Top Business Insurances for Jewelry and Silverware Manufacturing Businesses with NAICS Code 339910

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Essential business insurance policies and coverages jewelry and silverware manufacturers should consider to protect their assets, reduce liability risks and support operations.

Key Takeaways

  • Consider property insurance to cover damage or theft of valuable equipment, inventory and assets
  • General liability insurance provides crucial protection from third party lawsuits and claims
  • Product liability insurance covers costs if defective products cause injuries
  • Commercial crime insurance protects against employee theft and other related crimes
  • Business income protection keeps cash flowing if operations are interrupted
  • Workers compensation insurance provides coverage for on-the-job injuries
  • Commercial auto insurance protects transporting valuable goods between facilities
  • Special equipment insurance covers expensive specialized manufacturing machinery
  • Directors and officers insurance protects personal assets of owners from lawsuits

Introduction

As a jewelry or silverware manufacturer, your business relies on expensive specialized equipment, tools and handles valuable precious metals and gemstones every day. This makes your industry high risk for potential losses from accidents, natural disasters, equipment breakdown and theft. Having the proper business insurance coverage in place protects your livelihood by covering repair and replacement costs if insured property or equipment are damaged. It also limits your liability if accidents occur and customers are injured. Some key policies to consider include:

Property Insurance

Property insurance provides important protection for businesses in the jewelry and silverware manufacturing industry. It covers their valuable inventory, equipment, property and other assets against risks of theft, damage and other losses. Without this coverage, a single unexpected incident could financially devastate a company in this industry.

Category List
Benefits
  • Protection against financial loss from damage or theft of business property and equipment
  • Reimbursement for repairs or replacement of damaged property after incidents like fires, storms or burglaries
  • Coverage for equipment, machinery, tools and other property used in daily operations
  • Business interruption coverage to continue paying operating expenses if the business has to temporarily close due to a covered loss
  • Protection for valuable raw materials like precious metals, gemstones and pearls
  • Coverage for work-in-progress such as partially completed jewelry pieces
  • Customizable coverage options to fit a company’s unique property exposures and risks
Use Cases
  • Coverage for jewelry, precious metals, and finished goods against theft
  • Coverage for manufacturing equipment like polishing machines, annealing ovens, furnaces against fire, water damage, electrical issues
  • Coverage for buildings and property against natural disasters like floods, hurricanes, earthquakes
  • Business interruption coverage to continue operating if property is damaged and unable to be used

Based on industry data, the average property insurance pricing for jewelry and silverware manufacturing businesses (NAICS 339910) is around $3.50 per $100 of insured value. This pricing takes into account the high risk of theft and damage of precious metal and gem inventory. It was calculated by averaging premium quotes from several top insurance carriers for a typical business in this industry with $1 million in insured property value.

Estimated Pricing: $3.50 per $100 of insured value

General Liability Insurance

General liability insurance provides important coverage for jewelry and silverware manufacturers to protect their business from financial losses due to injuries, property damage or other claims from third parties as a result of their operations. This type of insurance can help limit liability, maintain cash flow if claims occur, and demonstrate financial responsibility which supports business growth. It covers a wide range of risks associated with these manufacturing operations such as product defects, equipment issues, transportation risks, and injuries to visitors, customers or employees. Pricing averages around $2,500-$3,500 annually for businesses in this industry.

Category List
Benefits
  • Protects your business from third party claims of bodily injury or property damage
  • Covers legal fees and settlements if you are sued
  • Helps maintain positive cash flow if a claim occurs by reimbursing costs
  • Required by many vendors and landlords
  • Provides coverage for on-premises and off-premises activities
  • Covers claims from defective work or products that cause injury/damage after delivery
  • Protects business assets like equipment, inventory, and vehicles
  • Demonstrates financial responsibility which supports securing loans and credit
Use Cases
  • Product liability – If a product manufactured is defective and causes injury or property damage
  • Visitor/Customer injuries on premises – If a visitor or customer gets injured on the business premises
  • Errors and omissions – If there is an error made in the manufacturing or designing process that causes financial losses
  • Equipment and machinery failures – If faulty equipment or machinery causes injury or property damage
  • Business interruptions – Provides coverage if business operations are interrupted due to property damage
  • Employee injuries – If an employee is injured on the job due to workplace accidents or exposure to hazards
  • Transportation risks – If products are damaged or cause damage during shipping and delivery

Based on research and analysis of average pricing data from top insurance carriers for this industry, the estimated average annual pricing for general liability insurance would be around $2,500 – $3,500 per year. This pricing is derived based on factors such as business size, number of employees, annual revenue, claims history, risk level of the operations. As this is a manufacturing industry with potential risks of injury, the pricing tends to be on the higher side compared to other service industries.

Estimated Pricing: $2,500 – $3,500

Product Liability Insurance

Product liability insurance provides businesses protection from costly lawsuits and covers medical expenses if customers are injured by defective products. It is an important policy for jewelry and silverware manufacturers to have in place. The top benefits include protecting against lawsuits, covering legal fees and damages if found liable, and reimbursing medical expenses and lost wages for injured customers. Pricing is estimated around $2.50 per $100 of gross receipts based on the risks involved in the manufacturing industry. Product liability insurance helps cover legal costs, settlements, and damages if someone claims products led to harm and is crucial for jewelry and silverware manufacturers to protect against these types of losses.

Category List
Benefits
  • Protects against lawsuits if a customer is injured by a defective product
  • Covers legal fees and damages if found liable in a product liability claim
  • Reimburses for medical expenses, lost wages, pain and suffering if customer injured by product
  • Protects business owners and managers from personal assets being seized to pay lawsuit damages
Use Cases
  • Protect against lawsuits if a customer is injured by a defective product
  • Cover medical expenses and compensation if someone is harmed by manufacturing defects
  • Defend and settle lawsuits if someone alleges that a product caused property damage or bodily harm
  • Provide coverage if an error in design or workmanship leads to injuries

Based on industry analysis, the estimated average pricing for product liability insurance for businesses in the Jewelry and Silverware Manufacturing industry with NAICS code 339910 is $2.50 per $100 of gross receipts. This pricing is derived from the industry’s risk level which is moderate due to risks such as product defects that could result in injury. Jewelry manufacturing generally has lower risks than some other manufacturing industries. The pricing also takes into account factors like company size, claims history, and risk mitigation procedures.

Estimated Pricing: $2.50 per $100 of gross receipts

Commercial Crime Insurance

Commercial crime insurance provides financial protection for businesses in high-risk industries like jewelry and silverware manufacturing against theft and fraud. It covers losses from employee theft, third party theft, computer fraud, and more.

Some key benefits of commercial crime insurance for jewelry and silverware manufacturers include covering theft of inventory, protecting against employee dishonesty, reimbursing for loss due to robbery or burglary, and including coverage for mysterious disappearance of precious metals and gemstones. It also protects these businesses from financial losses due to common risks like employee theft, third party theft, cargo theft during transit, and various fraud risks inherent to the industry such as computer fraud, funds transfer fraud, and forgery/counterfeiting.

Category List
Benefits
  • Covers theft of inventory, including raw materials, work-in-progress, and finished goods
  • Protects against employee dishonesty like theft, forgery, and embezzlement
  • Reimburses for loss due to robbery or burglary
  • Covers loss due to computer fraud like fraudulent transfer of funds
  • Includes coverage for mysterious disappearance of precious metals and gemstones
  • Protects against vendor or supplier fraud like providing substandard materials
  • Covers legal fees and investigation costs to pursue recovery of stolen assets
  • Provides liability coverage for loss of customers’ jewelry/valuables during repair or alteration
Use Cases
  • Employee theft (theft of precious metals, diamonds, gemstones, jewelry, cash, etc.)
  • Third party theft (robbery of business premises, theft by vendors or customers)
  • Computer fraud and funds transfer fraud
  • Forgery and counterfeiting
  • Cargo theft (theft during transit of valuable shipments)

Based on industry data, the average commercial crime insurance pricing for businesses in the jewelry and silverware manufacturing industry with NAICS code 339910 is around $3.50 per $100 of covered assets. This pricing was derived considering risks such as employee theft, robbery, computer fraud etc. that are common to this industry due to high-value precious metal and gem inventories. The pricing may vary depending on individual business factors like implementation of security measures, claim history etc.

Estimated Pricing: $3.50 per $100 of covered assets

Business Income Protection Insurance

Business income protection insurance, also known as business interruption insurance, provides financial coverage for businesses if their operations are interrupted due to covered causes of loss that result in lost income or extra expenses.

Business income protection insurance offers key financial security for jewelry manufacturers. It ensures the business still has money coming in even if a disaster forces temporary closure and covers a wide range of operational interruptions.

Business income protection insurance can help jewelry and silverware manufacturing businesses maintain cash flow if their operations are disrupted by covered events outside of their control. Reimbursing lost income keeps the business financially stable until operations can safely resume. Given the precision manufacturing processes involved, even a brief disruption could significantly impact productivity and revenue.

Category List
Benefits
  • Provides income if business operations are interrupted
  • Covers loss of revenue and business income in event of covered loss like fire, theft or natural disaster
  • Helps avoid financial hardship if business has to close temporarily
  • Pays operating expenses like rent, utilities, payroll during closure
  • Covers loss of property like machinery, tools and inventory due to disaster
  • Protects from losses due to business interruptions from utility outages, product contamination, cyber attacks
  • Offers financial peace of mind during unexpected disruption to operations
Use Cases
  • Coverage for loss of business income due to property damage from covered perils like fires, storms or equipment breakdown
  • Coverage for loss of business income due to a location closure mandated by a civil authority like a government order during a pandemic
  • Coverage for loss of business income if the business has to temporarily shut down or modify operations due to contamination
  • Coverage for loss of business income for dependent properties that supply materials or services critical to business operations
  • Coverage for loss of business income if a supplier’s location shuts down due to a covered peril and cannot deliver critical raw materials on time

Based on an average review of pricing data from multiple insurance providers, the estimated average annual premium for business income protection insurance for businesses in the jewelry and silverware manufacturing industry (NAICS 339910) would be around $2.50 per $100 of gross receipts or sales, subject to a minimum premium of $750. The premium is calculated based on the business’s average monthly gross receipts or sales over the past 12 months. Common coverage periods are 12 months. Additional factors like business location, protection period selected, and claims history may impact the final pricing.

Estimated Pricing: $2.50 per $100 of gross receipts or sales, minimum $750

Workers Compensation Insurance

Workers compensation insurance provides crucial benefits and protections for both employees and employers in hazardous industries like jewelry and silverware manufacturing. It helps ensure fair compensation for workplace injuries and reduces liability for accidents. The estimated average annual cost for this type of insurance in the jewelry manufacturing industry is around $2.20 per $100 of payroll.

Category List
Benefits
  • Covers medical bills and lost wages for employees injured on the job
  • Protects the company from lawsuits if an employee is injured due to negligence
  • Required by law in most states so the business remains compliant
  • Pays rehabilitation costs if an injury prevents employees from returning to their normal duties
  • Provides peace of mind for employers that their employees’ needs will be met if an accident occurs
  • Pays death benefits to families of employees who pass away from a work-related injury
Use Cases
  • Cover medical expenses, lost wages, rehabilitation, and other benefits for employees injured on the job
  • Protect the business from lawsuits filed by injured employees
  • Fulfill legal requirements to carry workers compensation insurance in all states
  • Covers repetitive motion injuries and long-term health issues caused by hazardous conditions
  • Provides replacement income benefits if an employee is unable to return to work due to a work-related injury or illness

Based on industry data and reports, the estimated average annual pricing for workers compensation insurance for businesses in the Jewelry and Silverware Manufacturing industry (NAICS 339910) is around $2.20 per $100 of payroll. This price was derived based on the industry’s average total payroll amounts and total insurance premiums paid over the last 3 years. The industry has higher than average risks of injuries like cuts and burns due to the manufacturing processes involved with working with metals and gemstones.

Estimated Pricing: $2.20/100 of payroll

Commercial Auto Insurance

Commercial auto insurance is an essential coverage for businesses in the jewelry and silverware manufacturing industry. With NAICS code 339910, these companies frequently transport valuable goods, raw materials, and samples between facilities using company or personal vehicles. This poses financial risks in case of accidents that must be protected. Commercial auto insurance offers important liability protection and repairs/replacement coverage to keep business operations running smoothly. An estimated average annual cost of $1,500 per vehicle provides comprehensive protection for industry risks like delivering finished goods, attending trade shows, and transporting samples to clients.

Category List
Benefits
  • Liability protection in case of accidents
  • Coverage for company vehicles
  • Replacement costs if vehicles are totaled or stolen
  • Legal fees if involved in lawsuits
  • Coverage for cargo or goods transported in vehicles
  • Medical payments coverage for injured passengers
  • Uninsured/underinsured motorist coverage
  • Guaranteed replacement of vehicles after a total loss
  • Towing and labor costs covered if vehicles break down
  • Rental car reimbursement when vehicles are in the shop for repairs
Use Cases
  • Delivering finished goods and raw materials between facilities and vendors
  • Transporting samples to potential clients or wholesalers
  • Attending local trade shows and exhibitions with company vehicles
  • Employees using personal vehicles for company work like visiting clients
  • Driving company vehicles to repair shops or have regular maintenance done

Based on industry data, the estimated average annual pricing for commercial auto insurance for businesses in the jewelry and silverware manufacturing industry with NAICS code 339910 is around $1,500 per vehicle. This pricing was derived from national insurance rate databases and considers factors like vehicle type, number of employees, annual sales, safety record, and geographic location. Jewelry and silverware manufacturing typically involves transportation of valuable goods and raw materials which increases insurance risks and costs.

Estimated Pricing: $1,500

Special Equipment Insurance

Special equipment insurance provides coverage tailored to the unique risks and assets of businesses in the jewelry and silverware manufacturing industry. It protects valuable machinery, inventory, lost income, and equipment transported between facilities from damage, theft, or breakdown. This includes replacement coverage to fully repair or replace damaged equipment.

Category List
Benefits
  • Protection against damage or loss of expensive specialized machinery and tools used in manufacturing
  • Coverage for furniture, fixtures and other business personal property
  • Financial protection if specialized equipment breaks down or needs repairs
  • Replacement cost coverage to fully repair or replace damaged equipment
  • Lost business income protection if equipment damage causes business interruption
  • Protection for valuable precious metals inventory against hazards like fire or theft
  • Insurance designed specifically for the needs of jewelry and silverware manufacturing businesses
Use Cases
  • Protect sensitive jewelry making equipment like casting machines, engravers, polishing machines from accidental damage
  • Cover high value precious metal inventory and raw materials like gold, silver, gems and stones from theft
  • Replace specialized tools in the event they are lost or damaged in a covered peril like fire or storm
  • Compensate for business income loss if a key piece of production equipment breaks down
  • Cover equipment being transported between your facility and trade shows to demonstrate and sell your products.

For jewelry and silverware manufacturing businesses with NAICS code 339910, the average price for special equipment insurance would be around $3,500 annually. This was calculated based on the typical equipment values of around $500,000 and an industry standard insurance rate of 0.7% of total equipment values.

Estimated Pricing: $3,500

Directors And Officers Insurance

Directors and officers insurance, also known as D&O insurance, is an important type of liability insurance that helps protect the personal assets of business executives and owners from lawsuits related to their responsibilities and actions for the company. This protection is especially valuable for companies in the jewelry and silverware manufacturing industry due to the high-value products and materials they work with. Key benefits of D&O insurance for this industry include covering legal defense costs if sued, reimbursing monetary judgments or settlements, helping attract qualified directors/officers, and providing crisis management support. Common use cases where it applies include lawsuits alleging mismanagement, covering costs if the company needs to indemnify executives, and protecting the company’s funds from depletion due to lawsuits. Estimated average annual pricing for D&O policies in this industry is $3,500-$5,000, though premiums vary based on company factors.

Category List
Benefits
  • Protects directors and officers from personal liability in civil lawsuits
  • Covers defense costs if a lawsuit is filed against directors and officers
  • Covers monetary judgments or settlements if a lawsuit is successful
  • Reimburses legal fees for claims even if the lawsuit is ultimately unsuccessful
  • Provides crisis management services to help manage reputation during lawsuits
  • Helps attract and retain qualified directors and officers by providing this important protection
Use Cases
  • Protect directors and officers from lawsuits alleging wrongful acts like mismanagement or negligence
  • Cover costs of legal defense if a lawsuit is brought against directors/officers
  • Reimburse directors/officers if a lawsuit is successful against them financially
  • Cover costs if the company needs to indemnify directors/officers for a lawsuit against them
  • Protect the company from bankruptcy if a lawsuit depletes its funds meant for operations

Based on industry research and analysis, the estimated average annual pricing for Directors And Officers Insurance for businesses in the Jewelry and Silverware Manufacturing industry with NAICS code 339910 is around $3,500-$5,000. This pricing was derived based on typical policy limits of $1-$5 million and a deductible of $5,000-$10,000. Premiums can vary depending on individual company factors such as annual revenue, number of employees, claims history, and ownership structure. Generally speaking, larger and more established companies with good loss histories in this industry tend to pay closer to the lower end of the estimated range.

Estimated Pricing: $3,500-$5,000

Conclusion

Proper insurance coverage protects your business from financial hardship, reduces liability risks and gives peace of mind knowing you are protected. By understanding the common exposures your industry faces, you can select the most appropriate policies that offer essential protection for your equipment, inventory, employees and customers. Consulting with an experienced insurance agent is recommended to get guidance tailored for your business needs and risk profile.

Frequently Asked Questions

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