Armory Sponsor
Posted: 12/31/2009 8:45:55 AM EDT
| How much insurance should I plan on getting if I get my 07 FFL? I plan on manufacturing ammunition and custom firearms as well as having a small store front. |
| As much as you can afford.......general business liability usualy starts at 1,000,000 but more is not uncommon. Your landlord may require fire liability in addition. Don't forget business poperty coverage for tools, furniture and elelctronics. You have to have enough coverage for any firearms that are in your care custody and control. |
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Quoted:
As much as you can afford.......general business liability usualy starts at 1,000,000 but more is not uncommon. Your landlord may require fire liability in addition. Don't forget business poperty coverage for tools, furniture and elelctronics. You have to have enough coverage for any firearms that are in your care custody and control. Right now I'm looking for property but I am planning running the business out of my own shop so I won't have to deal with a landlord. Any idea what $1 mil in general business liability costs, roughly? |
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I am an agent in MN and every state has different laws and rates are all over the place depending on the company and the coverages you choose including your deductible.
Talk to an independant agent that specializes in business insurance. Most big companies (Allstate, State Farm, Farmerers......) offer BOP policies (Business Owner Policy). These are simplivied package policies. You are better off with a custom tailored policy. For that you need to talk to a business insurance expert not a general lines guy like myself. |
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