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Jewellery Appraiser Insurance

Jewellery Appraiser Insurance - ALIGNED Insurance brokers of Canada
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As a jewellery appraiser, you have to be able to accurately determine the value of a piece of jewelry. Identifying a stone and evaluating its quality is part of the job, and you have undoubtedly trained extensively to be able to do so. Your clients are often having pieces appraised for insurance purposes. You also need insurance as a Jewellery Appraiser to ensure you are protecting yourself and your business from potential harm. 

When do Jewellery Appraisers Need Insurance?

Jewelry Appraiser Insurance
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The jewellery business has always been a target for crime, and jewellery appraisers are not exempt from this. Not only do you have high-value inventory in your possession during appraisals that could be damaged, but you could also be at risk from theft by unscrupulous staff or others. In addition, there are several other areas of risk involved in being a Jewellery Appraiser. Here are some coverages that should be considered for any Jewellery Appraiser: 

Commercial Property Insurance – basic property insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. You can also buy a standard policy with coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions and vehicles that damage your property. Beyond this, coverage for vandalism and malicious mischief can also be included.

Crime Insurance – also known as fidelity insurance – is a necessity for any jewellery appraiser, as mentioned above. Not only do you need to protect the physical inventory you have in your possession from both employee and other theft, you also need to guard against such things are forgeries or frauds as well. Here is more information about employee theft insurance.

General Liability Insurance also called CGL insurance, provides coverage for injuries, bodily harm, and property damages occurring to a third party during your business operations. It can also cover claims of advertising injuries, such as libel, slander, and more. As well, it often includes:

  • Products Liability Insurance – covers liability for bodily injury or property damage incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufactured.

Umbrella Liability Insurance is a good idea for Jewellery Appraisers. It would activate in the event that regular coverage is exhausted and could apply for highly valuable pieces. Learn more about umbrella liability and how it works here.

Professional Consultant Insurance comes into play when appraising jewellery because your work can often be considered a legal document for estate planning or divorce purposes. If your professional opinion on the value of a piece of jewelry is found to be incorrect, you could face damages related to litigation.

Another coverage that Jewellery Appraisers should consider is Cyber Liability Insurance to protect you in the event of a data breach or loss. If your customers’ private jewellery value information is compromised by a hacker, it could put your business at risk. 

When Would You Need Insurance as a Jewellery Appraiser? 

If a piece of jewellery you are appraising is damaged or stolen during the appraisal process, you need to be covered for its value. 

If one of your staff makes an error about a type of stone included in a jewellery piece and overestimates its value, you could be put at risk if the error is later discovered and a claim is made against your company. 

If an employee steals a piece of jewellery you are in the process of appraising and is not heard from again, you must be covered for this loss or risk significant financial losses.

Contact an ALIGNED business insurance broker for a free quote and to discuss your needs now.

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