Button Manufacturers Insurance Policy Information
Button Manufacturers Insurance. Once exclusively made with natural materials such as ivory, mother of pearl, and wood, most buttons are manufactured using polyester today.
Button manufacturers produce buttons in a variety of natural and synthetic materials, including bone, horn, shell, wood, ceramic, fabric, glass, metal, nylon, plastic, or polyester. Buttons made from natural materials are cut out, holes drilled, polished, and finished with a layer of lacquer or wax.
Buttons made from synthetic materials may be mixed with catalysts and/or dyes, punched, cut out or extruded, heated or cooled for strengthening, buffed to remove sharp edges, washed, dried, and then polished.
The process is complex, requiring steps like mixing the polyester, adding the dyes that determine the color, pouring the materials into cylinders, cutting and punching the buttons, and polishing them. A large variety of machines is used for this modern industrial process.
Other manufacturers still create buttons with natural materials, however, and their process will differ significantly - small artisans even continue to create buttons largely by hand.
If your company manufactures buttons, there is no question that your product, though easily overlooked, is vital to everyday life. As you strive to deliver buttons that meet your buyers' needs, however, there is no denying that your company is also vulnerable to any number of threats that could, without the right insurance, quickly result in financial ruin.
What type of button manufacturers insurance should you have, and why does insurance play such an essential role in the success and growth of your company? Read on to discover more.
Button 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 button manufacturing insurance questions:
- How Much Does Button Manufacturers Insurance Cost?
- Why Do Button Manufacturers Need Insurance?
- What Type Of Insurance Do Button Manufacturers Need?
How Much Does Button Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small button manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Button Manufacturers Need Insurance?
Responsible business owners won't simply hope that disaster passes their companies by - they will also take all possible steps to mitigate the many risks they will face. Some circumstances are, however, beyond your control. These unforeseen events, which are often very hard to plan for, can easily saddle any company with massive financial losses. That is why you need excellent insurance.
Some of the risks you can insure yourself against will be common to all businesses, while others are going to be more unique to the button manufacture industry or even your individual company. Any company can, for example, suffer losses as the result of criminal acts such as theft and vandalism.
Acts of nature are another universal risk; from earthquakes to wildfires, these disasters can ravage your company.
Risks more specific to the manufacture of synthetic buttons would include the possibility that one of the valuable machines essential to your production line breaks down suddenly, causing repair or replacement costs, lost revenue due to halted production, and missed orders.
Workers may also sustain injuries over the course of their duties, or face occupational health hazards because of exposure to chemicals used during manufacture. Third party law suits should also be on your radar - should a buyer or any other third party suffer bodily injury on your premises, they may claim negligence on your part and file a lawsuit.
The same holds true for damage your company's activities causes to third party properties.
Button manufacturers insurance may not always cover all costs associated with such potentially devastating events, but it will certainly help cushion the blow.
What Type Of Insurance Do Button Manufacturers Need?
As a manufacturer of buttons, you will need to carry several different types of insurance to meet all your needs. The exact coverage appropriate for your company depends on factors such as the location of your manufacturing facility, the size of your venture, your number of workers, and also the materials you work with.
Speak with a business insurance agent familiar with your industry to go over the details. Some examples of the types of button manufacturers insurance you must have include:
- Commercial Property: This type of insurance helps cover financial losses that result from damage to your physical assets, including real estate, if events like fire, theft, or vandalism occur. Not only can this kind of insurance, also sometimes called business property insurance, (partially) compensate for the damage, it can also cover revenue lost as a result of the unfortunate event.
- Commercial General Liability: Claims that your company is responsible for third party bodily injury or property damage can be devastating, even if you are not ultimately held legally liable. This type of button manufacturers insurance helps you cover your legal costs and settlement fees if, for instance, someone who does not work for you is injured within your manufacturing facilities and then sues you.
- Workers' Compensation: Should an employee suffer a workplace-related injury or illness, this type of insurance covers their medical bills and lost wages. Additionally, it greatly reduces the risk that a worker can file a civil suit against you.
Because your button manufacturers insurance needs may not end here, it is essential to partner with an agent specializing in commercial insurance.
They may also suggest product liability insurance, in case a batch of buttons needs to be recalled, auto insurance, essential for any business that uses vehicles, and inland marine insurance to cover goods in transit.
Button Manufacturing's Risks & Exposures
Premises liability exposure is normally low as access by visitors is limited. If the manufacturer has a showroom or offers tours, visitors may be injured by slips, trips, or falls. Chemicals used in processing may be corrosive and/or toxic. Fumes, dust, or noise may affect neighboring premises.
Products liability exposure is low unless there are special design specifications for closures.
Environmental impairment exposure may be significant due to possible contamination of ground, air, and water from the chemicals, paint, and solvents used. Disposal of wastes must adhere to all federal and state guidelines.
Workers compensation exposure is moderate to high, depending upon the process used. Injuries from production machinery are common, as are burns, cuts, 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. Flammable liquids and chemicals can cause eye, skin, and lung irritation and possible long-term occupational disease.
Property exposures consist of an office, production plant, and warehouse for raw materials and finished goods. Ignition sources include electrical wiring, heating systems, and production machinery. Additional exposure depends on the materials used. There may be a kiln on premises for making ceramic buttons.
Plastic will produce the highest fire load while metal will have a lower fire load. The dust from the processing of wood, bone, shell, horn, or fabrics can cause fire or explosion unless there are well maintained dust collection systems with adequate ventilation. Flammables may include paints, dyes, lacquers, fuel, and solvents used to clean machinery
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.
Equipment breakdown exposures include malfunctioning production equipment, dust collection and ventilation systems, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in a severe loss, both direct and indirect, particularly 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.
Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), exhibitions, goods in transit, and valuable papers and records for customers' and suppliers' information. The primary perils are fire, theft, collision, overturn, and water damage.
Business exposure may be high if the manufacturer transports raw materials or finished products. 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: 3965 Fasteners, Buttons, Needles, And Pins
- NAICS CODE: 339993 Fastener, Button, Needle, and Pin Manufacturing
- Suggested ISO General Liability Code(s): 51666 Buttons or Fasteners Manufacturing
- Suggested Workers Compensation Code(s): 3131 Button or Fastener Manufacturing - Metal, 4484 Plastics Manufacturing - Laminated Molded Products NOC
Description for 3965: Fasteners, Buttons, Needles, And Pins
Division D: Manufacturing | Major Group 39: Miscellaneous Manufacturing Industries | Industry Group 396: Costume Jewelry, Costume Novelties, Buttons, And Miscellaneous Notions, Except Precious Metal
3965 Fasteners, Buttons, Needles, And Pins: Establishments primarily engaged in manufacturing notions, such as slide and snap fasteners and zippers, machine and hand needles, pins, hooks and eyes, buckles, buttons, button parts, and button blanks. Establishments primarily engaged in manufacturing these products from precious metals or from precious or semiprecious stones are classified in Industry 3911.
- Buckle blanks and molds
- Buckles and buckle parts, except shoe buckles
- Button backs and parts
- Button blanks and molds
- Button coloring for the trade
- Buttons, except precious metal and precious or semiprecious stones
- Collar buttons, except precious metal and precious or semi-precious
- Cuff buttons, except precious metal and precious or semiprecious
- Eyelets, metal: for clothing, fabrics, boots and shoes, and paper
- Fasteners: glove, slide, snap, and hook-and-eye
- Hair curlers, except equipment designed for beauty parlor use
- Hairpins, except rubber
- Hooks and eyes
- Hooks, crochet
- Needles, hand and machine
- Pins, except jewelry: toilet, safety, hat pins, and hairpins-steel or
- Shirt studs, except precious metal and precious or semiprecious stones
- Tape, hook-and eye and snap fastener
- Zippers (slide fasteners)
Button Manufacturers Insurance - The Bottom Line
Not all button manufacturers insurance policies are designed the same. In fact, cost and coverage varies widely. To find out if your button manufacturing frim 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.
- 3D Printing
- Audio & Video Equipment
- Auto Parts
- Bottling Plants
- 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
- Dairies & Creameries
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Flavoring Extracts
- Frozen Foods
- Fruit Juice
- Fur Garment
- Garage Door
- Gypsum Products
- Ice Cream
- 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
- Psychedelic Drugs
- 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
- Vegetable Juice
- 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.