It’s often easy to overlook the importance of insurance, especially if you’ve been running your business efficiently. Most business owners would rather invest in increasing profits than bother applying for decent commercial insurance. Until a tragedy happens.
In a story by ABC News, three people died, while two were injured after a sudden shooting inside a Louisiana gun store. Out of nowhere, somebody started shooting at two individuals, killing them. Several people inside the store then began to open fire at the shooter, injuring others in the process.
This is one of the grim possibilities in a gun store like yours—something can happen totally beyond your control. It can potentially harm you, your employees, and your customers and place the future of your livelihood at risk.
In such cases, a Commercial General Liability (CGL) insurance policy will be very useful. It protects your business from unexpected incidents and provides a financial safety net afterward.
In this article, learn four major benefits of a CGL policy for gun shop owners.
Protects Against Unforeseen Occurrences
There’s no way any business owner can predict what will happen at any time. An insurance policy protects businesses from the financial repercussions of unexpected events.
An insurer can pay for the income your business would have earned while it’s out of operation. It can also pay for any medical or legal expenses you might have due to the incident, whether it’s an in-store accident, a crime, or a natural disaster.
A good CGL policy will keep your business running by giving you funds to pay for bills or your employees’ payroll and covering for your loss of income.
Provides Assistance in Injury Claims
It’s important to remember that your customers’ and employees’ safety is your responsibility within the store. If a gun goes off accidentally or a cabinet topples over and hurts someone, you can be liable for injuries and damages.
CGL insurance will help you with the financial consequences of a lawsuit. Your insurance can cover the cost of those claims, sometimes without the need for litigation. The faster a claim is handled, the sooner you can move on and focus on reviving the business.
Helps with Non-Physical Injury and Litigation
A CGL policy will also protect you from non-physical damage like slander, libel, or malicious prosecution, especially if your employees commit them. In this litigious society, all it takes is one accident, one broken contract, or one employee mistake, and everything could be over.
A business facing a lawsuit or litigation without insurance can go bankrupt. Even if you win the case, you might go out of business due to the expensive costs of a legal defense.
A simple CGL policy can cover most, if not all, of the legal expenses. Having this kind of peace of mind is already a good reason to sign up for gun store insurance.
Demonstrates Responsibility and Business Stability
Most business owners realize that insurance does more than protect their livelihood. It builds credibility, opens new opportunities, and shows stability.
Having the right policies shows your customers how much you take managing risk seriously. If something goes wrong with the service you provide, they’ll know that you have a way to compensate.
It’s also important to keep in mind that certain contracts may require insurance protection.
• Loan Agreements
• Client Agreements
• Rental and Leasing Agreements
There’s a reason many businesses carry statements like “licensed, bonded, and insured.” It builds trust.
Insurance Application and Claim Process
Applying for insurance is as easy as getting in touch with your preferred insurance company and requesting a quote. However, you may need to provide the following information:
• Business name and location
• Number of employees
• Estimated revenue for the upcoming year
• Contact information for yourself and the company
• Details about business operations and occupational hazards
• Insurance and Claims history
It may take more than a few steps for claims handling and processing, depending on your insurance. For Joseph Chiarello & Co., Inc Firearms Business Insurance, we follow these steps:
1. Get in touch with us to explain what happened and what was damaged.
2. Our claim handlers will investigate.
3. We’ll review your policy and evaluate the damages.
4. We’ll help you settle your claim and arrange for payment.
Running a firearms-related business like yours comes with its own set of risks. It’s important to make sure you are protecting yourself with the right insurance coverage so you can focus on making your business productive and profitable.
40 Years of Trusted Service
For over four decades, Joseph Chiarello & Co., Inc. has established itself as one of the industry’s most trusted gun insurance companies. We create solutions that meet your insurance needs.
Contact us today to learn more about our products and get the right insurance for your business.