Colorado Plastic Manufacturing Insurance (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Colorado Plastic Manufacturing Insurance
Colorado Plastic Manufacturing Insurance. Plastics manufacturers produce malleable pellets or sheets from raw materials and sell their products to fabricators who convert these into a wide variety of commercial and domestic goods The raw materials are chiefly ethylene and propane which are refined from crude oil, then heated and combined with a catalyst to create several types of polymer in liquid or powdered form. The polymers may be combined with each other or with additives before being formed into pellets or extruded into sheets and cooled by water or air.
Owning a business in the plastic manufacturing industry means your business is responsible for making plastic parts and plastic products. You need to make sure your business is protected from things such as equipment breakdown, defective parts, weather, fire and employee injury. As with any other business, many things can go wrong, but you can be prepared for them with the right insurance. Get the Colorado plastic manufacturing insurance coverage that will keep your business protected.
Colorado plastic manufacturing insurance protects your products from lawsuits with rates as low as $127/mo. Get a fast quote and your certificate of insurance now.
Safety In The Plastics Business
Making sure your employees are protected while on the job is the most important part of your business. There are many risks involved in the manufacturing of plastics and because of that insurance protection is must have for your business. Lawsuits against your company can put you in a position where you could lose everything. To avoid this happening, you must protect it with Colorado plastic manufacturing insurance.
Types Of Insurance For Plastic Manufacturers
Here are a few of the various insurance plans you can use to protect your plastics operation:
- Commercial General Liability Insurance - With this type of Colorado plastic manufacturing insurance, you're protected from third party lawsuits. This coverage also helps with attorney fees, court costs, settlements, and judgments independent they are within the limits of your policy. A lawsuit could destroy your business which makes having this insurance important.
- CO Commercial Auto Insurance - If you have vehicles, you use for your business, having commercial auto insurance helps you to keep them covered. This insurance gives you coverage for any property damage or liability claims caused by a vehicle of your business. It also helps with vehicle damage and medical bills that may be a result of an accident in one of your company vehicles.
- Product Liability Insurance - If your product causes injury to any user anywhere in the supply chain, this coverage will keep you covered. This is one of the most important coverages for any manufacturer.
- Commercial Property Insurance - Many things can happen when you are operating a plastics manufacturing plant. The type of material you work with is flammable and can be destroyed by natural disasters, theft or vandalism. Having commercial property insurance helps to protect your buildings, and other assets use for your business. You an also get coverage for loss of inventory, equipment and machinery, warehouse and office space. With commercial property insurance, you normally get business interruption coverage. If there is ever a period where your business is unable to operate because of an interruption, then you are covered when you have this insurance for your business.
- Inland Marine - Having this coverage protects your when there is damage to your products while being transported from one place to another. It also covers if you are shipping products overseas and they are damaged in the process.
- Equipment Breakdown Insurance - Equipment breakdown insurance covers the different costs associated with the failure of equipment in your business. A breakdown could be the result of power surges, motor burnout, or machine age.
- Workers Compensation - To create a safe place for your employees, you must have this insurance in place. In fact, it is required by most states for any non-owner or partner employees. There are many risks of being injured when working in a plastics manufacturing plant. With workers compensation coverage your business is protected if an employee gets injured. Any medical cost associated with injury is covered when you this coverage. If there ever comes a time when an employee tries to sue your business then by having this type of insurance you're covered when it does. If injury results in a fatality then benefits will be paid to the surviving family if this insurance is in place.
Colorado Plastics Manufacturer's Risks & Exposures
Premises liability exposures at the plant are normally low as access by visitors is limited. If tours are given or if outsiders are allowed on premises, visitors may be injured by slips, trips, or falls. Raw materials and chemicals used in processing may be corrosive and/or toxic.
Fumes, dust, and noise from production could affect neighbors. Should a fire occur, the difficulty in extinguishing it could result in the release of toxins plus smoke damage to neighboring properties. Evacuation plans should be on file with the fire department. The storage of raw materials or finished goods outdoors can create an attractive nuisance.
Products liability exposure is low as the product is being shipped to manufacturers who produce the finished goods. Quality control is very important. If a customer orders a particular type of plastic, such as with fire retardant qualities, it must meet all specifications or the end product may not function as planned.
Environmental impairment exposure is high due to possible contamination of ground, air, and water from raw chemicals, solvents, and fuels. The raw materials are flammable and may be toxic. The catalysts may be caustic, and the final product is usually not biodegradable. Disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposures are very high. Injuries from production machinery are common, as are minor cuts, puncture wounds, burns, slips, trips, falls, foreign objects in the eye, back injuries from lifting, hearing loss from noise, and repetitive motion losses. More serious hazards come from chemical usage that can cause injury to eyes, skin, and lungs. Workers should be made aware of potential problems and may need periodic monitoring for cumulative exposure.
Employees should be provided with safety training and protective equipment. Workstations should be ergonomically designed. Areas that generate dust require respiratory protection devices, as well as eye protection and eye wash stations. The high volume required for production schedules may lead workers to remove guards on the machinery, or to postpone maintenance and repair. If there is a fire on premises, the fumes in the smoke are very dangerous and can cause severe respiratory distress. Ventilation systems are needed to prevent the buildup of toxic vapors. Dense smoke makes egress from the premises difficult.
Property exposure consists of an office, production plant, and a warehouse for storage of raw materials and finished products. Ignition sources include electrical wiring, heating systems, production machinery, buildup of static electricity, and dust explosions.
If the stock catches fire, it can be very difficult to extinguish and will cause a great deal of smoke damage. Molten plastic can carry the fire great distances and into crevices. The chemicals must be adequately controlled, separated, and stored. Nearly all aspects of the operation present fire hazards that can only be minimized by separation and fire suppression systems.
Machinery needs proper maintenance to prevent overheating and wear. Fuel sources to run machinery and to heat the plant must be adequately controlled. Poor housekeeping could contribute significantly to a loss. Unless disposed of properly, greasy, oily rags (such as those used to clean machinery) can cause a fire without a separate ignition source.
Equipment breakdown exposures include malfunctioning production equipment and 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 exposure comes from employee dishonesty. Employees may act alone or in collusion with outsiders in stealing money, raw materials, or finished stock. 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 manufacturer offers credit, computers (which may include computer-run production equipment), goods in transit, and valuable papers and records for customers' and suppliers' information. The main perils are collision, upset, fire, or theft. There may be contractors' equipment such as forklifts or heavier equipment used to move raw materials and finished goods.
Business auto exposure is high if the manufacturer assumes responsibility for the transport of raw materials or finished products. If raw chemicals are transported, potential contamination due to overturn or spillage is high. Transporting the final product is less hazardous unless there is a fire. Hazards are substantially higher without proper controls, including any required Hazardous Material licenses and spill containment procedures and equipment.
Manufacturers generally have private passenger fleets used by sales representatives. There should be written procedures regarding the private use of these vehicles by others. Drivers should have an appropriate license and an acceptable MVR. All vehicles must be well maintained with documentation kept in a central location.
CO Plastics Manufacturer Insurance
For you to protect your operations you must be sure you have the right Colorado plastic manufacturing insurance policies in place. For you to get the right coverage, you must figure out for what risks you want to protect your business against. Talking to an experienced commercial insurance advisor can help. Taking this simple step can protect your business from being destroyed if you are ever sued.
Colorado Economic Data & Business Insurance Information
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.
Business Economic Trends In The State Of Colorado
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 2018.
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 2018 fiscal year.
Regulations And Limits For CO Commercial Insurance
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.
Additional Resources For Manufacturing & Wholesaler Insurance
Read informative articles on small business manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.
- Food Manufacturing
- Leather Manufacturing
- Medical Manfacturing
- Plastic Manufacturing
- Product Liability
- Vitamins, Nutraceuticals & Dietary Supplements
- Wholesaler Distributor
For manufacturers and wholesalers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.
What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.
Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.
Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.
The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.
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