How Gun Stores Can Lower Their Business Insurance Premiums
- Nate Jones, CPCU, ARM, CLCS, AU
- 5 hours ago
- 2 min read
Operating a gun store involves specialized risks, from inventory theft to liability claims. As a result, business insurance premiums for firearm retailers can be higher than standard retail businesses. However, there are actionable steps gun store owners can take to lower insurance costs while maintaining robust coverage.
1. Strengthen Store Security
Insurance providers often offer discounts for stores that implement strong security measures. Consider:
Installing surveillance cameras and alarm systems
Using safes for firearms and ammunition
Limiting access to sensitive areas
These precautions reduce the likelihood of theft and claims, which can help lower your premiums.
2. Maintain a Clean Claims History
Providers consider your store’s claims history when setting premiums. Minimizing claims by following safety protocols, providing proper employee training, and maintaining secure storage can lead to lower rates over time.
3. Bundle Policies
Many insurance companies, including Wexford Insurance, offer multi-policy discounts. Bundling general liability, property, and workers’ compensation coverage under one provider can reduce overall costs while ensuring comprehensive protection.
4. Evaluate Coverage Limits and Deductibles
Carefully assess your coverage limits and deductibles:
Higher deductibles can lower premium costs but require more out-of-pocket in the event of a claim.
Ensure coverage limits reflect your actual inventory and risk exposure to avoid paying for unnecessary coverage.
Finding the right balance is key to optimizing both cost and protection.
5. Choose Specialized Providers
Insurance companies familiar with firearm retail, like Wexford Insurance, understand the unique risks gun stores face. Working with specialized providers ensures your coverage is tailored to your store, potentially reducing premiums by avoiding gaps or unnecessary add-ons.
6. Stay Compliant
FFL dealers and firearm retailers must comply with state and federal regulations. Staying compliant with ATF and state guidelines reduces risk and demonstrates to insurers that your store is well-managed, which can help lower premiums. For more information, visit the ATF website.
Why Wexford Insurance
Wexford Insurance specializes in gun store and FFL dealer insurance, offering comprehensive policies that protect your inventory, employees, and customers. By requesting a customized quote, you can find the right coverage at the most competitive rate.
