Insurance For Gun Shop

rastiles

I'm in the process of opening a gun shop in WV. I got my business lic. and my FFL is on the way. I've ran into a snag with insurance, is there a good company out there that will insure a small shop reasonable? Can anyone give me some pointers or put me in touch with someone who can? It appears I might not be able to afford to open up. Thanks for any imput.

ranger37

Hi ya.....

I think your best bet is if your a member of the NRA business aliance they offer dealer insurance, you can sign up on there web sight...


WWW.NRA.ORG

DO RIGHT GUNSMITH, INC.

CountryGunsmith

The only links I saw on NRA's website were for excess personal liability over your homeowner's, etc. www.collectinsure.com has rates posted on true retail dealer's insurance.

Now, if you are going to need insurance on completed products that's a WHOLE 'nother story...

FFL Dealer, Class 07/02 Mfg

Blokey

A buddy of mine who was going to go into partnership in a range/shop reasearched this type of thing. I do recall him saying AIG offers policies for this, you may want to check with them.

ohioghog

if you are using your home address as your business location, you will have some benefits relating to your insurance. however: you will more than likely need to carry at least 1 million in liability coverage, one shot deal, if you get sued, your done with that insurance company.
when i insured my restaurant, i had my accountant do the legwork for my insurance. i suggest that you make at least an initial appointment with an accountant(nothing binding) to sort it out. business insurance is something that you dont want to skimp on. purchase the best you can afford. it will be difficult since you have no sales projections, or sales history to go by at the onset of a new business. i personally pay no more than 2% of my gross sales toward insurance premiums. if you feel that the financial burden of insurance premiums is keeping you from starting your business, pay one month at a time until you get your cash flow going. if i were you, i would be calling as many insurance companies as possible if you choose not to confer with an accountant.also, there may be additional liability involved for the resale of used weapons, and gunsmith repair....ask, ask, ask. i live right up the road from u.....athens ohio. if i can help further, let me know.

CountryGunsmith

Insurance for the firearms business is a specialized field. Very few general liability companies will even touch it.

Contact the NASGD (Natl Assoc of Stocking Gun Dealers) and the National Shooting Sports Foundation (they put on the SHOT Show). They will be able to give you a list of insurance companies that write that coverage in your state. It will be a SHORT list.

Dont waste your time with Allstate, State Farm, etc.

FFL Dealer, Class 07/02 Mfg

Sunray

1 million in liability coverage isn't enough any more. Wasn'tit 2 million that McD's had to pay to that stupid twit that dumped coffee on herself? Talk to your lawyer. That'll save you all our sage advice.

Python

Rastiles;
You might give Western Casualty and Indemnity
Hartford Con. a call. They are a specialty insurer for many
ventures. Their rates are competitive with other under writers.
Sadly, Firearms makers,dealers and gunsmiths have been bitten hard due to the current climate and all the mindless histera. I carry 5 mil in liablity insurance. This was my attorny's advise due to the
limitless product liability and mulitude of wrongful whatever suits people file these days. JEEZE, what ever happened to common sense.
Seems not so anymore.