jewelry repair handle a variety of repair services for their clients, including fixing new jewelry items. Most people who request repair work on their jewelry are bringing in antique or precious items with sentimental value, not to mention often high financial value. This increases your business risk due to the potential of damaging their precious heirlooms or having the items stolen from your shop. Therefore, you should get jewelry repair business insurance in case something like this occurs.
Since there are many risks associated with jewelry repair business, there are also many insurance policies needed to cover each risk. The following are the most important types of jewelry repair business insurance to consider purchasing for each of your probable risks.
General liability insurance includes personal injury, completed operations, and products liability. If a customer trips over box of items to be repaired and is consequently injured in your store, you’ll likely have to pay their medical costs or be sued for damages. If you perform repair services on an antique necklace and cause more damage accidentally, that is also something you may be responsible for. General liability helps to cover these types of risks and more.
Business auto insurance is a type of auto insurance policy used for company vehicles. When picking up tools and equipment for your repairs or delivering finished products to the customer, you are on a business errand. If you have business auto insurance during this errand and get into collision with another vehicle, the damage to your car and theirs is covered according to your policy. Many auto insurance policies also cover theft, vandalism, and bodily injury.