Gunsmithing Insurance

[boondockcrain]

I called a couple of insurance agents today to get quotes on liability They didnt even want to give me quotes. Do you gunsmiths carry insurance if so what kind and how much.

 

[koginam]

Check here. I used this company as well. its not cheap but there rates start with a minimum rate and go up based on what your gross income is, the more you make the more you pay. Lloyds of London also underwrites policies for gunsmiths.
http://thegunsmiths.com/phpBB2/viewforum.php?f=31&sid=ea47192006bcd8a7214ed49865009bfd
I know many smiths don't have insurance but it only takes one claim even if unfounded and even if you win, the costs can get into the thousands to defend. In most cases they will settle before it gets to court.
You want to look into a LLC to get some protection for your personal property. I know one smith who leases all equipment from his brother on paper so it can't be touched.

 

[Jim K]

Remember you not only need protection in case you are sued for negligence in doing gun work, but you will also need insurance to cover customers' guns in case of fire or theft, plus the normal coverage for the shop and equipment.

I don't know for sure about this, but I have heard that some smiths break up the coverage; regular insurance companies will cover fire and theft, but won't cover liability.

Jim