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:
- What Is Casket Manufacturers Insurance?
- How Much Does Casket Manufacturers Insurance Cost?
- Why Do Casket Manufacturers Need Insurance?
- What Type Of Insurance Do Casket Manufacturers Need?
- What Does Casket Manufacturers Insurance Cover & Pay For?
What Is Casket Manufacturers Insurance?
Casket manufacturers insurance is a type of insurance coverage specifically designed for companies that manufacture and distribute caskets. It provides protection against various types of risks and hazards that a casket manufacturing business may face, such as damage to property, product liability, and legal disputes.
This insurance coverage helps casket manufacturers to mitigate financial losses from potential claims and lawsuits, thereby helping to ensure their financial stability and continued success.
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.
What Does Casket Manufacturers Insurance Cover & Pay For?
Casket manufacturers, like any other business, could potentially face a range of lawsuits. Here are some of the primary reasons they might be sued, along with how insurance can help cover the costs:
Product Liability: If a casket is defective or fails to meet the quality or durability expectations, the manufacturer could be sued for product liability. Customers might claim emotional distress due to the malfunctioning or premature degradation of the casket.
Insurance Solution: Product Liability Insurance could cover the legal costs associated with such a lawsuit. This type of insurance can help pay for the defense costs, settlements, and any court-ordered judgments that may occur as a result of the lawsuit.
Breach of Warranty: If a casket manufacturer makes certain promises or warranties about their product, and fails to uphold them, they could be sued for breach of warranty.
Insurance Solution: Commercial General Liability Insurance often includes coverage for claims of breach of warranty. It can cover the cost of defending the claim, any settlement that is reached, or damages awarded by a court.
Workplace Accidents: If an employee gets injured while manufacturing the caskets, they could sue the manufacturer for unsafe working conditions.
Insurance Solution: Workers' Compensation Insurance can provide coverage for medical costs, rehabilitation costs, and lost wages for the injured worker. Moreover, Employer's Liability Insurance, which is often part of Workers' Compensation policies, can help cover the legal costs if the employee sues.
Intellectual Property Infringement: If a casket manufacturer uses designs or processes that are patented by another manufacturer without permission, they could be sued for patent infringement.
Insurance Solution: Intellectual Property Insurance can help cover the legal fees, settlements, and any damages that the business is required to pay if they are sued for patent infringement.
Environmental Claims: The manufacturing process may involve the use of chemicals or materials that could potentially harm the environment. If environmental damage occurs, the manufacturer could face lawsuits.
Insurance Solution: Environmental or Pollution Liability Insurance can cover the costs associated with these types of claims. This can include the cost of defending against the lawsuit, any fines or penalties imposed by regulatory agencies, cleanup costs, and any damages awarded by a court.
Employment Practices Liability: This could include claims of discrimination, wrongful termination, harassment, or other employment-related issues.
Insurance Solution: Employment Practices Liability Insurance (EPLI) covers businesses against claims by workers that their legal rights as employees of the company have been violated. This can include legal defense costs and potential judgments or settlements.
Remember that the specifics of what each insurance policy covers can vary, so it's important for a casket manufacturer to carefully review any insurance policy before purchasing it to ensure it meets their needs.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3995 Burial Caskets
- NAICS CODE: 339995 Burial Casket Manufacturing
- Suggested Workers Compensation Code(s): 2881 Furniture Manufacturing and Cabinet Shop - Assembly by Hand - Wood, 3076 Soda Water Fountain or Apparatus Manufacturing
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.
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
- Adhesives
- Alarms
- Audio & Video Equipment
- Auto Parts
- Bottling Plants
- Boxes
- Bricks
- Brooms & Brushes
- Buttons
- Cabinets
- Camping Equipment
- Canned Fruit & Vegetables
- Cans
- Canvas Products
- Caskets
- CBD Oil And Hemp
- Cement
- Ceramics
- Chemical
- Clock & Watch
- Clothing
- Coffee
- Commercial Air Conditioning
- Commercial Electronics
- Communications Equipment
- Computers
- Condoms
- Construction Equipment
- Cork Products
- Cosmetics
- Cutlery
- Dairies & Creameries
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Electroplating
- Elevators
- Engines
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Fences
- Fertilizer
- Fireworks
- Flavoring Extracts
- Frozen Foods
- Fruit Juice
- Fur Garment
- Garage Door
- Gears
- Glass
- Glasswear
- Gypsum Products
- Hosiery
- Ice Cream
- Industrial Equipment
- Ink
- Insecticides
- Iron & Steel Foundries
- Jewelry
- Lawn Mowers
- Leather Apparel
- Leather Goods
- Lighting & Wiring
- Lumber & Wood Products
- Machine Shop
- Major Electrical Appliances
- Manufacturing
- Marijuana Products
- Mattresses & Box Springs
- Metal & Plastic Furniture
- Metal Heat Treating
- Metal Toys
- Millwork
- Monuments
- Musical Instruments
- Nanotechnology
- Nonferrous Foundries
- Ornamental Metalwork
- Paint
- Paper & Allied Products
- Pesticides
- Pet Food
- Pharmaceuticals
- Plastic & Rubber Toys
- Plastic Goods
- Plastics
- Plastics Molding, Forming & Extruding
- Pottery
- Product Liability
- Prosthetics
- Psychedelic Drugs
- Pulp & Paper Mills
- Refractory
- Residential Air Conditioning & Heating
- Rubber Goods
- Rugs
- Sawmills & Planing Mills
- Screw Machine Products
- Sheet Metal
- Soap & Detergent
- Shoes
- Small Electrical Appliances
- Sporting Goods
- Springs
- Stone Products
- Tanneries
- Textiles
- Textiles Finishing & Coating
- Tires
- Tobacco
- Tool & Die Shops
- Vegetable Juice
- Vending Machines
- Watercraft
- Wire
- Wire Rope
- Wood Furniture
- Woodworking
- Writing Instruments
- Yarn
- Specialty Manufacturing
- Specialty Product Liability
The manufacturing industry is a vital part of the economy and plays a significant role in the production of goods and services. However, it is also an industry that is prone to risks and accidents, which can result in costly damages and lawsuits. Therefore, it is essential for businesses in the manufacturing industry to have insurance to protect them against potential losses.
Business insurance can cover a wide range of risks, including property damage, liability, and worker injuries. For instance, if a fire were to break out in a manufacturing facility and destroy equipment or inventory, commercial insurance could cover the costs of replacing or repairing the damages. Similarly, if a worker were to be injured on the job, business insurance could cover medical expenses and lost wages.
In addition to protecting against physical damages, insurance can also provide financial protection against legal liabilities. If a customer were to sue a manufacturing business for a faulty product, the commercial insurance could cover the costs of legal fees and settlements.
Overall, insurance is essential for the manufacturing industry as it helps to mitigate risks and protect against unexpected costs. Without it, businesses in the industry could face financial ruin in the event of an accident or lawsuit.
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.
