The Clarity Blog

Why Non-Retail Jewelry Businesses Should Have an Umbrella Policy

on Aug 18, 2015 1:47 PM

Jewelry wholesale and manufacturing businesses may think they don’t need umbrella liability insurance to protect them against high-dollar lawsuits. After all, non-retail jewelry businesses have much less worry about customer foot traffic in their business facility, so their liability risks ought to be much less, right?

Unfortunately, this is not always the case.

Why Non-Retail Jewelry Businesses Should Have Umbrella Coverage

Jewelers Mutual’s Commercial Umbrella Insurance is designed to protect against potentially enormous financial risks to businesses: high dollar liabilities and the soaring costs of litigation.

Like other insurance companies, Jewelers Mutual provides liability protection up to a certain limit — in this case, up to $1 million — via a business owners insurance policy. But in today’s highly litigious society, and with increasingly hefty lawsuit awards handed down by plaintiff-sympathetic juries, that limit often is not enough.

Without an Umbrella policy to protect against litigation costs and high dollar liabilities, your being sued for more than $1 million could bankrupt your business if you lose in court.

The risk applies to non-retail jewelry businesses, as well. Consider product liabilities, someone getting injured or killed on your property, a problem with your facility affecting a neighboring business or residence, an automobile accident related to your business activities, and a host of other scenarios.

The risks are real … but with the protection of Jewelers Mutual’s Commercial Umbrella Insurance, you can feel more confident about your business’s ability to withstand a high-stakes legal action against it.