Monument makers design and construct stone and bronze civic, personal, and dedication memorials such as statues, war memorials, estate monuments, public fountains, benches, cornerstones, plaques, signs, and more for public and private use.
These medium- to large-scale monuments include three-dimensional bronze or granite structures for corporate offices, memorial sites, parks, buildings, schools, churches, residential developments, and more.
Monument makers are essentially stonemasons who design, create, install, and repair these monuments using bronze and granite from around the world. They are highly-trained professionals who have practiced the art of stone carving for generations and who also undergo rigorous and continuous training and certification.
If you own a monument making business, you take great pride in helping your customers design beautiful monuments and memorials that will stand the test of time. In order to stay in business for the long term, too, it’s important to protect your business from the many risks you face.
Why Do You Need Monument Maker Insurance?
Monument making requires cutting, sanding, designing, and engraving large slabs of stone or bronze into custom works of art. Craftsmen design the monuments using CAD design and use a variety of large diamond rotary saws, guillotines, hammers, and chisels to shape slabs into the desired shapes and sizes.
Monument makers then use engraving and etching technology to add customized verbiage that honors significant people or events. Most memorials are also designed to complement and enhance their environments, typically parks, buildings, or other public spaces.
The goal is a beautifully designed centerpiece or work of art that instills pride and a sense of community for all who visit. Monument making is an exacting and complex process that is also quite dangerous.
The design and carving process, and the quality of the final product is reliant on the artist’s skill—including his or her ability to work with the computer programs, complex machinery, and a variety of hand tools.
Regardless of the size or style of the monument and the materials and methods used, the monument making process involves numerous employees with different areas of expertise.
Monument makers may employ skilled stonemasons and engravers, graphic artists, machine operators, truck drivers, salespersons, managers, office personnel, and more.
Many of these employees are exposed to numerous dangers each day, including working with the heavy stones and dangerous tools and chemicals.
You need monument maker insurance to mitigate these threats, as well as numerous additional risk exposures, including:
- Equipment, inventory, and building damage due to accidents, fire, theft, weather, and other natural disasters
- Business interruption due to accidents, fire, natural disasters, machinery breakdown, utility interruption, and more
- Damage to products in transit
- Product mistakes and defects
- Customer safety concerns (trips and falls in your showroom)
You might need to purchase insurance that is specifically designed for artists, crafters, and tradespeople in conjunction with some more traditional business insurance policies.
An independent insurance agent can help you find the customized insurance solutions you need to protect your monument making business.
What is Monument Maker Property Insurance?
Monument makers need to protect their showroom, office space, warehouse, manufacturing facilities, and everything inside them from things like fire, severe weather, theft, vandalism, and natural disasters.
If any kind of event destroys your business property, you have to make repairs, replace lost or damaged items, and perhaps even rebuild an entire structure.
Commercial property insurance helps you do all of those things. It covers your materials, specialized tools and equipment, CAD systems, showroom samples, engraving equipment, completed inventory, industrial equipment and machinery, warehouses and office space, and office equipment inside the manufacturing facility at all times.
It helps you rebuild if a fire, vandalism, smoke, theft,or some other unforeseen event damages or destroys the physical aspects of your business.
Business property insurance policies usually include business interruption coverage which protects your earnings and helps pay ongoing expenses if your business is unable to operate because of damage caused by some type of covered disruption (e.g., a fire).
And you can add coverage for breakdowns in water or electrical utility services (utility interruption coverage) that force you to temporarily close your doors and lose income.
You may also need coverage for products and materials in transit. Inland marine insurance is designed to protect you from losses when your business property is not on-site, but rather is being moved from one place to another.
Any piece of property that is in transit can be covered with an inland marine policy. An independent agent who has experience working with businesses like yours can help you find the right inland marine coverage.
Damage or breakdown of equipment can be devastating to your monument making business too. Without certain equipment, your business may be unable to operate, pay for expenses, and earn revenue.
Equipment breakdown insurance, or boiler and machinery coverage, supplements your other business property coverage. It covers certain costs associated with accidental breakdown of machinery or equipment and the resulting property damage or loss of income.
It typically covers breakdowns due to power surges, motor burnout, boiler malfunction, and even operator error. Insurance companies offer coverage for mechanical and electrical equipment, computers and computer systems, boilers, and other types of pressure equipment.
What is Monument Maker Liability Insurance?
Monument makers face numerous liability risks, both on your property and off-site. You must protect your operations, products, and customers with a variety of business liability policies designed for businesses like yours.
You need commercial general liability (CGL) insurance for occasions where your business is negligent and causes third-party bodily injury or property damage. This can be as simple as a customer tripping on an upturned rug in your showroom to more serious incidents.
A CGL policy protects you if an injured party sues you. It provides coverage for attorney fees, court costs, settlements, and judgments up to the limits of your policy.
Product Liability Insurance for Monument Makers
Like any company that manufactures a product, you also have product liability exposures. Claims for product-related damages are usually related to manufacturing or production flaws, design defects, or defective warnings or instructions.
If you are sued for product negligence, you may be required to pay for medical costs, compensatory damages, economic damages, attorney fees, court costs, and more.
Product liability insurance covers your financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of your product.
Let’s say that you’ve been commissioned to create and install a civic memorial statue for a public park. Would you be held responsible if a large piece of the statue broke off, fell on a passerby, and caused an injury or death?
If the damage were not caused by moving equipment, vandalism, unusual environmental conditions, or a natural disaster, you would likely be sued for damages.
If you used poor quality materials or poor workmanship, or something like a weak foundation that lead to a total collapse of the monument, you could expect to pay for any injuries or property damage caused by the statue’s collapse.
If you are sued for additional damages, you’ll have to pay for attorney fees, court costs, and financial settlements or judgments payable to the injured parties.
Your CGL policy includes product liability coverage, but you may need more extensive protection for your monument making business. Work with your independent insurance agent to determine if you need additional coverage.
Commercial Auto Insurance for Monument Makers
If you own trucks or other vehicles that are used to deliver and install monuments, commercial auto insurance covers your vehicle fleet and drivers in the event of an accident or other vehicle damage.
Commercial auto insurance provides coverage for property damage and bodily injury liability claims, vehicle damage, medical bills, as well as any costs related to lawsuits that follow an automobile accident involving one of your vehicles.
You may also want to inquire about excess liability coverage or commercial umbrella insurance. Commercial umbrella insurance provides extra liability protection beyond the limits of several other liability policies you might have including general liability insurance and commercial auto insurance.
It kicks in when the limits of the other applicable policies have been exhausted protecting you in the event that a claim exceeds the amount of coverage available in another policy.
Protect Your Employees With Workers’ Compensation Insurance
Any kind of manufacturing environment can be dangerous for employees. No matter how many safety protocols you have in place, accidents happen.
Your employees may use heat and pressure tools, cutting tools, heavy machinery, and sharp instruments. Their fingers, toes, eyes, and limbs can be damaged, cut, or crushed. Even employees who work with simple hand tools can be vulnerable to repetitive motion injuries and other problems.
The nature of your business requires your employees to work with giant blocks of stone and bronze. A freak accident can crush limbs and even kill an employee who is caught off guard.
Keeping your employees safe from work-related injuries is important for their health and satisfaction, as well as your long-term financial survival. Workers’ compensation insurance provides insurance coverage for employees when accidents happen at the workplace regardless of who is at fault.
The injured worker receives medical care and income protection after a work-related injury, and it even provides death benefits if there is a fatality.
Each state has different workers’ compensation laws. Your independent insurance agent can help you navigate the rules for your state and can help you find appropriate workers’ compensation insurance.
Optional Monument Maker Insurance Policies
Your independent insurance agent may recommend additional insurance policies or coverage endorsements (add-ons to another policy) in order to ensure that you have comprehensive protection from all of your unique risks.
Talk to your agent about your need for:
- Environmental liability coverage protects companies from the costs associated with damage caused by improperly disposing hazardous waste or causing environmental harm.
- Cyber liability insurance is important for any business that uses, transmits, or stores electronic data.
Your independent insurance agent may also suggest that you purchase professional liability insurance if you are risk for being sued for providing erroneous advice or services, acts of negligence, or even omissions in your professional advice.
For a monument maker, this type of negligence could come into play during the design of a monument. Let’s say one of your monument designers recommends a monument design that is inherently unstable, or suggests using a material that is more likely to crack or disintegrate in certain types of weather.
If the monument quickly breaks, starts to disintegrate, or otherwise fails to live up to your guarantees of longevity, the client could sue you.
If your CGL policy excludes coverage for this type of scenario, a professional liability policy may offer coverage.
Professional liability insurance (errors and omissions insurance) covers professionals, their partners, their employees, and the partnership or corporation for damages caused by providing or failing to provide professional services.
If you need professional liability insurance, it will cover your defense costs as well as any settlements or judgments that you must pay if you are sued.
It’s best to discuss your unique risk exposures with an independent insurance agent. Your local agent can help you uncover your vulnerabilities and will help you determine the coverage you need and the coverage that you can do without.
How Much Does Monument Maker Insurance Cost?
The size of your business and the types of policies you need to cover your unique risks determine the cost of your monument maker insurance. A variety of other variables, including the following, also impact the cost of your business insurance:
- Number of employees
- Types of equipment used
- The size and scope of the projects you take on
- Size and location of your building
- Number and type of trucks or other vehicles that you own
- The types and amounts of coverage that you need
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right monument maker insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get, but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.