Clarity Matters. Buying insurance for jewellery stores in Canada
High value can mean high risk. Manufacturing, wholesaling and/or retailing jewellery in Canada involves a complex supply chain to get products from raw materials into the hands of consumers. There are countless details that owners of jewellery stores need to keep on top of in order to succeed. It may be the latest designer trends, changes in consumer tastes and demands or simply having popular sizes in stock during proposal season. Whatever the detail, you need to have every facet covered.
This is why if you’re buying insurance for jewellery stores in Canada you have come to the right site. This article provides some valuable insights about common insurance coverages as well as a downloadable application for jewellery store insurance.
Read on to learn more about what you need to know when buying insurance for a jewellery store in Canada.
Coverage matters | 3 steps to get insurance for jewellery stores in Canada
As an owner or store manager, you make a multitude of decisions each and every day. Simplifying the insurance buying process is something that ALIGNED brokers are known for. We help our clients across Canada connect with the best insurance options – whether it is a retail, wholesale or manufacturing business.
To help connect you quickly to jewellery store insurance we’ve streamlined the process. The link to our easily downloadable insurance for jewellery stores application form is right here. All you need to do is:
- Click and download the Jewellery Stores Insurance Application
- Answer all questions and complete the form (note: the PDF is optimized for electronic input)
- Sign and send the completed application to us at quotes@alignedinsurance.com
What Does Jewellery Insurance in Canada Cover?
While costs and specific coverages of a Jewellery Insurance plan in Canada will be different for each jewellery store based on their own unique circumstances, there are basic coverages that no Jewellery Insurance plan in Canada should be without. We’ve listed three of them below. Click on the link for more information on each.
Commercial Property Insurance
This is one of the most important coverages for jewellers in Canada and an absolute necessity. In fact, if you have a loan with a bank or other lending institution or have consignment agreements with suppliers, you already know that one of the conditions of those contracts is that your property is insured. If your jewellery store suffered a break-in, robbery, fire, flood, gas leak/explosion or other peril, being uninsured would be financially and emotionally devastating to you and would cause a major loss for your lenders and suppliers. In case of peril, Commercial Property Insurance can cover your:
- Building and other business structures whether leased or owned
- Inventory
- Buillon
- Money and securities
- Business records
- Tools and equipment
- Computers, phones, tablets and other devices
- Payroll
- Display cases, furniture, office supplies
For a jewellery store in Canada, Commercial Property Insurance is essential but you may also need Business Interruption coverage as part of your Jewellery Insurance plan. We’ve gone into more detail below but basically Business Interruption coverage can help you stay on top of your expenses if your jewellery store is closed due to peril.
Commercial General Liability Insurance
This is the insurance coverage that protects jewellery merchants, and other businesses, from lawsuits alleging that their products, services or business practices caused personal injury or property damage. Because of the high-value nature of the jewellery industry, there is the potential that a customer claims they slipped, fell and injured themselves on your property in the hopes of a generous payout. Whether the case is legitimate or not, it still needs to be defended by a legal services professional and the costs of defending a lawsuit could start quickly piling up. Commercial General Liability coverage as part of a Jewellery Insurance plan in Canada can cover you for:
- Legal fees and defence costs
- Settlement costs
- Awards for damages
Crime Insurance / Employee Dishonesty Insurance
Unfortunately, jewellery retailers are popular targets for crime and often the threat comes from the inside. You may have done your due diligence in screening your staff and putting security measures in place, but jewellers across Canada who do the same still fall victim to theft and fraud. Your Jewellery Insurance plan should include Crime / Employee Dishonesty coverage as you can’t afford to take chances with your cash, financial instruments and inventory. This type of coverage can protect you against:
- Employee theft
- Disappearance or destruction of cash and other valuables while in transit
- Forgery
- Counterfeit currency and money orders
- Credit card fraud
These are just a few of the crimes that Crime / Employees Dishonesty coverage can protect your jewellery business from. For the full list, and for more information on how this coverage works, click on the link above.
Insights | Completing an insurance application form
Because clarity always matters, here’s a preview of some of the standard information insurance companies expect when building a quote for a jewellery store.
- Location – the physical, bricks and mortar location of the business.
- Longevity – how long has the business operated at the location you are insuring and elsewhere.
- Hours of operation – what are the standard hours you are open for business.
- Employees – the number of employees who work for your business. Specifics around employment tenure as well as how many employees work on your premises during business hours as well as during opening and closing hours.
- Losses – detailed information about all losses that your business has experienced in recent years. This includes the date, amount and nature of the loss for both insured and uninsured losses.
- Affiliations – are you a member of Jewellers Security Alliance?
Beyond displays, inventory and premises risk | Understanding business interruption
The Insurance Bureau of Canada – IBC – provides detailed information about coverage options for businesses. In IBC’s “Business Insurance & You” resource, what you need to know about business interruption is set out.
IBC explains exactly what a limited (or earnings) form of business interruption insurance means. “A limited form pays only until the damage is repaired or the property is replaced. As soon as your business resumes, the policy stops paying, even if you haven’t yet regained your previous level of earnings.
For example, if you are forced to be out of business for several months, your competitors may snap up some of your customers. As a result, when your business starts up again, you may not be operating at the same level as you were before the shutdown, but your insurance will have stopped paying.
There may also be limits on the amount of time your business is covered and the amount your insurance will pay in any one month. Although these types of limited form policies are less costly, they may not provide adequate coverage to meet your needs.”1
Business insurance is our speciality | Why Canadian businesses choose to buy insurance from ALIGNED
Working with a team that is dedicated to business insurance is important when you are looking to get a quote for jewellery store insurance. Our team consists of people who are experts in commercial insurance placement.
ALIGNED Insurance brokers work exclusively to meet the needs of Canadian businesses. We know what questions to ask and what details are the most important when it comes to ensuring a retail business. If you are looking for more choice, value and clarity with your jewellery stores insurance, it is time to talk to an ALIGNED broker.
