Blacksmith And Metal Workers Insurance Colorado. As a blacksmith and metal worker, your work is extremely important and very rewarding; but, you're also exposed to a lot of risks. To protect yourself from potential perils, having the right type of insurance coverage is key to protecting your business, your staff, your clients, and your personal assets.
Blacksmiths heat iron or steel in a forge until the metal becomes soft enough to shape using hand tools. Blacksmiths produce a variety of items including armor, chains, cooking utensils, custom parts, decorative railings, grills or grates, horseshoes, religious items, sculptures, swords, tools, and window and door trim. Some use welding as part of the heating and forging process.
Why is insurance so important for blacksmiths and iron workers? What type of blacksmith and metal workers insurance Colorado do you need? How much coverage should you have? Below, you'll find the answers to these questions so that you can safeguard yourself from the risks that are associated with your business.
Blacksmith and metal workers insurance Colorado protects your contracting business from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
As a CO blacksmith, the very nature of your job can be dangerous. You work with heavy equipment and you are exposed to conditions that can be very hazardous. You are also responsible for making sure that the work you are contracted for is done properly.
Should something go awry - a piece of equipment malfunctions and an employee is injured or a client files a lawsuit against you, claiming that you damaged their property, you could end up paying medical expenses, repair bills, and legal fees; all of which can be extremely expensive. Without insurance, you would have to pay these expenses out of your own pocket, and given the high cost, you could suffer severe financial turmoil.
However, if you have the right type of blacksmith and metal workers insurance Colorado coverage, your provider would cover these expenses. In other words, insurance can make these types of incidents little more than a nuisance.
The type of insurance that blacksmiths need depend on a variety of factors; the specific services you offer, the type of clients you work with, the size of your organization, and where your business is located are just some of the factors that will determine what type of insurance you should carry and how much coverage you need.
However, regardless of the specifics of your company, there are key types of coverage that you will need to carry, including:
These are just some of the types of insurance that CO iron and steel workers need to have. To find out exactly what type of insurance you need and how much coverage you should carry, speak to an insurance professional.
Premises liability exposure is low if visitors are not permitted on the premises and there are no significant off-premises operations. If visitors are permitted on premises, aisles should be clear of debris and raw materials that may pose a trip and fall hazard. Visitors, particularly children, should be supervised while near heat-treating areas.
The storage of materials in the open could pose an attractive nuisance. The yard should be fenced to prevent unauthorized access, with proper lighting and warnings. Fire and explosion could affect neighboring premises. If the blacksmith goes off-site to work with horses, there is an added exposure to the animals, particularly high-valued horses, and to injury to others.
Products liability exposures depend upon the item being manufactured or repaired and its end use. Some exposures may be minor, such as a wall sconce. The exposure increases for products designed to support weight or are warranted for security or protection, such as a balcony railing. Improperly shod horses could become lame.
Environmental impairment liability exposures may be high due to possible contamination of ground, air, and water from the chemicals, paint, fuel sources and solvents used in daily operations. Storage and disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposure is high due to the potential for burns from heat or chemicals, cuts, and amputations. Cuts, puncture wounds, slips, trips, falls, back injuries from lifting, eye injuries from flying debris, and automobile accidents can occur.
If welding torches are used, there could be an occupational disease exposure from the fumes. Adequate face and hand protection are critical during forging and welding operations. Guards are necessary on machinery, especially when using cutting devices. Employees should not be allowed to remove guards. Animals being shod can injure workers if not properly secured.
Property exposures are high. Ignition sources include electrical wiring, heating and cooling systems, metalworking, heat-treating, electroplating, coating, welding, and explosions from the build-up of dust from the cutting and sanding operations. The risk increases dramatically in the absence of proper dust collection systems, ventilation, and adequate disposal procedures. Forges may use a variety of fuels, including propane and natural gas.
Fuels, chemicals, solvents, or degreasers may be flammable and must be adequately separated and stored from other operations. Spray-painting operations should be conducted in spray booths with sprinkler protection and explosion-proof electrical wiring. Welding should be done away from combustibles.
Equipment breakdown exposures include malfunctioning production equipment, electrical control panels, and other apparatus. A lengthy breakdown to production machinery could result in a severe loss, both direct and under time element.
Crime exposures are chiefly from employees. Background checks should be conducted on all employees. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements.
Inland marine exposures include accounts receivable if the blacksmith offers credit, bailees customers if repair work is done on property belonging to others, computers, special property floater for hand tools and supplies taken off site, and valuable papers and records for customers' and suppliers' information. Exhibition coverage may be needed if the blacksmith conducts off-site demonstrations or participates in trade shows.
Commercial auto exposures are moderate due to the pickup of raw material and delivery of finished goods. Proper loading and tie-down procedures are essential to prevent overturn and spillage of oversized or bulky items. If the blacksmith provides vehicles to employees, there should be written procedures regarding the private use of those vehicles by others. Drivers should have an appropriate license and an acceptable MVR. All vehicles must be well maintained with records kept in a central location.
Having the right type of insurance coverage is crucial for all business owners, including blacksmiths, iron & steel workers. If you want to learn more about what type of insurance you need to protect your business and how much coverage you should carry, speak with a reputable insurance agent that specializes in commercial insurance.
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2019.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2019 fiscal year.
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
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