Gunsmith Insurance

A gunsmith is a technical profession that requires extensive training and expertise. Gunsmiths can be responsible for repairs, modifications, alterations, carving, engraving, and decorating and must be confident in their craft. Whether they're sole proprietors or owners of larger gun shops, gunsmiths need business insurance to protect themselves from possible financial losses due to a number of risks like lawsuits, fire damage, break-ins, and more.

Luckily, a local independent insurance agent can help you find the right gunsmith insurance for your business. They'll get you set up with the appropriate amount of coverage fast. But first, here's a closer look at insurance for gunsmiths.

What Is Gunsmith Insurance?

Gunsmith insurance is basically a specific type of business insurance designed for this unique industry. An NRA gunsmith insurance policy considers the exposures relevant to the profession, such as possible lawsuits or temporarily suspended business operations. Without the appropriate coverage in place, a gunsmith could possibly face severe financial losses all the way up to bankruptcy after just one major incident.

What Is Gunsmith Liability Insurance?

As a gunsmith, your goal is to provide a safe environment for your customers and employees, as well as quality products and services. You need to ensure that you don't damage a customer’s gun while you make repairs and that your business has protection for its own property and customers’ property in case of fire, theft, or another disruption. Gunsmiths need commercial general liability (CGL) insurance to protect themselves in case of claims resulting from negligent third-party bodily injury or property damage they cause while doing business. 

CGL insurance offers broad protection for a variety of liability risks, from customer slips and falls to claims of advertising liability, slander, libel, and more. A CGL policy pays for your legal defense, attorney and court expenses, and settlements or judgments that your business is ordered to pay. 

As a gunsmith, you may also be susceptible to completed operations claims that state the work you completed is faulty and caused injury or property damage to a third party. There's usually some coverage for completed operations claims included under CGL insurance. However, it's wise to talk to an experienced independent insurance agent about getting set up with all the right coverage for your gunsmith business.

Do Gunsmiths Need Commercial Umbrella Insurance?

Gunsmiths have unique liability exposures that vary dramatically depending on the type of business they run, the products and services offered, the location and size of the business, and more. Whether you work out of your home as a sole proprietor or at a retail establishment with a wide variety of product offerings, you need to ensure you have plenty of liability coverage in case of a major lawsuit.

You might think you have sufficient liability coverage under your commercial general liability policy, but even one lawsuit is sometimes enough to exhaust this limit. The purpose of commercial umbrella insurance is to provide an extra layer of liability protection to other policies you have, including CGL. 

By purchasing commercial umbrella insurance, you extend your business's liability coverage limit to $1 million or greater. An independent insurance agent can help you determine if umbrella insurance is right for your business.

Other Business Insurance Considerations for Gunsmiths

Your gunsmith insurance policy likely requires several more types of coverage to be truly complete. Consider the following types of protection for your gunsmith business:

• Commercial property insurance: This protects your business's buildings, inventory, equipment, etc., from costs associated with damage or destruction due to lightning, fire, smoke, vandalism, theft, and more. 
• Business interruption insurance: This provides continued income and pays for various expenses if your business must temporarily cease operations due to a covered loss (e.g., fire, break-ins, etc.). 
• Workers’ compensation insurance: This covers expenses like lost wages and medical treatments if an employee gets injured or ill due to the work environment or job tasks.
• Employee dishonesty and crime insurance: This protects your business against losses related to dishonest acts by employees or crimes committed by any third party.
• Employment practices liability insurance: This protects your business against employee claims of discriminatory or illegal practices such as wrongful termination, sexual harassment, etc.
• Bailee's insurance: This covers non-owned property that's stored at your shop or in your possession, such as customers' guns that have been brought in for repairs or modifications.

An independent insurance agent can help you ensure your gunsmith insurance policy has all the types of coverage necessary to protect your business properly from every angle.

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How Much Does Gunsmith Insurance Cost?

When determining your business's gunsmith insurance cost, it can be helpful to consider various factors that may impact its rates. These can include the size of your business, its exact location and annual revenue, the number of employees it has, and more. Gunsmith insurance costs vary widely, but an independent insurance agent can help you find affordable coverage in your area.

An Independent Insurance Agent Can Help You Find the Right Gunsmith Insurance

Gunsmith insurance is far from a one-size-fits-all solution. Gunsmiths are highly trained professionals who need an experienced adviser to help determine the best business insurance for how they run their specific business. 

An independent insurance agent can work with multiple top-rated insurance companies that specialize in gunsmith insurance. They'll shop and compare policies for you and present quotes for only those that combine the best overall coverage and cost.