery protector insurance, provides protection for all the precious items and stock within your business. This includes jewellery, watches, gemstones, and other high-value objects. 

Unlike standard business insurance, a jewellers block policy is tailored for the specific risks facing jewellery companies. It covers you against things like:

  • Theft, burglary, or robbery
  • Accidental loss or damage
  • Fire, flood, or other disasters
  • Transit damage while transporting jewellery

In the event of any jewellery loss due to any of these things, the insurer will provide compensation up to the agreed values in your policy. This can cover both the cost of the items lost, as well as other types of monetary damage.

Why Jewellery Insurance is Crucial 

There are several key reasons why dedicated jewellery shop insurance is so important:

1. High value items

The stock and merchandise in a jewellery business is often worth significant sums of money. Individual pieces can be extremely valuable. Without adequate insurance, a single incident could cause major financial damage or financial loss.

2. Customised coverage

Standard business policies may not provide sufficient protection for all the risks facing a jewellery enterprise. Jewellers block insurance offers tailored coverage for the unique needs of your trade.

3. Wider protection

As well as covering the value of lost or damaged jewellery, a jewellery protector policy also covers things like transit damage during deliveries, employee theft, and business expenses if the shop must close temporarily after an incident. 

4. Reassurance

Knowing your business is comprehensively covered provides peace of mind and allows you to confidently operate on a daily basis. This provides an added layer of assurance against economic setback if disaster did strike.

Key Features of Jewellery Insurance

Jewellers block insurance policies offer a breadth of coverage to fully protect your business. Some key features include:

  • All risks cover – You’re covered for accidental loss or damage from any cause unless specifically excluded. This provides extensive protection for your valuable objects and treasures.
  • Full replacement value – You’re reimbursed for the full current cost to replace lost or damaged jewellery, not just its original value. This prevents you from suffering a reduction in value.
  • Worldwide cover – Your policy protects jewellery wherever it is, including while on display at exhibitions or when lent to customers. 
  • Stock cover – All jewellery and precious stock used for your business is protected under a single agreement.
  • Transit cover – Damage or loss that occurs while transporting jewellery is included.
  • Temporary removal – Jewellery still covered while temporarily removed from your shop for cleaning, repair etc. 

Understanding the Policy and Claim Process

Insuring your jewellery business is more complex than standard insurance. It’s important to fully understand your jeweller’s block policy and potential claim process. 

  • Get the right valuation – Accurately valuing your stock is crucial for sufficient cover. This should be done independently by a specialist.
  • Review security requirements – Insurers normally require certain security standards to be in place, such as CCTV and approved safes.
  • Understand exclusions – Be clear on what circumstances or loss of funds won’t be covered to avoid surprises.
  • Know the claims process – What you need to do in the event of a claim, such as police reports and proof of valuations.
  • Regularly update values – Request new valuations annually as stock levels change to ensure adequate cover.

Get Jewellery Shop Insurance at Brisco

Protecting your jewellery business with a tailored insurance policy gives you security and confidence. Brisco Business offers comprehensive jewellery shop insurance to fully protect your enterprise. Contact our jewellery insurance experts to discuss your specific business needs and to get a quote. Our experienced team will find you the right coverage plan to protect your company and provide peace of mind.

Maria Hickey

For more than 20 years, Maria has worked in the insurance sector and has extensive underwriting and customer service expertise. Maria is an experienced Senior Underwriter with a particular specialism for shop, office and surgery related insurance.

All articles by Maria Hickey

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