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Firearms and Ammunition Sales Store Insurance
If you own a shop that sells firearms and ammunition, making your customers feel safe should be your number one priority. You can already assume that safety is important to them, and you can show that you agree by not only carrying the firearms they need, but also obtaining firearms and ammunition sales store insurance that has the right coverage. And considering that the US has more than 51,000 gun stores – which means this country has more gun stores than grocery stores – you have a lot of competition in this industry (Source: Bureau of Alcohol, Tobacco, Firearms and Explosives). You can set your store up for success by making sure you get the best firearms and ammunition sales store insurance possible.
Firearms And Ammunition Sales Stores Need The Following Insurance
Business Liability Insurance (GL): Shops of all kinds need general liability, but gun stores in particular can benefit from this type of insurance. If anyone gets injured in your store or is hurt by the guns or other products you sell, you will be held liable for their medical expenses. Even one incident of this kind can put you out of business if you have to pay out of pocket, which is why it’s so important to make sure your firearms and ammunition sales store insurance policy includes general liability to pay for these costs.
Business Personal Property Insurance: When you own a retail store, you owe it to your business to protect the building it is in. That’s why you need BPP, which is the coverage that will pay to repair your shop if a fire or other disaster results in damage to the building. Another major benefit of BPP is that it will replace your products if they are ever stolen, which is a necessity when you sell firearms. If you couldn’t easily afford to replace the products or equipment in your store – or repair any damage to the building – BPP needs to be added to your firearms and ammunition sales store insurance policy.
Workers Comp Protection: Most stores that sell firearms and ammunition need at least a few employees to ring up customers, stock products, answer questions, run background checks, and more. If you employ anyone for these responsibilities, you need workers comp when you get firearms and ammunition sales store insurance. This ensures that your employees’ medical bills and missed wages will be covered if they get injured while working in your store. Additionally, workers comp will protect you if your employees attempt to sue you after getting hurt at work, since it can pay for your legal defense.
Umbrella/Excess Liability: Adding general liability to your firearms and ammunition sales store insurance policy is a start, but it’s not the only way to protect your business if anyone is ever hurt in or around your store. That’s because you can increase your coverage by adding excess liability to your policy. This will be helpful if you have to pay for major medical expenses after one or more people are injured on your property or when using the firearms or other products you sold them.