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Why Firearm-Related Businesses Should Have Commercial Property Insurance

Statista reports that the property and casualty insurance sector wrote gross premiums amassing mind-blowing $729 billion in 2022. This shows the importance of having property insurance.
Commercial Property Insurance

Why Firearm-Related Businesses Should Have Commercial Property Insurance

Statista reports that the property and casualty insurance sector wrote gross premiums amassing mind-blowing $729 billion in 2022. This shows the importance of having property insurance. Whether you’re looking to safeguard your commercial property or as such, altogether with its contents, then having commercial property insurance is an investment you should definitely consider.

Business property insurance is an investment every company should make, regardless if it’s a small business, a large corporation, a work-from-home setting, or even a firearm business.

Keep on reading to see why your business should be properly insured. In addition, we’ll suggest affordable gun store property insurance, so stay with us.

What Is Commercial Property Insurance and Why Is It Important

Commercial property insurance is one of the vital insurances incorporated in a business owner’s policy (BOP). As such, it protects businesses’ buildings and everything on the inside and the outside (fences, outdoor lighting, signs, etc.).

Commercial property insurance covers an array of potential hazards, including physical damage to buildings, theft, damage of business-related contents, personal injury claims imposed by third parties, and so on.

Commercial insurance is utterly important for all businesses, but it’s most important for small businesses. Commercial property insurance will safeguard your business from typical business losses, like damage to property, theft, liability, employee injury, and so on. In any of these scenarios, having effective commercial property insurance will help you bounce back into business faster and not lose a huge chunk of your budget on repairs and replacements.

What Else Does it Cover?

In essence, by insuring your commercial property, its assets will be also safe from explosions, fire, plumbing mishaps, storms, vandalism, and theft. In general, commercial property insurance doesn’t extend to floods and earthquakes, unless it is stated otherwise in the document.

For instance, if your business operates from a building, everything inside and outside of it will be insured, including:

  • Equipment
  • Furniture
  • Computers
  • Fences and landscaping
  • Exterior signs
  • Documents
  • Inventory, etc.

Types of Commercial Property Insurance

In general, you can insure your commercial property by choosing one of the two main types: buildings insurance, and contents insurance. Of course, you can choose both types and safeguard the premises and their contents under one insurance policy.

Buildings Insurance

When it comes to buildings insurance, it covers the expenses of rebuilding or repairing your business locations in the event of damage or demolishment. Having business insurance isn’t a legal requirement, but in the case of an existing mortgage, then it is required that the property is insured.

Moreover, even if you’re the sole owner of your business and don’t need any loans or mortgages, insuring your business with buildings insurance will ensure your operations run smoothly, covering the costs in case of repair or rebuilding your property.

Contents Insurance

If you choose contents insurance for your business, your business’ stock or equipment costs will be covered, in case it gets damaged or stolen. In general, contents insurance for business equipment can be divided into two subsections: replacement and indemnity policies.

Replacement policies come into play when an item that’s been damaged or stolen needs to be replaced by a new item.

On the other hand, indemnity policies are vital when it comes to wear and tear. With this policy, you can replace the items in question at their current value. For example, if you bought an office chair for $100 in 2022, and the same costs $150 in 2023, the insurance company will reimburse you the current value of the chair, i.e. $150.

Find Affordable and Reliable Gun Store Property Insurance at Joseph Chiarello & Co.

Running a business isn’t easy, but keeping all your business-related inventory safe from perils is much harder. We at Joseph Chiarello & Co. understand the importance of business insurance, which is why we aim to offer affordable yet well-rounded insurance for every business.

We are proud of being the leading gun insurance firm that has served over 3,000 businesses. From commercial general liability plans to gun store property insurance, we have been offering premium insurance policies for over 40 years!

Let’s get in touch today – we’re looking forward to helping you out!


Outstanding Service

"Their service has been outstanding. I would strongly recommend them to any gun dealer in need insurance for their business."

– Charles K.
Great Staff

“The staff has been great over the years we have been customers of theirs. They have always responded extremely quickly.”

– Brian K.
A First Class Broker

“A first class Insurance Broker representing the insured not the insurance company. They are the very best in the business!”

– Fritz S.

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