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Wire Rope Manufacturers Insurance Policy Information

Wire Rope Manufacturers Insurance

Wire Rope Manufacturers Insurance. Wire rope - also sometimes called aircraft cable - may at first glance appear to be rather simple. It is, however, a complex tool that is often designed for equally complex purposes.

Seven or more strands of wire are coiled together into a new, much stronger, rope. Each new strand that results can, in turn, be used to form an even more robust rope wire as its strands are wrapped around a core.

Wire rope manufacturers produce wire cables made of seven or more strands of steel or other metal for industrial use. Wire is generally purchased from other manufacturers on large drums. It may be annealed, heat-treated, electroplated, coated, wrapped, twisted, or braided into rope or cable.

Fittings and attachments, such as cinches and beads, may be added to adapt it to a particular use. The finished rope or cable is coiled onto large drums for shipping.

With an impressive spectrum of industrial applications, wire rope is vital in aerospace, construction (including, for instance, in elevators), and any other industry that relies on strong ropes to lift and let down massive loads, such as distilleries and oil rigs.

In each case, the wire rope has to be precisely engineered to fulfill its intended purpose. The design, diameter, metal used (commonly steel, bronze, and iron), and lubrication all play a role in determining the ultimate capabilities of a wire rope.

The fact that any malfunction would very often have catastrophic consequences, both in human and economic terms, is just one reason why it is so essential for companies that manufacture these impressive products to be properly insured. What kinds of wire rope manufacturers insurance are needed? To find out more, read on.

Wire rope 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 wire rope manufacturing insurance questions:

How Much Does Wire Rope Manufacturers Insurance Cost?

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

Why Do Wire Rope Manufacturers Need Insurance?

Insurance For Manufacturers

All business owners want their companies to be successful, to thrive, and to become leaders in their field. To achieve this goal, it is crucial to be cognizant of all the risks your company could encounter.

Companies that manufacture wire rope have to contend both with risks common to all commercial ventures and threats more specific to their own field - all of which have the potential to threaten the company's financial health.

Examples of dangers any business with physical assets could fall victim to are theft, vandalism, and the breakdown of essential machinery without which you cannot continue production. Acts of nature such as earthquakes, hurricanes, wildfires, and floods can also threaten any business by damaging its facility and its contents.

Companies that manufacture wire rope further have to evaluate what can go wrong within their specific field. Should an employee become injured in the workplace, your company is likely to be held liable for the expenses that result.

Likewise, the malfunction of just one strand within a wire rope can cause its weight-bearing capacity to fail, in turn releasing the heavy load it was bearing and potentially causing both significant property damage and bodily injury or even death.

Even if such a malfunction resulted from user error or improper maintenance, wire rope manufacturers may be sued in these circumstances.

These and other challenges can, without the right wire rope manufacturers insurance, be nothing short of catastrophic - and that is why investing in a top-notch insurance plan that takes your company's risk profile into account is absolutely essential.

What Type Of Insurance Do Wire Rope Manufacturers Need?

Because your insurance coverage is a crucial part of your risk management strategy, wire rope manufacturers should be aware that there are no shortcuts.

Factors like the kind of wire rope you produce, the jurisdiction within which your manufacturing facility is based, the size of your operation, your number of employees, and the machinery you use in your production line all shape the exact type of coverage that you need to protect your business.

All companies in this industry will, however, require the following types of wire rope manufacturers insurance coverage:

  • General Liability: Essential in the event that a third party files a lawsuit alleging that your company caused property damage or bodily injury, this type of coverage helps you pay for legal and settlement fees.
  • Product Liability: This form of insurance offers liability coverage relating to the rope wire you manufacture. Should a manufacturing error or malfunction cause harm of any kind to a third party, product liability insurance will prove to be vital in protecting your company.
  • Commercial Property: This type of wire rope manufacturers insurance shields your company from the financial fallout that might otherwise occur if your facility is hit by unforeseen circumstances such as fire, theft, or vandalism. It can cover not only your physical building and all assets therein, but can also compensate you for revenue lost to these events.
  • Workers' Compensation: If an employee sustains a work-related accident or injury, this kind of insurance pays for their medical expenses and any wages they lose if they are unable to return to work.

Wire rope manufacturers should be aware that these types of insurance, while invaluable, are merely examples of the kind of coverage they may require.

Consulting a commercial insurance agent who is familiar with your field is an important step in building a comprehensive wire rope manufacturers insurance program that will protect your business against all the perils it may face.

Wire Rope Manufacturing's Risks & Exposures


Premises liability exposures are low due to limited access by visitors. If tours are given or outsiders are allowed on premises, visitors may be injured by slips, trips, or falls. The storage of spools of cable in the open could pose an attractive nuisance hazard unless the yard is fenced with proper lighting and warnings. Fumes and noise from processing may affect neighboring properties.

Products liability exposure can be very high as the manufacturer is the final point of quality control before delivery to the customer. While the wire rope manufacturer only attaches fittings and terminals, it is often at the juncture that failure occurs. Bodily injury or property damage could be extensive if cables securing elevators or lifting heavy machinery should fail.

Severe losses could result from product failure in automotive, aerospace, or military applications.

Environmental impairment exposure may be significant due to possible contamination of ground, air, and water from the degreasers, solvents, chemicals to clean or coat, and their storage and disposal. There may be outdoor or underground storage tanks on premises with the potential for spillage and contamination.

If there are underground tanks, a UST policy will be required. Disposal of wastes must adhere to all federal and state guidelines.

Workers compensation exposures are very high due to the possibility of burns from hot metal, chemicals, or welding. Injuries from production machinery are common, as are slips, trips, and falls, foreign objects in the eye, back injuries from lifting, hearing loss from noise, and repetitive motion injuries. 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. Guards should be on machinery, especially the cutting and shearing devices, and workers should not be allowed to remove guards due to the possibility of cuts and amputations during processing.

Chemical burns and eye, skin, and lung irritants can present long-term occupational disease.

Property exposures consist of an office, shop, and warehouse or yard for storage of raw materials and finished goods. Ignition sources include electrical wiring, heating systems, production machinery, annealing, heat treating, and sparks from welding operations.

Tanks and gasses should be stored away from flammables, and the welding should be conducted away from other operations. The cutting and shearing can produce dust and metal scraps. Poor housekeeping, such as failure to collect and dispose of trash on a regular basis, could contribute significantly to a loss.

Degreasers, solvents, chemicals to clean or coat, and other flammables must be adequately controlled. Unless disposed of properly, greasy, oily rags (such as those used to clean machinery) can cause a fire without a separate ignition source.

The stock itself is not usually susceptible to fire or water damage and is not a target item for theft.

Equipment breakdown exposures include malfunctioning production equipment, 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 and theft, particularly if there are exotic metals. Background checks should be conducted on all employees. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements.

The manufacturer should have security methods in place to prevent theft.

Inland marine exposure includes 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. Stock in transit is not usually susceptible to damage except from collision or overturn.

Business auto exposure can be high if the manufacturer picks up or delivers drums of coiled wire rope to customers. Transportation of loads requires careful loading and tie-down to prevent shifts that may cause overturn, collision or dumping of a load onto a public road during transport. Manufacturers generally have private passenger fleets used for sales.

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

Description for 3496: Miscellaneous Fabricated Wire Products

Division D: Manufacturing | Major Group 34: Fabricated Metal Products, Except Machinery And Transportation Equipment | Industry Group 349: Miscellaneous Fabricated Metal Products

3496 Miscellaneous Fabricated Wire Products: Establishments primarily engaged in manufacturing miscellaneous fabricated wire products from purchased wire, such as non-insulated wire rope and cable; fencing; screening, netting, paper machine wire cloth; hangers, paper clips, kitchenware, and wire carts. Rolling mills engaged in manufacturing wire products are classified in Major Group 33. Establishments primarily engaged in manufacturing steel nails and spikes from purchased wire or rod are classified in Industry 3315; those manufacturing nonferrous wire nails and spikes from purchased wire or rod are classified in Industry 3399; those drawing and insulating nonferrous wire are classified in Industry 3357; and those manufacturing wire springs are classified in Industry 3495.

  • Antisubmarine and torpedo nets, made from purchased wire
  • Barbed wire, made from purchased wire
  • Baskets, made from purchased wire
  • Belts, conveyor: made from purchased wire
  • Belts, drying made from purchased wire
  • Bird cages, made from purchased wire
  • Bottle openers, made from purchased wire
  • Cable, uninsulated wire: made from purchased wire
  • Cages, wire: made from purchased wire
  • Carts, grocery: made from purchased wire
  • Chain, welded: made from purchased wire
  • Chain, wire: made from purchased wire
  • Clips and fasteners, made from purchased wire
  • Cloth, woven wire: made from purchased wire
  • Concrete reinforcing mesh, made from purchased wire
  • Cylinder wire cloth, made from purchased wire
  • Delivery cases, made from purchased wire
  • Diamond cloth, made from purchased wire
  • Door mats, made from purchased wire
  • Fabrics, woven wire: made from purchased wire
  • Fencing, made from purchased wire
  • Florists' designs, made from purchased wire
  • Fourdrinier wire cloth, made from purchased wire
  • Gates, fence: made from purchased wire
  • Grilles and grillework, woven wire: made from purchased wire
  • Guards, made from purchased wire
  • Hangers, garment: made from purchased wire
  • Hardware cloth, woven wire: made from purchased wire
  • Hog rings, made from purchased wire
  • Insect screening, woven wire: made from purchased wire
  • Key rings, made from purchased wire
  • Keys, can: made from purchased wire
  • Kitchen wire goods, made from purchased wire
  • Lamp frames, wire: made from purchased wire
  • Lath, woven wire: made from purchased wire
  • Mats and matting, made from purchased wire
  • Mesh, made from purchased wire
  • Netting, woven wire: made from purchased wire
  • Paper clips and fasteners, made from purchased wire
  • Paper machine wire cloth, made from purchased wire
  • Partitions and grillework, made from purchased wire
  • Postal screen wire equipment
  • Potato mashers, made from purchased wire
  • Poultry netting, made from purchased wire
  • Racks without rigid framework, made from purchased wire
  • Rods, gas welding: made from purchased wire
  • Rope, uninsulated wire: made from purchased wire
  • Screening, woven wire: made from purchased wire
  • Shelving without rigid framework, made from purchased wire
  • Sieves, made from purchased wire
  • Skid chains, made from purchased wire
  • Slings, lifting: made from purchased wire
  • Spiral cloth, made from purchased wire
  • Staples, wire: made from purchased wire
  • Strand, uninsulated wire: made from purchased wire
  • Ties, bale: made from purchased wire
  • Tire chains, made from purchased wire
  • Traps, animal and fish: made from purchased wire
  • Trays, made from purchased wire
  • Wire and wire products: except insulated wire, and nails and
  • Wire winding of purchased wire
  • Wire, concrete reinforcing: made from purchased wire
  • Woven wire products, made from purchased wire

Wire Rope Manufacturers Insurance - The Bottom Line

Wire rope manufacturers insurance policies can be very different in premiums, coverages and exclusions. You can see if your 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.

Small Business Information

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 InsuranceWhat 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 InsuranceWhat 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 InsuranceWhat 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 InsuranceWhat 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 InsuranceWhat 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 PoliciesWhat 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 InsuranceWhat 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 BondWhat 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
Small Business Commercial Insurance

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.

Manufacturing Insurance

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.

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