Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Texas Jewelry Store Insurance
Texas Jewelry Store Insurance. Jewelry stores can offer either high-value precious jewelry or low-value costume jewelry. Operations that sell precious and semi-precious jewelry often offer additional services such as jewelry and/or watch repair, jewelry manufacturing, resettings, and sizing, as well as custom designed jewelry. The store may be independent or part of a regional or national chain.
From jewelry cleaning, resetting and repair services, to selling a wide range of earrings, necklaces and rings, jewelry stores are an important part of our economy. The industry generates approximately $34billion in revenue. A jewelry store can be a very profitable venture, with proper running and management. Therefore, if you own a jewelry store, you need to put the right measures in place, to protect your business.
Apart from protecting your business, you also need to secure Texas jewelry store insurance, to provide coverage to your business, in case of accidents, thefts and property damage.
Texas jewelry store insurance protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Do You Need TX Jewelry Store Insurance?
Jewelry stores deal with easily portable and highly valuable merchandise. Due to the nature of their inventory, they face increased risk of loss and theft. Most business insurance policies and companies, tend to shy away from jewelry store coverage. This makes it a challenge when you try to obtain Texas jewelry store insurance coverage for your jewelry store, through regular commercial insurance channels.
Due to such considerations, some insurance companies offer something known as jewelers block insurance. This form of insurance provides jewelers with a specialized form of coverage. With the high risks in this industry, most companies that provide insurance to jewelry store owners require them to adhere to strict risk management guidelines. If you fail to follow basic anti-theft and safety protocols, the insurance company might cancel your policy. It is always advisable to work with an agent, who will assess the requirements of insurance companies that cover jewelry stores.
Standard Commercial Insurance Policy Cover
If you operate a TX jewelry store, then you definitely have to buy commercial insurance coverage. You will also require standard business insurance policy. A standard business insurance policy comes with the following coverages:
- Property Insurance: This one provides compensation during damage or loss to the business property housed in your store, apart from the jewelry products. Some of the covered properties include display cases, decor, machinery, signage, computers and cash registers.
- Commercial General Liability Insurance: This provides coverage for legal defense fees, court costs, as well as financial damages, in a situation where your store is named in a liability lawsuit. Some of the aspects covered under this liability insurance includes coverage for injuries or property damage suffered by 3rd parties, when they are in your premises (like slip and fall), optional coverage in case of a faulty product sold to a customer, which causes illness or injuries. It also provides coverage in case of libel or slander. If a 3rd party accuses an employee or someone representing your store for slander or libel, then you might face a financially draining lawsuit.
- Business Income Insurance: This provides you with a continued source of income, in a situation where your shop incurs heavy damages from a disaster, forcing you to close it for a long period. With income obtained from this insurance, you can manage to pay all salaries owed to your employees as well as monthly expenses incurred when the store is under repair. This coverage can last for a period of up to 12 months.
- Equipment Breakdown Insurance: Most jewelry shops have lots of expensive machinery, which are used for various activities like cleaning jewelry, engraving as well as creating jewelry. With this coverage, you will get the necessary dollars needed to undertake repairs, when your equipment breaks down.
Jewelers Block Insurance
Also known as jewelers standard insurance, jewelers block insurance is a policy program specifically designed for TX jewelry store owners. This policy package supplements your commercial insurance policy as it provides the required coverage that conventional policies will not. You should work with an insurance agent, who will help you find the right provider. This insurance provides coverage for various items including coverage for your merchandise, cash and trade show coverage.
Other Forms of Jewelry Store Insurance
Apart from the above listed Texas jewelry store insurance packages, there are other types available for jewelry store operators. These include TX workers compensation insurance, employment practices liability insurance, and employee dishonesty insurance, among others.
Texas Jewelers Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor covering must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, adequate lighting and appropriate security for the area must be present.
Personal injury exposures are from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure for this type of operation is normally low.
Workers compensation exposure is from lifting, which can cause back injury, hernias, sprains, and strains and from slips and falls. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Additional exposures are from cuts and burns in the manufacturing or repair operations. There may be chemical exposure with the potential for eye, skin, or lung injuries. In any retail business, hold-ups can occur. Employees should be trained to respond in a prescribed manner.
Property exposures can be high if the operation is involved in repair, manufacturing, or resetting. Hazards result from the heating or soldering of metals, and metal forming or setting. Electrical wiring should be maintained and meet current codes for the occupancy.
While the values on hand may be substantial, the inventory is excluded from coverage under the property form. Instead, it is covered under a jewelers block form as inland marine. Furnishings, gift items and stock other than jewelry may be included in either the jewelers block policy or on the property coverage form.
Business interruption is a concern because sales may peak at particular times during the year. Equipment and stock may be difficult to replace quickly.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. Receipting, inventory monitoring, and regular auditing are important.
Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises. Any travel with expensive items should be tightly controlled.
Inland marine exposure comes from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, jewelry, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. Some jewelers will have fine arts such as paintings or sculptures.
A jewelers block policy is specifically designed to protect the jewelry, precious metals, and precious or semi-precious gems owned by the jeweler and customers' jewelry that is being cleaned, repaired, reset, or redesigned. Security measures are a must because of the high theft potential. Vault security is critical along with accurate tracking of customers' items.
Other considerations are the number, type and size of safes or vaults. If there are any window displays, there must be adequate theft or crime controls. There should be physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Business auto exposure is generally limited to hired and non-owned for employees running errands. If the store provides pickup or delivery services, anyone who drives an insured vehicle must have a valid license and acceptable MVR. Vehicles must be regularly maintained with records kept.
TX Jewelry Store Insurance
Purchasing Texas jewelry store insurance can be a complex process, especially when you factor in the specialized nature of this business. The good news is that you just have to work with a professional insurance broker that will take you through the various coverage options and help you find competitively priced policies, for all the coverages you need.
Texas Economic Outlook & Requirements For Commercial Insurance
If you are considering opening up a business in the Lone Star State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
Economic Outlook For The State Of Texas
In terms of the economy, Texas offers fantastic news for those who are thinking about starting up a business in this state. That's because the Lone Star State has the second largest economy of all 50 states in the nation. The gross state product is valued at an estimated at over $1.706 trillion in 2019. In 2015, the state was the headquarters for six of the top 50 Fortune 500 companies.
As expected, several industries contribute to the economy of Texas. One of the most notable industries is agriculture. In fact, this state has the highest production of cattle, sheep, and goat products. It is also the largest producer of cotton and cereal crops. Other crops that this state is famed for include cantaloupes, watermelons, and grapefruits.
Other leading industries in the State of Texas include:
- Computer Technology
If you are considering going into business in TX, having an operation in any of these industries will likely afford you success.
Commercial Insurance Regulations For Business Owners In TX
The Texas Department of Insurance regulates is the main insurance regulatory agency in the Lone Star State. Texas is quite lenient when it comes to insurance requirements for business owners. In fact, there is only one type of insurance that business owners are legally required to carry, and that is commercial auto insurance. If you are planning on using a vehicle for anything related to your business, whether it's making deliveries, transporting goods, or meeting with clients, you must have a commercial auto insurance policy.
While Workers' Compensation coverage is required in every other state, in TX, is it not mandated; however, if you decide not to carry this type of coverage, you will be required to offer your employees some type of incentive package in the event that the do become injured or develop a work-related illness.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
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