Monument Manufacturers Insurance Policy Information
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:
- How Much Does Monument Manufacturers Insurance Cost?
- Why Do Monument Manufacturers Need Insurance?
- What Type Of Insurance Do Monument Manufacturers Need?
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?
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 & ExposuresMONUMENTS
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.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3281 Cut Stone and Stone Products
- NAICS CODE: 327991 Cut Stone and Stone Product Manufacturing
- Suggested ISO General Liability Code(s): 59482
- Suggested Workers Compensation Code(s): 1803
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
- 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.
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.
- Audio & Video Equipment
- Auto Parts
- 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
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Fur Garment
- Garage Door
- Gypsum Products
- 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
- 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
- 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.