Casket Manufacturers Insurance Policy Information
Casket Manufacturers Insurance. Although the two terms are frequently used interchangeably, coffins and caskets are not the same. Coffins are characterized by their hexagonal shape, broader at the top than the bottom to match the shape of the human body. They are almost always made out of wood - pine, maple, oak, cherry, and walnut, for instance.
Caskets are, on the other hand, rectangular. They can be wood, but unlike coffins, caskets are also often made with metal, including stainless steel, copper, and bronze.
These final resting places are also typically more heavily decorated, and may feature a double lid that can allow loved-ones to view the upper part of the deceased person's body. Other components included in both caskets and coffins are handles and a soft lining.
Many companies who manufacture caskets use prefabricated components made by other firms; that means ventures within this field may either make casket parts or assemble them, while some do both. The process can include woodworking, working with adhesives, and welding, among other activities.
If you own and manage a company that makes caskets or coffins, you will be deeply familiar with the fact that we are all mortal. To ensure that your business survives the many threats that can befall it, you need proper casket manufacturers insurance coverage on your side. What does that look like within your field? Read on.
Casket manufacturers insurance protects your manufacturing business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked casket manufacturing insurance questions:
- How Much Does Casket Manufacturers Insurance Cost?
- Why Do Casket Manufacturers Need Insurance?
- What Type Of Insurance Do Casket Manufacturers Need?
How Much Does Casket Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small casket manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Casket Manufacturers Need Insurance?
Companies that manufacture caskets or coffins face a variety grave threats to their financial health, whether they are large manufacturers or boutique workshops. Some of these perils are common to almost all commercial ventures, while other risks are more specific to your own industry.
Consider, for example, the possibility of theft or vandalism. These criminal acts could both damage your assembly line or workshop and cost you a significant portion of your inventory. Acts of nature, too, may be inescapable.
Should your facility be hit by a wildfire, earthquake, or hurricane, the costs could be too massive to overcome on your own.
Whether your company makes wooden coffins or caskets or produces metal caskets, you will be using valuable tools and equipment for woodworking or welding. Should these tools need to be replaced or repaired due to damage or malfunction, that not only incurs immediate costs, but could also disrupt your production, leading to lost revenue.
Furthermore, workers and third parties alike could be injured on your premises, and you also have to take the risk that an employee inadvertently causes third party property damage when delivering a heavy casket into account.
Casket manufacturers insurance is your company's guard against these and other perils, and that is why it is vital to get the right coverage.
What Type Of Insurance Do Casket Manufacturers Need?
In today's market, numerous different casket manufacturers insurance policies can cover almost any risk that your company may encounter. Your needs will depend on factors such as your company's size, the materials you use to make coffins or caskets (or their components), and your geographical location.
A good commercial insurance agent will help you determine what kinds of casket manufacturers insurance are essential for your particular business. However, casket and coffin manufacturers should definitely carry:
- Commercial Property: In the event of circumstances beyond your control, such as fires and other acts of nature or criminal damage caused by vandalism or theft, commercial property insurance covers both your physical building and assets inside it. These would include your inventory, machinery, and even digital assets like design plans for caskets. Business property insurance further helps by (partially) reimbursing you for revenue lost as you have your property repaired.
- Commercial General Liability: This type of insurance is essential in case third parties sue your company for bodily injury or property damage, such as if you damage a wall while delivering an order. It covers legal expenses as well as repair costs or medical bills.
- Workers Compensation: This kind of insurance is another must-have for any company, but particularly within the manufacturing industry, where potentially dangerous machinery is used. It covers lost wages and medical bills if an employee sustains a work-related injury.
You will also want to consider product liability insurance, which covers the caskets or coffins in the event of bodily injury or property damage claims. If your company manufacturers casket components later assembled by other businesses, know that you can still be held liable if they make a manufacturing error.
These types of casket manufacturers insurance are examples of the type of coverage you will need in your field; to make sure that you can consider your full range of options, partner with a competent business insurance broker.
Casket Manufacturing's Risks & Exposures
Premises liability exposure is normally low as access by visitors is limited. If the manufacturer conducts tours or has a showroom or retail outlet, visitors may be injured by slips, trips, falls, or flying debris.
Storage of raw materials in the open presents an attractive nuisance hazard. The yard should be fenced to prevent unauthorized access, with proper lighting and warnings. Dust, fire or explosion, fumes, and noise may affect neighboring properties.
Products liability exposure is generally low as caskets are designed to be permanently interred. The failure of handles, closing latches, or seals could result in claims of mental anguish.
Environmental impairment exposure is moderate to high due to the possible contamination of ground, air, and water from sawdust, chemicals, paints, and varnishes used in processing and the lubricants and solvents used to service machinery. Storage and disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposure can be high. Common hazards include injuries from production machinery, burns, slips, trips, falls, foreign objects in the eye due to flying debris, hearing impairment from noise, and back injuries from lifting and material handling.
Woodworking and metalworking can result in injury from cuts, amputations, exposure to dust, respiratory problems from spray-painting operations, and eye injuries from welding. Plastics have similar exposures, plus potential for burns from heated machinery and eye and skin irritants from chemicals and resins.
The sewing operations for linings can have repetitive motion exposures. Workers should be aware of the toxic nature of any chemical and should be made fully aware of the need to watch for early signs and symptoms of problems. Drivers of forklifts and vehicles may be injured in accidents.
Property exposures include an office, shop, warehouse for finished goods, and often a yard for raw materials. Ignition sources include electrical wiring, heating and cooling equipment, overheating of production machinery, and explosions from the build-up of dust from plastics, metals, fabric, and wood. The risk increases dramatically in the absence of proper dust collection systems, ventilation, and adequate disposal procedures.
Wood is highly combustible and susceptible to damage by fire, smoke, and water. Glues, paints, varnishes, and stains may be flammable, and must be adequately separated and stored from other operations. Welding on metals should be conducted away from flammables. Spray-painting operations should be done in spray booths with explosion-proof electrical components.
The use of dip tanks instead of spray booths may require special attention. Exotic woods or expensive hardwood products may be attractive to thieves. Individual caskets have relatively high value, and marring or scratching lowers the value significantly.
Appropriate security controls should be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department. Business income and extra expense exposures can be high when a lengthy amount of time is required to restore operations.
Equipment breakdown exposures include malfunctioning production equipment, ventilation and dust collection systems, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in severe loss, both direct and under time element.
Crime exposure comes from employee dishonesty and theft if raw materials are expensive. 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. The manufacturer should have security methods in place to prevent theft.
Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), contractors' equipment for forklifts and other heavy machinery, exhibitions, goods in transit and valuable papers and records for customers' and suppliers' information.
The major causes of loss are fire, water damage, theft, collision, and upset. Finished goods may be on display at funeral homes or at association conventions, and are susceptible to loss of value by scratching or marring.
Commercial auto exposure may be high if the manufacturer transports raw materials or finished goods. Proper loading and tie-down procedures are essential to prevent overturn and /or release of lumber. 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.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3995 Burial Caskets
- NAICS CODE: 339995 Burial Casket Manufacturing
- Suggested ISO General Liability Code(s): 51900
- Suggested Workers Compensation Code(s): 2881, 3076
Description for 3995: Burial Caskets
Division D: Manufacturing | Major Group 39: Miscellaneous Manufacturing Industries | Industry Group 399: Miscellaneous Manufacturing Industries
3995 Burial Caskets: Establishments primarily engaged in manufacturing burial caskets and cases, including shipping cases, of wood or other material except concrete.
- Burial cases, metal and wood
- Burial vaults, fiberglass
- Caskets, metal and wood
- Grave vaults, metal
Casket Manufacturers Insurance - The Bottom Line
Casket manufacturers insurance policies are different in cost, coverage and exclusions. To find out if your casket manufacturing company has the best fit insurance policies for your operations - talk to an experienced commercial insurance broker.
Often they are able to save you on premiums and offer you better policy options than you currently have.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
Additional Resources For Manufacturing Insurance
Learn all about manufacturing insurance. Manufacturers face many unique risks such as product libility and/or product recall exposures due to the nature of their business operations.
- 3D Printing
- Audio & Video Equipment
- Auto Parts
- Bottling Plants
- Brooms & Brushes
- Camping Equipment
- Canned Fruit & Vegetables
- Canvas Products
- CBD Oil And Hemp
- Clock & Watch
- Commercial Air Conditioning
- Commercial Electronics
- Communications Equipment
- Construction Equipment
- Cork Products
- Dairies & Creameries
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Flavoring Extracts
- Frozen Foods
- Fruit Juice
- Fur Garment
- Garage Door
- Gypsum Products
- Ice Cream
- Iron & Steel Foundries
- Lawn Mowers
- Leather Apparel
- Lighting & Wiring
- Lumber & Wood Products
- Machine Shop
- Major Electrical Appliances
- Marijuana Products
- Mattresses & Box Springs
- Metal & Plastic Furniture
- Metal Heat Treating
- Metal Toys
- Musical Instruments
- Nonferrous Foundries
- Ornamental Metalwork
- Paper & Allied Products
- Pet Food
- Plastic & Rubber Toys
- Plastic Goods
- Plastics Molding, Forming & Extruding
- Product Liability
- Psychedelic Drugs
- Pulp & Paper Mills
- Residential Air Conditioning & Heating
- Rubber Goods
- Sawmills & Planing Mills
- Screw Machine Products
- Sheet Metal
- Soap & Detergent
- Small Electrical Appliances
- Sporting Goods
- Stone Products
- Textiles Finishing & Coating
- Tool & Die Shops
- Vending Machines
- Vegetable Juice
- Wire Rope
- Wood Furniture
- Writing Instruments
For manufacturers, 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.
Manufacturing is an extremely broad category that includes countless potential hazards and exposures in virtually all coverage areas. Because of this, every individual manufacturer is unique and a specific risk survey of every operation is advisable.
The basic insurance needs for every class of business or operation includes property coverage for buildings, machinery and equipment, as well as for raw stock and finished products.
Liability insurance for premises exposures is important but products liability insurance presents greater concerns so these exposures and coverage needs must be evaluated carefully.
In addition, protection for injuries to workers, environmental coverages and automobile insurance are priority items.
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.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.