Gypsum Products Manufacturers Insurance Policy Information
Gypsum Products Manufacturers Insurance. Gypsum has been used for a variety of purposes, since the times of ancient empires like Egypt, Rome, and the Byzantine Empire.
Different forms of gypsum have been, and continue to be, used in art, construction, dentistry and medicine, and in agriculture. Gypsum can be mined or synthesized.
Gypsum manufacturers produce wallboard, ornamental molding, plaster, fertilizers, fireproofing materials, and setting material for cement, clay, or mortar. Gypsum is a soft sulfate mineral mined from deposits of evaporated ancient salt water.
Many operations own their own quarries or mines; others purchase gypsum from distributors or producers. Once the raw material is mined or quarried, it is crushed in a grinder, calcined, or baked, and ground to a final powder.
Wallboard is made by inserting the ground gypsum between two sheets of heavy paper.
China is the world's largest producer of gypsum, while Spain is the number one producer in Europe. The United States are the fourth largest producer of gypsum in the world, with 11,500 thousand metric tons of gypsum processed annually.
Just like other fields, this one faces numerous perils. How can manufacturers within the gypsum industry protect themselves?
Read on to find out what types of gypsum products manufacturers insurance are essential for companies that process gypsum.
Gypsum products 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 gypsum products manufacturing insurance questions:
- How Much Does Gypsum Products Manufacturers Insurance Cost?
- Why Do Gypsum Products Manufacturers Need Insurance?
- What Type Of Insurance Do Gypsum Products Manufacturers Need?
How Much Does Gypsum Products Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small gypsum products manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Gypsum Products Manufacturers Need Insurance?
Every commercial enterprise is vulnerable to a range of risks. Some risks are universal, while others are specific to a certain industry, because each type of industry is unique. Natural disasters such as earthquakes, floods, hurricanes, and lightning strikes are examples of risks that can affect every company. Vandalism and theft also pose a great threat to every business.
On the other hand, gypsum production comes with unique risks as well. Whether your company mines gypsum or produces it synthetically, the risk of work-related injury is significant.
Although calcium sulfate is not toxic, this powder can irritate the skin and mucous membranes. Should an employee suffer a costly occupational illness or injury, your company can be held liable.
If safety measures are adhered to and a company invests in security systems, it is possible to mitigate some risks. It is never possible to prepare for or prevent all accidents and perils, however.
When the worst happens, the financial consequences could be so devastating that you might not be able to recover. That is why it is very important to have a backup plan, in the form of comprehensive gypsum products manufacturers insurance coverage.
What Type Of Insurance Do Gypsum Products Manufacturers Need?
Gypsum production is hard work. Even though companies in this line of work share a lot of common risks, each business is unique. The location of your facility, the manner in which you produce gypsum, and your number of workers are just some variables that determine what types of perils you are most vulnerable to.
That is why there is no such thing as a universally suitable insurance plan for gypsum manufacturers. By discussing the factors that define your company with a skilled commercial insurance broker, you will better be able to evaluate which types of insurance are vital to your individual company.
Some of the most common types of gypsum products manufacturers insurance include:
- General Liability: This type of insurance prevents financial loss in the case of damage caused to third party property (such as the machines you rent, or the trucks you rent to deliver your product). It also shields your company in case of third party bodily injury liability. Your legal fees and any settlement costs are both covered.
- Commercial Property: This type of gypsum products manufacturers insurance can protect your company from the financial fallout of property damage or loss resulting from the forces of nature (such as wildfires, floods, storms, lightning strikes, earthquakes, etc), vandalism, or theft. Your physical building, manufacturing equipment, outdoor assets, and raw materials can all fall under such a policy.
- Product Liability: If, for any reason, you need to recall your product, this type of insurance can help cover the expenses, and potential lost revenue. Also, if your product causes bodily injury or property damage to a third party, this type of insurance will compensate the person affected.
- Workers Compensation: People working in gypsum manufacturing have a relatively high risk of work related injury than. This type of insurance will cover the expenses of medical bills, in the case of occupational injuries or illnesses. It further reimbursed the employee for any lost wages caused by said injuries.
Gypsum manufacturers work in a steady field of industry that is expected to continue growing - but even a single catastrophic event has the potential to force you into bankruptcy without the right insurance plan.
Because these types of gypsum products manufacturers insurance are merely examples of the business insurance you may need to carry, you are advised to consult a commercial insurance agent who understands your field of work to explore all available options.
Gypsum Products Manufacturing's Risks & Exposures
Premises liability exposures are a concern even though access by visitors is limited. If tours are given or outsiders are allowed on premises, visitors may be injured by slips, trips, or falls. Gypsum processing may generate a great deal of dust and noise that may affect neighbors, resulting in a high frequency of nuisance claims.
Gypsum dust may also cause serious health problems, especially respiratory problems.
Hazards increase if the location is not fenced and monitored while not in use, as the edge of a quarry is commonly a cliff, presenting a significant fall hazard. The piles of stone waiting to be crushed and the equipment in the open present an attractive nuisance to trespassers and children.
Products liability exposure is generally low unless the gypsum is imported or is not mixed to specifications, particularly if use is for fireproofing.
Environmental impairment exposure is high as dust, vapors and spillage of fuel tanks may contaminate air, land, surface or ground water, or soil. Disposal of wastes must adhere to all federal and state guidelines. There should be reclamation procedures in place to control the impact of any mining or quarrying operations.
Workers compensation exposure is high even if there is no quarry. Injuries from production machinery are common, as are minor cuts, burns, slips, trips, falls, foreign objects in the eye, back injuries from lifting, hearing loss from noise, and repetitive motion losses.
Workstations should be ergonomically designed. The manufacturing processes are usually automated, but workers can be injured during maintenance and fueling of machinery. Exposures to dust may cause skin and eye and respiratory irritations.
Property exposures consist of the office, plant, and warehouse for raw materials and finished goods. Ignition sources include electrical wiring, heating systems, and production machinery. Hazards come from the large amount of flammables on hand to run, lubricate, and maintain the machinery and equipment. The machinery is large and conveys heavy loads. Maintenance is critical to prevent overheating and other potential fire hazards.
Dust may be a concern since there is fire or explosion potential from sparks or high temperatures created by the process. Adequate dust control and cooling are needed. Poor housekeeping may be a serious fire hazard. Unless disposed of properly, greasy, oily rags (such as those used to clean the machinery) can cause a fire without a separate ignition source. If mining or quarrying is done, there may be blasting and the exposure for theft can be high.
Appropriate security controls must be taken including lighting and 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.
Equipment breakdown exposures include malfunctioning production equipment, dust collection and ventilation systems, 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 employee dishonesty. 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, particularly if there are explosives on the premises.
Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), contractors' equipment if mining or quarrying is done, goods in transit, and valuable papers and records for customers' and suppliers' information. The primary causes of loss are fire, theft, collision, overturn, and water damage.
Commercial auto exposure can be high if the manufacturer has a quarry, picks up raw materials, or delivers finished goods to customers. Delivery to jobsites may involve travel on uneven terrain and temporary roads, increasing the risks of upset and overturn. 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, especially tankers, must be well maintained with documentation kept in a central location.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3275 Gypsum Products
- NAICS CODE: 327420 Gypsum Product Manufacturing
- Suggested ISO General Liability Code(s): 51808 Cement, Concrete Mix or Plaster Manufacturing - Packaged, 51809 Cement or Plaster Manufacturing - Bulk
- Suggested Workers Compensation Code(s): 4036 Plasterboard or Plaster Block Manufacturing & Drivers
Description for 2261: Finishers Of Broadwoven Fabrics Of Cotton
Division D: Manufacturing | Major Group 32: Stone, Clay, Glass, And Concrete Products | Industry Group 327: Concrete, Gypsum, And Plaster Products
2261 Finishers Of Broadwoven Fabrics Of Cotton: Establishments primarily engaged in manufacturing plaster, plasterboard, and other products composed wholly or chiefly of gypsum, except articles of plaster of paris and papier-mache.
- Acoustical plaster, gypsum
- Agricultural gypsum
- Board, gypsum
- Building board, gypsum
- Cement, Keene's
- Gypsum products: e.g., block, board, plaster, lath, rock, tile
- Insulating plaster, gypsum
- Orthopedic plaster, gypsum
- Panels, plaster: gypsum
- Plaster and plasterboard, gypsum
- Plaster of paris
- Wallboard, gypsum
Gypsum Products Manufacturers Insurance - The Bottom Line
Gypsum products manufacturers insurance policies can be very different in coverages and premiums. You can learn if your manufacturing business has the best fit insurance policies by talking 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.