Manufacturing
Supporting Oklahoma’s Industries
Insurance for manufacturing
CompSource Mutual has helped to protect Oklahoma manufacturers for more than 85 years. Our experience helps us to provide top-tier support to the manufacturing businesses that keep Oklahoma industries equipped for success. CompSource understands the unique hazards that manufacturing businesses face and can help you fortify your business against those risks.
Get the support you need from the Oklahoma workers’ comp leaders.Our Oklahoma-based team will help you get coverage that makes sense for the unique risks in the work you do. Get a Quote
Interested to learn more? Read on to get answers to common questions and concerns about workers’ comp in the manufacturing industry.
What is manufacturing?
Manufacturing is a catch-all term that refers to the transformation of materials or components into new products. According to the U.S. Bureau of Labor Statistics, manufacturing can include various work environments, product types, and product creation methods.
Manufacturing can include a variety of business types such as food manufacturing plants, metal parts fabricators, and oilfield equipment factories. Because the industry is so wide-ranging, it can necessitate the use of various machines, skill types, and work environments. Consequently, sub-sectors in this industry require specialized people and equipment.
There are three primary types of factories seen in manufacturing:
- Repetitive assembly lines, in which a machine produces a single item type.
- Discrete assembly lines, in which the factory machinery may produce multiple item types.
- Job shops, in which different areas of the factory are dedicated to particular tasks, instead of taking place on a single assembly line.
There are five common job categories that exist in factories, as running these massive operations requires similar skill sets, regardless of what is being produced. Common job categories include:
- Technicians
- Managers
- Supervisors
- Engineers
- Directors
However, each manufacturing industry sub-sector requires specific skillsets for each of the above categories. For example, technicians in the food processing industry must be skilled in using cooking machinery and handling hot liquids or frozen products. Technicians in a car parts manufacturing plants must effectively use certain power tools and handle potentially hazardous chemicals or solvents.
It is important to carry insurance for manufacturing to shield against the hazards in the manufacturing industry. Large enterprises like manufacturing plants frequently carry multiple types of insurance to adequately protect both assets and employees. Manufacturing workers’ compensation is created to the people that keep your business running.
Employee safety for manufacturing workers
In general, manufacturing can be a dangerous job. One of the reasons that manufacturing workers must be adequately trained is that they are required to simultaneously balance speed of work and comply with safety restrictions. Factories are busy places with powerful and sometimes hazardous machines. According to the CDC, manufacturing industries have the fourth-highest number of total workplace fatalities among industry sectors. Manufacturing jobs also have high nonfatal injury and illness rates.
Known risks in Manufacturing:
- Slips, trips, and falls from heights
- Lifting and repetitive motion injuries
- Hazardous substance exposures
- Equipment injuries
- Strikes from machines or heavy objects
- Motor vehicle accidents
It is vital for manufacturing employers to prioritize employee safety. Two ways to approach this are through employee safety training and workers’ compensation insurance for manufacturing companies.
Training is an important element in maintaining a safer, more hazard-free workplace and can help to minimize accidents and injuries. A safety training plan can include general safety training and specific training on how to use certain machines and tools in the factory. Employees who receive training on how to use particular pieces of machinery properly will be more knowledgeable, confident, and safer when working with those items. Employees can also be instructed on proper service and maintenance to better identify when something is wrong.
General safety training might include tips that can apply to many areas of the job, such as how to pour hazardous liquids from a bucket, how to lift heavy objects, and what kinds of non-slip shoes to wear in the factory. Safety training may also include information on the right kinds of personal protective equipment (PPE) to wear at the workplace.
However, no amount of training can completely prevent accidents and injuries from happening on the job. This is why carrying workers’ compensation insurance for manufacturing workers is an important part of running a manufacturing business.
Insurance for manufacturing
Having a reliable manufacturing workers’ compensation insurance plan is an important part of maintaining employee safety. If an accident or injury happens, the workers’ compensation coverage can reimburse employees for medical bills and wages missed from days away from the job.
But workers’ comp insurance does more than pay for an employee’s bills. When an employee is injured on the job, they can get the medical attention they need. In addition, it helps to ensure that employees do not return to work until they are fully recovered. Having workers’ comp insurance for manufacturing companies also helps to reduce employee turnover and can improve employee morale because it offers peace of mind and support to workers.
In the tragic instance that an employee is killed on the job, workers’ comp insurance can also pay for burial and funeral expenses for the employee’s family.
The cost of a workers’ compensation plan is directly impacted by the risk rates in the industry that you work and how safe your workplace is. When your workplace is safer, generally fewer claims need to be filed, which may reduce your workers’ compensation modification rate. This rate, or mod rate, is a multiplier used in calculating workers’ compensation insurance premiums for companies. Premiums are based on the workers’ comp claims of similar companies and your business’s history of filing claims. So, having a safer workplace can save companies money in the long run.
Other types of insurance for manufacturing companies might include:
- Liability insurance
- Property insurance
- Inland marine insurance
- Cyber/data insurance
- Employee health insurance
Why CompSource Mutual
CompSource Mutual’s dedicated team knows how to support Oklahoma manufacturing businesses with coverage and resources that make sense for their unique risks. When you choose CompSource as your workers’ compensation provider, you get access to free safety resources and exclusive industry-specific advice.
Get the support you need today. Get a quote or call 800-347-3863.
Meet Our Safety Team
Are you committed to making your workplace safer? We’re here to make it easy for you. CompSource Mutual policyholders can get advice from our safety consultants and access personalized resources – it’s all absolutely free.
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OKLAHOMA CITY, OK
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