Why do Gun Shops need business insurance?

The firearm industry and market are prominent in the United States. In fact, there are estimated to be more gun stores than grocery stores in the country. All these stores have to adhere to a high level of safety and security when selling rifles and pistols. But regardless of how big or safe a gun store is, they all have to contend with and manage the same risks: A customer or employee can injure themselves with a gun without even loading or firing it. Firearms are weighty and can do some damage if accidentally dropped on someone’s foot, for example. Ammunition that is poorly stored can be damaged and even cause some damage if they discharged due to heat. A loaded gun (usually not allowed if not on a shooting range) can off, injuring a customer or employee or even worse. Typical hazards of running a store like case of a customer tripping and falling or an employee being similarly injured while on the job. This is something all businesses and not just gun stores, need to be aware of. Typical criminal hazards like break-ins, vandalism, and robberies. Gun stores are more often targets of break-ins after hours, and firearm products are valuable to steal on account of the black market. Any weather or criminal damage to the building and property itself –businesses of any kind also have to consider this. Any mishaps or accidents that can occur on the store’s shooting range that customers may want to try before they buy or the local gun club is visiting.

How much does Gun shop insurance cost?

Gun stores typically are more expensive to insure than the average business. Selling something like a gun is simply riskier because of what they are capable of and also because of how much they are stolen. It’s a huge issue, too, with around 380,000 guns being stolen in the country per year. Of course, there are personal factors that affect how much business insurance costs, like the location and claims history.

Gun Store Insurance

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The biggest priority when running a gun store is safety for everyone –business owners, employees, and customers. Guns and ammunition on their own require specialized care and precautions. At the same time, they are valuable assets to gun shops, and their safekeeping plays the most significant role in the store’s success.

That’s one of many reasons why having good business insurance for gun stores is so significant other than simply for legal reasons.

Gun shop owners need to consider their locations' needs, employees, customers, and facilities, like a shooting range if they have one. It’s always possible that a gun store may require additional commercial insurance than the average business because of the risks involved.

Insurance Navy is no stranger to offering affordable and cheap commercial gun store insurance policies, even for operations with more risks than others.

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Why Gun shops need good business insurance coverage

The firearm industry and market are prominent in the United States. There are estimated to be more gun stores than grocery stores in the country.

All these stores must adhere to high safety and security when selling rifles and pistols. But regardless of how big or safe a gun store is, they all have to contend with and manage the same risks:

A customer or employee can injure themselves with a gun without even loading or firing it. Firearms are weighty and can do some damage if accidentally dropped on someone’s foot, for example.
Ammunition that is poorly stored can be damaged and even cause some damage if discharged due to heat.
A loaded gun (usually not allowed if not on a shooting range) can off, injuring a customer or employee or even worse.
Typical hazards of running a store include a case of a customer tripping and falling or an employee being similarly injured while on the job. All businesses, not just gun stores, need to be aware of this.
Typical criminal hazards include break-ins, vandalism, and robberies. Gun stores are more often targets of break-ins after hours, and firearm products are valuable to steal on account of the black market.
Any weather or criminal damage to the building and property –businesses of any kind also have to consider this.
Any mishaps or accidents that can occur on the store’s shooting range that customers may want to try before they buy or the local gun club is visiting.

These are just some of the things that firearm dealer insurance can protect your business from.

Enter your ZIP code below to view quotes for the Cheapest Business Insurance Rates.

How much does Gun store insurance cost?

Gun stores typically are more expensive to insure than the average business. Selling something like a gun is riskier because of what they are capable of and how much they are stolen.

It’s a huge issue, too, with around 380,000 guns being stolen in the country per year. Of course, personal factors affect how much business insurance costs, the location, and claims history.

Enter your ZIP code below to view quotes for the Cheapest Business Insurance Rates.

Types of Business Insurance a Gun store needs

The good news is that putting together insurance policies for a gun store is simple because it demands less specialized coverage than one would think.

The best gun store insurance policies have some of the most common business coverage that every commercial establishment usually has.

General liability insurance coverage for gun shops

First and foremost, in running any business, one must protect oneself. Commercial general liability coverage may or may not be required for some. However, it should always be included in a location’s policy.

This covers any medical, legal, and lost wages due to a customer’s injury on the property or by a product. In the setting of a gun store, this accounts for falls, dropping firearms on customers, and injuries from firing a weapon.

General liability claims regularly keep businesses from going under when such accidents happen.

Workers compensation insurance

Every business will also need workers' compensation insurance if it has employees. Gun stores need a dedicated team of employees running background checks, keeping firearms clean and safely stored, and being experts in gun safety.

Similarly to customers, they can be injured on the property anytime while working. Workers' compensation covers medical expenses and lost income due to an accident or injury. It will also cover any legal defense if need be.

Business property insurance

The best part about business property insurance is that it doesn’t just cover damage (criminal or climate) to the building and location and any personal property kept inside. This would include any guns or ammo stolen or damaged if something like the roof collapsed.

Because of this, this insurance may also be referred to as gun insurance. Business property insurance and general liability coverage are combined in what is known as a business owner’s policy. It never hurts for a gun shop owner to inquire about those.

Specialty Firearm and shooting insurance

Gun shops with shooting ranges should consider specialized insurance for any accident that can occur while customers use it or a lesson is being given. This is often referred to as firearm business insurance.

The shooting range would be where they can load and fire their weapons, so the utmost caution and safety measures should always be exercised. Still, accidents are more likely to happen here than in the store. For that reason, there is specialty firearm and shooting insurance.

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