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It's really up to you as parents to know what your child is capable of.
Let me put my security consultant hat on for a second, and tell you what I normally tell people. This usually goes for younger kids...

As far as children go, make sure they have *A* plan on what to do in certain emergencies, like in a fire, or a breakin.
What that plan is depends on what his maturity level is. Is he a good shot? Is he mature enough to handle a shotgun or other weapon? If so, do you feel that he knows what to do with it? What does the local law say about minors using a firearm in emergencies?

My personal opinion, not knowing your child would be to not let him have access to any firearms. Tell him to call 911 and run for a safe room in the house. If you have a burglar alarm, make sure he knows how to use the "Panic" feature.

Then there's always the necessity for a good backup plan. If your child doesn't feel safe for any reason, make sure there's a safe place he can go, like a neighbors house.