Engraving Business Insurance Policy Information
Engraving Business Insurance Engravers cut text or design into a hard surface or plate made of copper or steel. Ink is rolled across the incised plate, and the surface is wiped clean, allowing the ink in the engraved grooves to be imprinted. Engraving can also be done using computers and photographic techniques.
You've trained to be a professional engraver. You know your stuff, you may have had plenty of experience and you're always careful. While it can provide you with a rewarding career, owning an engraving business is also associated with several risks. The unexpected can still strike.
We all tend to think it won't happen to us, but an oversight or an accident that happens in an instant can be disastrous. The major risks being professional errors, stolen goods from your store, or injuries from the engraving equipment. Protect against these risks by obtaining the right types of engraving business insurance.
Engraving business insurance protects your company from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked engraving business insurance questions:
- What Is Engraving Business Insurance?
- How Much Does Engraving Business Insurance Cost?
- Why Do Engravers Need Insurance?
- What Type Of Insurance Do Engravers Need?
- What Does Engraving Business Insurance Cover & Pay For?
What Is Engraving Business Insurance?
Engraving business insurance is a type of insurance coverage specifically designed for companies that specialize in engraving services. This insurance policy provides protection for the business against financial losses and other potential risks that may arise from the process of engraving, such as damage to equipment or injury to employees.
The coverage typically includes general liability insurance, property damage insurance, workers' compensation insurance, and business interruption insurance. The goal of this insurance is to provide peace of mind to the business owner and to help protect the business's assets and employees in the event of an unexpected incident.
How Much Does Engraving Business Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small engraving businesses ranges from $37 to $49 per month based on location, size, payroll, sales and experience.
The price you pay for your insurance is dependent upon a few key factors such as the sums insured you require in respect of property damage insurance, the exact nature of the shop that you operate and whether you have had any previous claims and your trading history.
Why Do Engravers Need Insurance?
As a business owner, an engraver is exposed to a variety of risks. These risks include damage to equipment or tools, loss of income due to business interruption, liability for damages caused to clients or customers, and personal injury. Insurance coverage provides financial protection for these risks and helps engravers manage their business risks effectively.
Additionally, insurance coverage can help engravers comply with legal and regulatory requirements. Some states require businesses to have liability insurance coverage, and if an engraver works on other people's property, they may be required to have property insurance coverage.
Having insurance coverage can also provide peace of mind and a sense of security for the engraver, knowing that they are protected in case of an unexpected event. This allows them to focus on their work and grow their business without worrying about financial loss.
In conclusion, engravers need insurance to protect themselves and their business from financial losses, comply with legal and regulatory requirements, and provide peace of mind.
What Type Of Insurance Do Engravers Need?
Following are some of the engraving business insurance coverages that are available to engravers:
General Liability - Your business wouldn't be much without customers coming through the door. Unfortunately, interacting with clients brings the risk of lawsuits, which are not cheap.
The Court Statistics Project reports that the median cost of a business liability lawsuit is about $54,000. The good news is that General Liability Insurance can help manage the risks presented by clients.
For instance, if a customer slips and falls on a newly cleaned floor in your store, this engraving business insurance coverage will help with any resulting medical expenses. This will also cover costs of repair or replacement of personal property of others.
Business Property - This is used to provide coverage in the event your building is damaged or destroyed. It's also used to cover upgrades or alterations that were done to the property. It's important that a buildings replacement cost estimate is performed to ensure it's covered up to its full replacement value.
Tenants Improvements - This is coverage for improvements done to your premises when you are a tenant.
In the event of a loss at your premises causing damage to the building, your landlord's insurance will usually put the structure of the premises back to what they are when the building was erected, but that office in the corner that you built wouldn't automatically be rebuilt by your landlords insurance company. This insurance will pay for such improvements that you made.
Glass breakage - As an engraver, if you work with a lot of expensive exterior glass, this policy will cover you if the break the glass. Glass coverage will, under some policies, also provide engraving business insurance coverage for illuminated signage, such as neon or other signs.
The cost of lettering and signage on windows should be included in the value of insurance along with coverage for temporarily boarding up the breakages.
Tenant Legal Liability - Consider adding tenant legal Liability coverage if you are operating your business on rented property. This engraving business insurance option helps protect you in the event you are sued for causing damage at the premises you rent. For example, if you shut off the heat before leaving your rented property for an extended time and as a result, a pipe bursts, tenant legal liability insurance may help cover the expenses.
Workers Compensation - Workers comp is mandated in most states for any non-owner employees. workers comp can help cover medical costs and a portion of lost wages for an employee who becomes ill or injured when operating engraving machines.
Another example of when this insurance can help you is if your cleaning crew left a very slippery floor the night before work and didn't use non-skid wax. One of your employees slips on the slippery floor and gets injured. Workers Compensation insurance can pay for the employee's medical costs and any lost wages from being out of work.
Business Interruption - What happens if a fire or some other incident causes you to close for a short period? Expenses still must be paid, so you need this engraving business insurance policy to protect you and your engraving business from this peril. It pays for:
- Lost net income
- Continuing expense (such as rent, salaries, taxes, etc.)
- If you find a place to relocate temporarily, the policy pays for relocation fees.
Business Owners Policy (BOP) - Business owner's policy combines typical insurance coverage options into one standard package. It is offered at premiums that are less than if each coverage was bought separately.
Typically, BOP consists of property, general liability, business interruption and other coverages common to your businesses. BOP simplifies the insurance process and saves you money.
Engraving Risks & Exposures
Premises liability exposure is generally minimal as visitor access is limited to waiting areas. All customer waiting areas should be in good condition. Access should be limited in the processing area. Parking areas and sidewalks should be in good repair and kept clear of ice and snow.
If the engraver outsources some of its work, certificates of insurance should be maintained to verify that adequate limits of liability are carried.
Professional exposure comes from errors and omissions which can range from blurry plates to misspellings to missing a critical deadline. Documentation is vital in preventing errors. All copy, including changes, must be reviewed and agreed upon before the type is set.
Environmental impairment exposure can be high due to waste disposal of solvents which can contaminate ground water, soil, or air. Contracts should be in place to dispose of all environmentally dangerous chemicals. Spill procedures must be in place to prevent the accidental discharge of inks through the drains.
Workers compensation exposure is high due to the use of chemicals and operation of machinery. Workers can be injured by electrical shocks, excessive heat, slips and falls, back sprains from lifting, cuts, dust inhalation, and repetitive motion injuries. Training is required for any employee operating machinery. Safety equipment is a must. Lifting techniques should be reviewed to prevent back injuries. Information regarding chemicals should be available to employees along with early warning signs of problems. Workstations should be ergonomically designed.
Property exposures are substantial due to the combination of flammable liquids, primarily inks and solvents, large quantities of combustible paper, the use of hot metals and molds, and the numerous ignition sources from the engraving machinery and equipment. Electrical wiring must meet current codes and be adequate for the occupancy. Ongoing maintenance of equipment is critical as even a small fire can result in substantial damage.
There should be automatic shutoffs to prevent overheating. Smoke detectors and fire suppression devices are highly recommended. Extension cords should not be used. Flammable liquids must be stored in a cool place away from heat sources with no more than one day's supply in the processing area. Smoking should be prohibited.
Crime exposure is from employee dishonesty. Background checks, including criminal history, should be performed on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. Audits conducted at least annually are important.
Inland marine exposure is from accounts receivable if the engraver offers credit, bailees customers, computers, goods in transit if deliveries are made, and valuable papers and records for customers' and vendors' records. All data should be duplicated and stored off premises for easy restoration after a loss.
Business auto exposures depend on whether the engraver picks up its own supplies or delivers end products to customers. If vehicles are provided to employees to take home, there must be a written policy regarding personal and permissive use. All drivers must be trained in handling the type of items being carried, including appropriate tie-down procedures, and they must also be trained in the operating the particular vehicle. Driving records must be acceptable and checked regularly. All vehicles must be maintained on a regular schedule with records kept in a central location.
What Does Engraving Business Insurance Cover & Pay For?
Engravers can be sued for various reasons, and having appropriate insurance coverage can help protect them financially in case of a lawsuit. Some common reasons for engravers to be sued and how insurance can help include:
Property damage: If an engraver accidentally damages a client's property, such as an expensive piece of jewelry or artwork, they can be sued for the cost of repair or replacement. Insurance can help by covering the financial costs of the damages up to the policy limits, allowing the engraver to avoid paying out of pocket.
Personal injury: If someone is injured on the engraver's premises or as a result of the engraver's work, the injured party may sue for medical expenses, lost wages, or pain and suffering. General liability insurance can help by covering the costs of legal defense and any awarded damages, protecting the engraver's financial stability.
Copyright infringement: An engraver could be sued if they reproduce copyrighted designs or artwork without permission. Intellectual property insurance can help by covering the costs of legal defense and any damages awarded to the plaintiff, ensuring the engraver's finances aren't severely impacted by the lawsuit.
Professional negligence: If an engraver makes a mistake that results in a dissatisfied client or financial loss, they can be sued for professional negligence. Professional liability insurance, also known as errors and omissions insurance, can help by covering the costs of legal defense and any awarded damages, allowing the engraver to continue their business operations without major financial strain.
Breach of contract: If an engraver fails to fulfill the terms of a contract with a client, they can be sued for breach of contract. Commercial general liability insurance can help by covering the legal defense costs and any damages awarded to the client, ensuring that the engraver can focus on their business without worrying about the financial consequences of the lawsuit.
Having appropriate insurance coverage is essential for engravers to protect their businesses from the financial risks associated with these and other potential lawsuits. By securing the right insurance policies, engravers can have peace of mind knowing that they are protected in the event of a costly legal battle.
Commercial Insurance And Business Industry Classification
- SIC CODE: 2759 Commercial Printing, Not Elsewhere Classified, 2796 Platemaking Services
- NAICS CODE: 323120 Support Activities for Printing
- Suggested Workers Compensation Code(s): 4351 Photoengraving, 4352 Engraving
2759: Commercial Printing, Not Elsewhere Classified
Division D: Manufacturing | Major Group 27: Printing, Publishing, And Allied Industries | Industry Group 275: Commercial Printing
2759 Commercial Printing, Not Elsewhere Classified: Establishments primarily engaged in commercial or job printing, not elsewhere classified. This industry includes general printing shops, not elsewhere classified, as well as shops specializing in printing newspapers and periodicals for others.
- Announcements, engraved
- Bags, plastics: printed only, except lithographed or gravure (bags not
- Banknotes, engraved
- Bread wrappers, printed: except lithographed or gravure
- Business forms, except manifold, lithographed or gravure printed
- Calendars, printed: except lithographed or gravure
- Cards, except greeting cards: engraving of
- Cards, printed: except greeting, lithographed or gravure
- Catalogs, printed: except lithographed or gravure (not publishing)
- Circulars, printed: except lithographed or gravure
- Color printing: except lithographed or gravure
- Coupons, printed: except lithographed or gravure
- Currency, engraving of
- Decalcomanias, printed: except lithographed or gravure
- Directories, printed: except lithographed or gravure (not publishing)
- Embossing on paper
- Envelopes, printed: except lithographed or gravure
- Fashion plates, printed: except lithographed or gravure
- Flexographic printing
- Gummed labels and seals, printed: except lithographed or gravure
- Half-tones, engraved
- Imprinting, except lithographed or gravure
- Invitations, engraved
- Labels, printed: except lithographed or gravure
- Letterpress printing
- Letters, circular and form: except lithographed or gravure printed
- Magazines, printed: except lithographed or gravure (not publishing)
- Maps, engraved
- Maps, printed: except lithographed or gravure (not publishing)
- Menus, except lithographed or gravure printed
- Music, sheet: except lithographed or gravure (not publishing)
- Newspapers, printed: except lithographed or gravure (not publishing)
- Periodicals, printed: except lithographed or gravure (not publishing)
- Plateless engraving
- Playing cards, printed: except lithographed or gravure
- Postcards, picture: except lithographed or gravure printed
- Posters, including billboard: except lithographed or gravure
- Printing from engraved and etched plates
- Printing, commercial or job: engraved plate
- Printing, commercial or job: except lithographic or gravure
- Printing, flexographic
- Printing, letterpress
- Printing, screen: except on textiles or finished fabric articles
- Schedules, transportation: except lithographed or gravure
- Screen printing on glass, plastics, paper, and metal, including
- Seals: printing except lithographic or gravure
- Security certificates, engraved
- Souvenir cards: except lithographed or gravure
- Stationery: except lithographed or gravure
- Stock certificates, engraved
- Tags, printed: except lithographed or gravure
- Telephone directories, except lithographed or gravure (not publishing)
- Thermography, except lithographed or gravure
- Tickets, printed: except lithographed or gravure
- Trading stamps, printed: except lithographed or gravure
- Visiting cards, printed: except lithographed or gravure
- Wrappers, printed: except lithographed or gravure
2796: Platemaking Services
Division D: Manufacturing | Major Group 27: Printing, Publishing, And Allied Industries | Industry Group 279: Service Industries For The Printing Trade
2796 Platemaking Services: Establishments primarily engaged in making plates for printing purposes and in related services. Also included are establishments primarily engaged in making positives or negatives from which offset lithographic plates are made. These establishments do not print from the plates which they make, but prepare them for use by others. Engraving for purposes other than printing is classified in Industry 3479.
- Color separations for printing
- Electrotype plates
- Electrotyping for the trade
- Embossing plates for printing
- Engraving on copper, steel, wood, or rubber plates for printing
- Engraving on textile printing plates and cylinders
- Engraving, steel line: for printing purposes
- Etching on copper, steel, wood, or rubber plates for printing purposes
- Flexographic plates, preparation of
- Gravure plates and cylinders, preparation of
- Letterpress plates, preparation of
- Lithographic plates, positives or negatives: preparation of
- Offset plates, positives or negatives: preparation of
- Photoengraving for the trade
- Plates and cylinders, rotogravure printing: preparation of
- Plates, printing: preparation of
- Stereotype plates
- Stereotyping for the trade
Engraving Business Insurance - The Bottom Line
There are additional types of insurance that may be a good fit for your specific engraving business. By discussing the ins-and-outs of your particular business, you can help your insurance agent determine your various exposures. Your agent can then help you find the right coverage to mitigate those specific risks.
Additional Resources For Miscellaneous Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Control of Well
- Electric Utilities
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- Waste Disposal Landfill
- Wedding Planner
- Specialty Accident And Sickness / AD&D
- Specialty Amusement Parks And Rides
- Specialty Auctions And Farmers Markets
- Specialty Business Risks
- Specialty Communication
- Specialty Design
- Specialty Drugs And Alcohol
- Specialty Employee Protection
- Specialty Energy
- Specialty Environmental Risks
- Specialty Firearm And Shooting
- Specialty Hazardous Materials
- Specialty Health Risks
- Specialty Machinery And Tools
- Specialty Merchandise
- Specialty Mobile And Modular Homes
- Specialty Motorcycle Risks
- Specialty Natural Disasters
- Specialty Oil And Chemical
- Specialty Prize Indemnification
- Specialty Programs
- Specialty Railroad
- Specialty Security Risks And Equipment
- Specialty Substandard Risks
- Specialty Travel
- Specialty Weather Related
Businesses need insurance for several reasons. Firstly, insurance protects businesses from potential financial losses that may result from unexpected events, such as accidents, natural disasters, or lawsuits. This financial protection can help businesses recover from unexpected events and continue to operate.
Secondly, business insurance can provide businesses with liability protection. This means that if a business is sued for damages or injuries that occurred on their property or as a result of their products or services, the insurance company will cover the legal costs and damages. Without insurance, businesses may have to pay these costs out of pocket, which can be financially devastating.
Thirdly, commercial insurance can also provide businesses with peace of mind. When businesses have insurance, they can focus on running and growing their business without constantly worrying about potential financial losses or legal issues.
Finally, business insurance can also be a requirement for certain businesses. For example, many businesses that work with the government or large corporations may be required to have certain types of insurance in order to do business with them.
In conclusion, businesses need insurance for financial protection, liability protection, peace of mind, and to meet certain requirements. It is an important aspect of running a successful business and can help ensure the long-term stability and growth of the company.