The program is designed to give the firearms and gun businesses greater flexibility in choosing options to tailor coverage to their specific needs.
These options include Professional Liability, Care, Custody and Control Coverage for gunsmiths, Product Recall Withdrawal Expense, ATF Local, State, Federal Proceeding Endorsement, Employee Benefits, Additional Insured Vendors Endorsement and Hired & Non-Owned Auto Liability.
Paul Owens, the manager of Sadler & Company’s Product Liability Division, said that the new firearm business liability insurance represents a vast improvement over previous insurance coverage for firearm stores.
“We have always been able to provide product liability insurance to firearms and gun businesses, but this is the first time we have a had firearms and gun insurance program that was fast, easy and affordable for most businesses within the firearms industry,” he said. “Also, in the past, we really struggled with providing decent property insurance to firearms and gun businesses.”
Under the program, the policy can be written on Occurrence Form, CG 00 01, or Claims Made Form, CG 00 02. Sadler & Company also offers deductible or self-insured retention, and coverage is available in all states except Hawaii and Alaska. Defense cost can provide inside or outside the limits of liability.
Property Insurance is written on Special Form and includes theft coverage, with replacement cost. Other property enhancements include crime coverage, inland marine (Property In Transit), Sump Pump/Water Back Up, Valuable Papers, Electronic Data Liability, Account Receipts, Outdoor Property/Signs and Reward & Fire Protection Devise Recharge. The program also offers Wind/Hail Coverage for businesses not located within one mile of an ocean or certain bodies of water.
Deductibles range from $1,000 to $5,000.
Owens said that the variety of perks and options offered under the program’s property insurance set Sadler & Company’s protection apart.
“Very few insurance carriers want to insure the property of firearms businesses, because of the high theft, fire and pollution exposures they often represent,” Owen explained. “The Sadler firearms program has an A rated insurance carrier that understands the firearms business and provides special comprehensive property coverage for all aspects of the firearms industry.”
“This program allows us to meet the liability, property and professional coverage needs cost-effectively and efficiently,” he said.
Sadler & Company, Inc. is an independent insurance agency that specializes in providing product liability insurance to start-ups and small to medium-sized businesses that manufacture or sell unique and high hazard products. Sadler & Company, Inc is licensed in all 50 states currently insures businesses that manufacture, import and distribute products such as sports equipment, medical devices, pharmaceuticals, dietary supplements, children’s products, scooters, trucking and trailer, chemicals and nanotechnology products.
For more information about the Firearms and Guns Program, visit https://www.products-liability-insurance.com/firearm-and-gun-products/.