How much does it cost to insure a jewelry store?
I am doing a fairly in depth project for school and I need to find out how much it costs to insure a small retail jewelry store. Obviously it depends on allot of things but for the purpose of this project I just need a rough number. Thanks!
Where is it located
How many square feet
Value of inventory
Amount of risk on inventory you are willing to accept
How much liability coverage
How much liability exposure are you willing to accept
Talk to a good insurance agent about this
The answer depends largely on the value of the inventory. There are fairly standard valuations used for property such as the building (which may be independently insured by the lessor) and other standard equipment such as display cases, stocking equipment, POS terminals, etc. These would be similar from store to store. The largest insurable value would be the jewelry itself, which would vary widely from store to store.
Because the value of the inventory would probably dwarf that of the other items, I’d just estimate that value then figure on a monthly premium equal to 3% of that. A quick call to a local insurance company would probably get you a more accurate estimate based on current actuarial conditions.
References :
Where is it located
How many square feet
Value of inventory
Amount of risk on inventory you are willing to accept
How much liability coverage
How much liability exposure are you willing to accept
Talk to a good insurance agent about this
References :
retired cpa