In the physical world, there is nothing quite as enchanting as jewels. They sparkle, they shine, and the just create a sense of awe. It’s no wonder why precious gemstones are so highly regarded. And it’s not just gemstones that are beloved; people love precious metals just as much, including gold, silver and platinum.
If you own a jewelry store, it is likely that you are as enchanted by the baubles that you sell as your customers are. It’s also likely that there are many would-be customers who are as enthralled with your products as your customers are – and as you are.
The Jewelry Store Alliance has reported a number of statistics that should be cause for concern for jewelry store owners, including the following:
- The total amount of money lost as a result of crimes against jewelry firms in the US increased from $66.5 million in 2013 to $77.8 million in 2014. Though the total number of crimes decreased by 2.3% from 2013 to 2014, the number of dollars lost increased. The reason for this is due to the fact that the number of high-dollar robberies increased in that one year period.
- The number of smash-and-grab robberies increased between 2013 and 2014 – from 422 to 694.
- Between 2013 and 2014, the number of arrests between 2013 and 2014 increased by 64.5%. The rise in arrests was largely due to the dedication by the FBI and local police, who investigated the operations of major gangs who participated in criminal activities between 2013 and 2014, including jewelry thefts.
Given these statistics, if you own a jewelry store, insurance is critical.
Why Insurance is Critical for Jewelry Store Owners
There are a number of reasons why insurance is so important for jewelry store owners, including the following:
- Covers the loss of inventory. In the event that there is a theft or inventory is lost, insurance will cover the cost of lost inventory. Without insurance, you could end up paying tens of thousands of dollars out of your pocket for stolen property.
- Shipment coverage. If you ship products, insurance will protect the inventory that you send out to customers while it is in transit. It is not uncommon for goods to go missing while they are in transit.
- Protect customer’ items. If you offer a cleaning or repair service, insurance will protect your customers’ jewelry while it is in your care. Should your customers’ items become damaged, lost or stolen, insurance will protect you from having to pay out-of-pocket.
This is just a small list of the importance of jewelry store insurance.
If you own a jewelry store, insurance is an absolute necessity to protect your business, as well as the goods and services that you provide.
BOLT Insurance Agency provides business and personal insurance solutions. Call us today at 1-800-216-4171 to learn more.