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Rifles, Reloading, Optics, Equipment
Gunsmithing
Gunsmith Lathe - Grizzly or Precision Matthews
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<blockquote data-quote="Coyote Shadow Tracker" data-source="post: 2378459" data-attributes="member: 116439"><p>The question on INSURANCE for Gunsmith Shop.</p><p></p><p>I worked the Insurance Industry for 30+ years. YES having insurance is a MUST depending on the business you have.</p><p></p><p>If you are a small shop working out of your house/property and have no employees you can forget about most of what follows. Now if you have customers coming on your property you need GL Insurance. If you have a Home Owner's policy that may be enough depending on what your policy limits are and if you HO Policy would cover if you have a Home operated business.</p><p>Next is a big one. PRODUCT LIABILITY- This is going to cover you if your build a rifle and it malfunctions and there is personnel injury. Now depending on what type of Agreement you have your customer sign off on to limit your LIABILITY.</p><p>With or without insurance your "Business" can be sued.</p><p>This is why you want a LLC "Limited Liability </p><p></p><p>An LLC, or limited liability company, is a type of business entity that a company can form by filing paperwork with the state. An <a href="https://www.legalzoom.com/business/business-formation/llc-overview.html" target="_blank">LLC</a> can have one owner (known as a "member") or many owners.</p><p></p><p>The words "limited liability" refer to the fact that LLC members cannot be held personally responsible for business debts. In a dispute with a business creditor, members may lose the money invested in the company but their personal assets aren't at risk.</p><p></p><p>LLC members also aren't usually liable for a co-owner's negligence or wrongdoing in business matters. <a href="https://www.legalzoom.com/articles/difference-between-llc-and-inc" target="_blank">Corporations also offer</a> this liability protection, but <a href="https://www.legalzoom.com/articles/llc-vs-sole-proprietorship" target="_blank">sole proprietorships</a> and <a href="https://www.legalzoom.com/articles/llc-or-lp-whats-best-for-your-business" target="_blank">partnerships do not</a>.</p><p></p><p>As a business owner of an LLC, you're insulated from liability—to a limited extent. You and your business are not sufficiently protected without the proper insurance. on the type of business you have.</p><p></p><p>Your LLC needs at least several different insurance policies—some that your state or profession require, and others that just make good business sense. While you don't want to spend all of the company's money on insurance, not having the right policies could mean the difference between having your LLC protected and having to close your doors.</p><p></p><p>[h2]<strong>What Insurance Do States Require?</strong>[/h2]<p>Most states require LLCs to have the following insurance:</p><p></p><ul> <li data-xf-list-type="ul"><strong>Workers' compensation insurance</strong>. Some states require this even if there are no employees.</li> <li data-xf-list-type="ul"><strong>Unemployment insurance tax. </strong>If one of your employees is terminated, they will need to file for unemployment benefits.</li> <li data-xf-list-type="ul"><strong>Disability insurance. </strong>Should one of your employees become disabled or is otherwise unable to do their job due to medical reasons, disability insurance will pay her salary, although the amount that is paid varies.</li> </ul><p>Check with your state to see if you need some or all of these insurance policies for your LLC.</p><p></p><p>[h2]<strong>What Other Insurance Should Your LLC Have?</strong>[/h2]<p>In addition to worker's compensation, unemployment tax, and disability insurance, you should get several other insurance policies to protect your LLC.</p><p></p><ul> <li data-xf-list-type="ul"><strong>Professional liability insurance. </strong>Also known as malpractice insurance or errors and omissions (E&O) insurance, professional liability insurance is usually necessary for LLCs or <a href="https://info.legalzoom.com/llc-different-pllc-23537.html" target="_blank">professional limited liability companies</a> (PLLCs), whose members are either lawyers, doctors, or other professionals required to have a license to work. Check your state's requirements to see if your profession requires you to have malpractice insurance.</li> <li data-xf-list-type="ul"><strong>General liability insurance. </strong>Operating without liability insurance puts your LLC at risk if something happens to anyone on the premises. For example, if an injured customer sued and you didn't have liability insurance, your LLC could go out of business. The policy may also cover libel, slander, and medical and legal expenses.</li> <li data-xf-list-type="ul"><strong>Commercial property insurance. </strong>Make sure the policy covers fire, theft, smoke, vandalism, and even flooding. You can often add natural disasters such as wind, rain, and snowstorms as covered acts.</li> <li data-xf-list-type="ul"><strong>Business interruption insurance. </strong>You can have this as a separate policy or add it to your property insurance. If, for example, your business has to close temporarily because of damage to the premises, this insurance allows for compensation for lost earnings, rental expenses, and expenses to rebuild.</li> <li data-xf-list-type="ul"><strong>Commercial vehicle insurance. </strong>This insurance is necessary if you have company vehicles or if your employees use their cars for business.</li> <li data-xf-list-type="ul"><strong>Business owner's policy (BOP). </strong>This comprehensive policy can include all or some of the above insurance as a bundle, which could save you a lot of money.</li> </ul><p>[h2]<strong>What Extra Insurance Should the LLC Add?</strong>[/h2]<p>While the LLC may not need these additional policies, you should discuss them with a business adviser or attorney:</p><p></p><ul> <li data-xf-list-type="ul"><strong>Product liability insurance.</strong> If the LLC has manufactured a defective product, you can insure against property damage and personal injury to others.</li> <li data-xf-list-type="ul"><strong>Directors and officers liability. </strong>This insurance protects the company if someone sues your directors or officers for negligence. It covers the costs of a lawsuit plus any other costs you include in your policy.</li> <li data-xf-list-type="ul"><strong>Life insurance for directors and officers. </strong>Life insurance is a good idea if the LLC is small and the loss of one member will have a major impact on the company.</li> </ul><p>Having the right insurance policies, even those that aren't required by law, can provide a much-needed safety net for your LLC. Be sure to consider all the options so that you have proper coverage.</p><p></p><p>You need to check all the LAWS pertaining to an LLC. You may need to set up different back accounts from personal money and business money to limit the Liability of being a business owner of an LLC.</p></blockquote><p></p>
[QUOTE="Coyote Shadow Tracker, post: 2378459, member: 116439"] The question on INSURANCE for Gunsmith Shop. I worked the Insurance Industry for 30+ years. YES having insurance is a MUST depending on the business you have. If you are a small shop working out of your house/property and have no employees you can forget about most of what follows. Now if you have customers coming on your property you need GL Insurance. If you have a Home Owner's policy that may be enough depending on what your policy limits are and if you HO Policy would cover if you have a Home operated business. Next is a big one. PRODUCT LIABILITY- This is going to cover you if your build a rifle and it malfunctions and there is personnel injury. Now depending on what type of Agreement you have your customer sign off on to limit your LIABILITY. With or without insurance your "Business" can be sued. This is why you want a LLC "Limited Liability An LLC, or limited liability company, is a type of business entity that a company can form by filing paperwork with the state. An [URL='https://www.legalzoom.com/business/business-formation/llc-overview.html']LLC[/URL] can have one owner (known as a "member") or many owners. The words "limited liability" refer to the fact that LLC members cannot be held personally responsible for business debts. In a dispute with a business creditor, members may lose the money invested in the company but their personal assets aren't at risk. LLC members also aren't usually liable for a co-owner's negligence or wrongdoing in business matters. [URL='https://www.legalzoom.com/articles/difference-between-llc-and-inc']Corporations also offer[/URL] this liability protection, but [URL='https://www.legalzoom.com/articles/llc-vs-sole-proprietorship']sole proprietorships[/URL] and [URL='https://www.legalzoom.com/articles/llc-or-lp-whats-best-for-your-business']partnerships do not[/URL]. As a business owner of an LLC, you're insulated from liability—to a limited extent. You and your business are not sufficiently protected without the proper insurance. on the type of business you have. Your LLC needs at least several different insurance policies—some that your state or profession require, and others that just make good business sense. While you don't want to spend all of the company's money on insurance, not having the right policies could mean the difference between having your LLC protected and having to close your doors. [H2][B]What Insurance Do States Require?[/B][/H2] Most states require LLCs to have the following insurance: [LIST] [*][B]Workers' compensation insurance[/B]. Some states require this even if there are no employees. [*][B]Unemployment insurance tax. [/B]If one of your employees is terminated, they will need to file for unemployment benefits. [*][B]Disability insurance. [/B]Should one of your employees become disabled or is otherwise unable to do their job due to medical reasons, disability insurance will pay her salary, although the amount that is paid varies. [/LIST] Check with your state to see if you[B] [/B]need some or all of these insurance policies for your LLC. [H2][B]What Other Insurance Should Your LLC Have?[/B][/H2] In addition to worker's compensation, unemployment tax, and disability insurance, you should get several other insurance policies to protect your LLC. [LIST] [*][B]Professional liability insurance. [/B]Also known as malpractice insurance or errors and omissions (E&O) insurance, professional liability insurance is usually necessary for LLCs or [URL='https://info.legalzoom.com/llc-different-pllc-23537.html']professional limited liability companies[/URL] (PLLCs), whose members are either lawyers, doctors, or other professionals required to have a license to work. Check your state's requirements to see if your profession requires you to have malpractice insurance. [*][B]General liability insurance. [/B]Operating without liability insurance puts your LLC at risk if something happens to anyone on the premises. For example, if an injured customer sued and you didn't have liability insurance, your LLC could go out of business. The policy may also cover libel, slander, and medical and legal expenses. [*][B]Commercial property insurance. [/B]Make sure the policy covers fire, theft, smoke, vandalism, and even flooding. You can often add natural disasters such as wind, rain, and snowstorms as covered acts. [*][B]Business interruption insurance. [/B]You can have this as a separate policy or add it to your property insurance. If, for example, your business has to close temporarily because of damage to the premises, this insurance allows for compensation for lost earnings, rental expenses, and expenses to rebuild. [*][B]Commercial vehicle insurance. [/B]This insurance is necessary if you have company vehicles or if your employees use their cars for business. [*][B]Business owner's policy (BOP). [/B]This comprehensive policy can include all or some of the above insurance as a bundle, which could save you a lot of money. [/LIST] [H2][B]What Extra Insurance Should the LLC Add?[/B][/H2] While the LLC may not need these additional policies, you should discuss them with a business adviser or attorney: [LIST] [*][B]Product liability insurance.[/B] If the LLC has manufactured a defective product, you can insure against property damage and personal injury to others. [*][B]Directors and officers liability. [/B]This insurance protects the company if someone sues your directors or officers for negligence. It covers the costs of a lawsuit plus any other costs you include in your policy. [*][B]Life insurance for directors and officers. [/B]Life insurance is a good idea if the LLC is small and the loss of one member will have a major impact on the company. [/LIST] Having the right insurance policies, even those that aren't required by law, can provide a much-needed safety net for your LLC. Be sure to consider all the options so that you have proper coverage. You need to check all the LAWS pertaining to an LLC. You may need to set up different back accounts from personal money and business money to limit the Liability of being a business owner of an LLC. [/QUOTE]
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Gunsmith Lathe - Grizzly or Precision Matthews
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