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Monument Manufacturers Insurance Policy Information

Monument Manufacturers Insurance

Monument Manufacturers Insurance. Monuments, which serve the purpose of commemorating either people or events, play an important role in public life. Companies that make them are likely to be primarily focused on monuments to be placed in cemeteries, but they may also craft monuments for other private and public venues.

Monument manufacturers produce fine quality stone, commonly granite or marble, which has been cut to size and finished or polished to be used as headstones for graves. Manufacturers usually have a quarry as a part of their operation, which may require blasting.

Large blocks are taken from the quarry and broken or cut into slabs. At the processing plant, slabs are further cut and polished and then prepared for transport. Much large machinery and many heavy conveyances are needed for the movement of the blocks and slabs.

Retailers who sell monuments may be responsible for personalizing or contracting out the engraving on the stone, but some manufacturers offer this service. The personalizing process may apply letters or images by means of etching, engraving, carving and final polishing of the stone, which may include masking and then sandblasting the surface.

Granite, marble, and bronze are the most common materials used to make monuments, and in the modern market, both cutting-edge tools such as rotary saws and computer-guided systems that allow for the greatest precision are often an essential part of the manufacturing process.

Working with these large and heavy structures and valuable machinery often used for cutting, it is nearly impossible for companies that make monuments to lose sight of the fact that making monuments is not only important, but also potentially dangerous, work.

This brief guide will discuss what kinds of monument manufacturers insurance these businesses will need to protect their financial health.

Monument 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 monument manufacturing insurance questions:

What Is Monument Manufacturers Insurance?

Monument manufacturers insurance is a type of insurance coverage that is specifically designed to protect monument manufacturers from the various financial risks and liabilities that are associated with their business operations. This can include coverage for property damage, theft, liability, product liability, and other types of exposures that are specific to the monument manufacturing industry.

The coverage may also include protection for workers' compensation, business interruption, and other types of coverage that are tailored to the unique needs of monument manufacturers. The purpose of this insurance is to provide financial protection and peace of mind to monument manufacturers so that they can operate their business with confidence and security.

How Much Does Monument Manufacturers Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small monument manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.

Why Do Monument Manufacturers Need Insurance?

Insurance For Manufacturers

Circumstances beyond your control can always rear their head, without notice or warning and no matter how well-developed your risk management strategy is and how seriously you take health and safety regulations. If your company were to be solely responsible for the financial fallout of these perils, the losses could be monumental.

The risks a company that makes monuments has to consider include those shared by all commercial ventures, regardless of their field. Theft and vandalism, for example, may affect any business. So, too, can acts of nature such as an earthquake or a lightning strike that then ignites a fire within your facility.

In the process, you suffer immediate losses as well as production interruptions that easily lead to massive future losses.

The hazards more specific to your industry could include the sudden breakdown of a computer system essential to your manufacturing process, but also the possibility that an employee suffers a serious injury on the job or comes down with an occupational illness after exposure to dusts.

Likewise, transporting a monument to its destination may be hazardous, and it is possible that third party property is damaged by a worker in the process.

Companies in this industry need to invest in the right monument manufacturers insurance because it can protect them from the financial losses that would otherwise follow these perils.

What Type Of Insurance Do Monument Manufacturers Need?

To discover what customized insurance program optimally shields your company from the risks specific to it, it is vital to sit down with an experienced commercial insurance agent and discuss your options.

Everything that makes your company unique, from the location of your manufacturing premises to the materials you use to make monuments and even the number of workers you have hired, impacts your insurance needs.

Having said that, some of the most important forms of monument manufacturers insurance include:

  • Commercial Property: Whether you rent or own your physical building and manufacturing equipment, every business including yours needs commercial property insurance. It protects you from financial losses in the event that any physical asset - meaning your building, machinery, stone slabs, and computers, among others - is damaged or destroyed by theft, vandalism, or acts of nature.
  • Workers Compensation: Should an employee sustain a work-related injury or illness and the company is found liable, this kind of insurance pays for their medical bills and any lost wages if the worker is unable to return to their job (for a time). In the process, your company avoids litigation.
  • General Liability: This type of monument manufacturers insurance covers you if a third party files a claim for bodily injury or property damage that occurred on your premises or as a result of your company's activities. Both attorney fees and settlement costs fall under general liability insurance.
  • Product Liability: Designed to cover you in the case your product causes damage or injury, even long after the final sale was made, product liability insurance would be needed if a monument was toppled due to a design fault and then damaged its surroundings, for example.

Be aware that these are merely examples of the monument manufacturers insurance coverage to consider; you may further require equipment breakdown insurance, vehicle insurance, or even production interruption insurance, for instance.

A commercial insurance agent is best placed to guide you through the process.

Monument Manufacturing's Risks & Exposures

Manufacturing MONUMENTS

Premises liability exposure is normally low due to limited access by visitors. If tours are given or if outsiders are allowed on premises, visitors may be injured by slips, trips, or falls. Piles of stone and equipment in the open present an attractive nuisance to trespassers, especially children.

Fumes, dust, and noise may affect neighbors. This can result in a high frequency of nuisance claims, but may also cause serious health problems due to the generation of silica dust.

Hazards increase if the location is not fenced and monitored while not in use. For the polishing and sandblasting operations, the rock dust and silica (sand) contained in the overspray is abrasive to property.

If there is a quarry on premises exposure can significantly increase. The edge of a quarry is commonly a cliff, presenting a catastrophic fall hazard. Blasting operations pose high exposures as neighboring properties may be damaged, either directly or by shock waves.

Products liability exposure is generally low due to the end use of the product. Improper installation could result in a monument collapsing, resulting in bodily injury or property damage.

Environmental impairment exposure is moderate to high due to the potential for air, land, and water pollution from dust and fuel storage tanks. Most monument manufacturers will have fuel tanks on premises and may require a UST policy.

Vapors, fumes and air pollutants, waste water and by-products disposal must be evaluated and controlled. Disposal procedures must adhere to all EPA and other regulatory standards. Reclamation procedures should be in place to control the impact of the quarrying operation.

There is the possibility of claims for cumulative structural damage to neighboring foundations from the heavy traffic of quarry operations.

Workers compensation exposures are serious 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. Employees should be provided with safety training and protective equipment.

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. Some operations are still hand cut, which requires special tools but involves the cutting and flying debris. Exposures to rock dust and silica may cause skin and eye and respiratory irritations and lead to occupational diseases such as Silicosis or Shaver's lung.

Stone-cutting operations can result in injuries from flying chips and debris, or being crushed by falling stone.

Property exposures consist of office, production plant, and warehouse for raw materials and finished goods. Ignition sources include electrical wiring, heating systems, production equipment and the storage of large amounts of fuels to run them. Flammable solvents and chemicals for etching and flammable lubricants for maintenance of machinery should be separated from processing areas.

Sparks or high temperatures may ignite dust particles generated by cutting, buffing, or sandblasting. Adequate dust control and ventilation systems are needed. Although stone does not catch fire, heated stone can shatter if it is suddenly cooled, as when a fire hose douses nearby flames. Explosives used in blasting operations may explode and are targets for theft.

Equipment breakdown exposures include malfunctioning production equipment, dust collection and ventilation systems, electrical control panels and other apparatus. These should be properly maintained. A lengthy breakdown could result in serious 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.

There should be security methods in place to prevent theft, especially if explosives are on premises.

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. Backup copies of all records should be made and stored off premises.

If the manufacturer takes items to trade shows, there will be an exhibition exposure. If there is a quarry, there will be a contractors' equipment exposure. Fine quality stone may be subject to marring, especially before it is finished, or may be damaged by sudden cooling.

Larger firms may transport raw stock and work in process between different buildings or different locations. For example, cutting to size may be done in one location and polishing or finishing in another.

Commercial auto exposure can be high if the manufacturer has a quarry, picks up raw materials or delivers finished goods to customers. There should be tie down controls in place to prevent materials from flying off of the vehicles. 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 Monument Manufacturers Insurance Cover & Pay For?

Monument Manufacturers Insurance Claim Form

Monument manufacturers, like any other business, are exposed to various legal risks. These may arise due to a variety of reasons, and having the right insurance coverage can significantly help in managing these risks. Here are a few examples:

1. Personal Injury Claims: A person could get injured in the premises of the monument manufacturer, or by one of their products. For instance, a visitor could trip over a piece of stone and injure themselves, or a poorly installed monument could fall and cause injury. In such cases, the injured party could sue the manufacturer for damages.

Insurance Solution: General Liability Insurance can help in this situation. It covers legal costs and any settlements or judgments up to the policy limits if the business is found liable for personal injuries.

2. Product Liability Claims: If a monument or headstone that the manufacturer produced fails prematurely or is defective in some way, the manufacturer could be sued for damages. This could be something like the engraving fading too soon or the monument cracking.

Insurance Solution: Product Liability Insurance can cover the costs associated with these types of claims. It can pay for legal defense costs and any compensation awarded to the claimant if the manufacturer is found to be at fault.

3. Professional Negligence: If the monument manufacturer makes a professional error, such as misspelling a name on a headstone or incorrectly recording dates, the client could sue for professional negligence.

Insurance Solution: Professional Liability Insurance (or Errors and Omissions Insurance) can cover the costs associated with such lawsuits. This insurance covers the defense costs and any settlements or judgments related to the claim, up to the policy's limit.

4. Employment Practices Liability: If an employee of the monument manufacturer alleges wrongful termination, discrimination, harassment, or other employment-related issues, the manufacturer could face a lawsuit.

Insurance Solution: Employment Practices Liability Insurance (EPLI) can provide coverage for these types of claims. It can cover legal defense costs and any settlements or judgments related to the claim, up to the policy's limit.

5. Property Damage: If a monument manufacturer causes damage to a client's property while delivering or installing a monument, they could face a lawsuit for the cost of the repairs.

Insurance Solution: Commercial Property Insurance and Inland Marine Insurance can cover the costs associated with such claims. Commercial Property Insurance can cover damages to the property caused by covered perils, while Inland Marine Insurance can cover goods (like monuments) in transit.

Each of these insurance coverages offers a layer of financial protection to monument manufacturers, helping them to weather the potential financial storm of a lawsuit.

Commercial Insurance And Business Industry Classification

Description for 3281: Cut Stone and Stone Products

Division D: Manufacturing | Major Group 25: Furniture And Fixtures | Industry Group 251: Household Furniture

3281 Cut Stone and Stone Products: Establishments primarily engaged in cutting, shaping, and finishing granite, marble, limestone, slate, and other stone for building and miscellaneous uses. Establishments primarily engaged in buying or selling partly finished monuments and tombstones, but performing no work on the stones other than lettering, finishing, or shaping to custom order, are classified in Division F, Wholesale Trade or Division G, Retail Trade. The cutting of grindstones, pulpstones, and whetstones at the quarry is classified in Division B, Mining.

  • Altars, cut stone
  • Baptismal fonts, cut stone
  • Benches, cut stone
  • Blackboards, slate
  • Burial vaults, stone
  • Church furniture, cut stone
  • Curbing, granite and stone
  • Cut stone products
  • Desk set bases, onyx
  • Dimension stone for buildings
  • Flagstones
  • Furniture, cut stone
  • Granite, cut and shaped
  • Lamp bases onyx
  • Limestone, cut and shaped
  • Marble, building cut and shaped
  • Monuments, cut stone: not including only finishing or lettering
  • Paving blocks, cut stone
  • Pedestals, marble
  • Pulpits, cut stone
  • Roofing, slate
  • Slate and slate products
  • Statuary, marble
  • Stone, cut and shaped
  • Stone, quarrying and processing of own
  • Stone products
  • Switchboard panels, slate
  • Table tops, marble
  • Tombstones, cut stone: not including only finishing or lettering
  • Urns, cut stone
  • Vases, cut stone

Monument Manufacturers Insurance - The Bottom Line

Not all monument manufacturers insurance policies are the same. To find out if your monument manufacturing operation has the best fit insurance policies - 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.

Manufacturing Insurance

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.

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