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Clock And Watch Manufacturers Insurance Policy Information

Clock And Watch Manufacturers Insurance

Clock And Watch Manufacturers Insurance. Mechanical clocks first made their appearance in Europe in the 1300s, but though this feat of human invention was a great improvement on ancient sundials and hourglasses, clocks and watches have undergone great transformations since then.

Clock and watch manufacturers produce a wide variety of time-pieces, including personal items such as pendants, pocket watches, and wrist watches, household items such as clock radios, grandfather clocks, travel clocks, and wall clocks, and architectural items such as bracket clocks that project from buildings, outdoor clocks, and tower clocks.

The products may operate on batteries, electricity, or a weight-driven system. The manufacture of these items combines several processes, including electronics, jewelry making, metalworking, plastic molding, and woodworking. Some clock and watch makers may subcontract the separate operations and simply perform the final assembly.

Today, clocks and watches can be both analog and digital. High-end analog clocks and watches, too, have entered the digital age, as they are painstakingly designed with computer-guided methods. Clocks and watches are made with a wide variety of materials, ranging from stainless steel, titanium, ceramic, and silicon. Timepieces may be hand-made in boutique workshops by skilled craftsmen, or manufactured in large quantities at breathtaking speeds.

While every watch manufacturer has a different business model, each company that makes watches does share one crucial commonality - they will need insurance to safeguard the future of their business should unforeseen circumstances knock on the door.

What type of clock and watch manufacturers insurance are needed, and what threats can put your financial health in peril? Read on...

Clock and watch 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 clock and watch manufacturing insurance questions:

How Much Does Clock And Watch Manufacturers Insurance Cost?

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

Why Do Clock And Watch Manufacturers Need Insurance?

Insurance For Manufacturers

Commercial ventures require insurance for the same reason private individuals do - accidents and other circumstances beyond your control don't happen only when you are financially able to deal with the consequences, and they don't necessarily stay within a manageable scope.

Yet, without clock and watch manufacturers insurance, you would solely be responsible for dealing with the fallout if something were to go wrong.

Some of the risks clocks and watches manufacturing firms face are common to all companies, while others are industry-specific. Take theft and vandalism, for example. Any company can fall victim to these criminal acts, which can have far-reaching financial consequences. Acts of nature, like wildfires, hurricanes, and floods, can also strike any business.

As a watch or clock maker, you will depend on valuable tools or machinery, which can break down at any point, necessitating repair or replacement and interrupting your production and therewith your revenue. High-end watch and clock makers may have closely-guarded trade secrets, and these keys to their commercial success may also be in peril as a result of cyber criminals.

There is always the risk that an employee or third party becomes injured on your premises, and if your company makes large clocks, the risk of accidental damage to third party properties rises, as well.

A reliable plan tailored to your unique business ultimately saves you money, stress, and yes, even time.

What Type Of Insurance Do Clock And Watch Manufacturers Need?

Clock and watch manufacturers find themselves within a diverse industry. Your precise insurance needs depend on factors like the size of your company, the type of timepieces your company makes, the location of your manufacturing facility, and the number of workers you employ.

An experienced commercial insurance agent should be your trusted partner in determining what kinds of clock and watch manufacturers insurance are essential for your particular company. Having said that, types of insurance which companies that make timepieces cannot avoid include:

  • Commercial Property: This vital type of clock and watch manufacturers insurance protects your physical assets - which means your building as well as its contents, including inventory - from unforeseen circumstances like fire and theft. It can also cover lost revenue resulting from such events. Equipment breakdown insurance is a specific sub-category that can help you cover the cost of broken manufacturing equipment.
  • Commercial General Liability: In today's highly-litigious world, no field is safe from third party bodily injury and personal property damage claims. As a company that manufactures watches or clocks, you may not have to worry that your product could malfunction and injure someone, but that does not mean that a third party who visits your premises cannot be injured onsite, for instance.
  • Workers' Compensation: Workplace injuries can take many forms, and they include less dramatic kinds like a fall on your premises or repetitive stress injury as a result of making the same movements over and over. Should any employee suffer a work-related illness or injury, workers' compensation insurance covers their medical bills and any lost wages should they not be able to return to work for some time.

These types of clock and watch manufacturers insurance are examples of the coverage you will need in this industry. You may also look into product liability insurance, in the instance your product needs to be recalled due to design or manufacturing errors, or should advertising prove to make misleading claims.

Any company that uses vehicles will need commercial auto insurance, and should you have important digital assets, like watch design plans, cyber insurance is also invaluable.

Clock And Watch Manufacturing's Risks & Exposures


Premises liability exposure is low as access by visitors is limited. It the manufacturer conducts tours or has a retail outlet, visitors may be injured by slips, trips, or falls. Fumes, dust, and noise from woodwork or metalwork could pose a nuisance hazard to neighbors.

Products liability exposure is generally low. If the end use of the product is for the specialty areas of timing devices, such as traffic signals, the exposure increases. Electric clock wiring may malfunction and present a fire or an electrocution hazard.

Environmental impairment liability exposure can be light to high, depending on the materials and processes used and the types of waste that are produced. Plastics and fiberglass may be toxic and are flammable, the catalysts may be caustic, and the final product is usually not biodegradable.

Contaminants from chemicals, paints, and solvents used in metalworking and woodworking processes can pollute the air, surface or ground water, or soil. Disposal procedures must adhere to all EPA and other regulatory standards.

Workers compensation exposure can be very high. Injuries from production machinery are common, as are burns, cuts, slips, trips, falls, and foreign objects in the eye, hearing loss from machinery noise, repetitive motion injuries, and back injuries from lifting. There should be safety training, protective equipment, and guarding on machines.

The exposures decrease if the work consists primarily of assembly. Workstations should be ergonomically designed. Dust generated by metalwork or grinding of stones and gems require respiratory protection devices, as well as eye protection and eye wash stations. Flammable liquids and chemicals can cause skin irritation, eye irritation, and possible long-term occupational disease.

Working with plastics, flammable liquids, and chemicals can cause eye and skin irritations. Production incentives can be a disincentive to safety if the only consideration is by-piece production. Drivers of forklifts and vehicles may be injured in accidents. Sales representatives carrying precious gems or metals may be injured or killed in holdups.

Property exposures consist of office, plant and warehouse for raw materials and finished goods. Ignition sources can include electrical wiring, heating and cooling equipment, production machinery, and dust explosions. While interiors of watches and clocks are made of metal, the exteriors vary widely. While the exposure is moderate for jewelry, electronics, or metalworking, woodworking and plastics operations represent a significant fire or explosion hazard.

A metal clock cabinet may require annealing, electroplating, or welding. Wood and metal may be painted by spray or in dip tanks. Spray-painting operations can cause fire unless carried out in spray booths with explosion-proof electrical components. Electronic components may be highly susceptible to damage by dust, static electricity, and changes in temperature or humidity.

A very small fire can result in a total loss if there is not adequate separation of combustibles from possible ignition sources. Appropriate security controls should be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.

Equipment breakdown exposures include losses to malfunctioning production equipment, dust collection and ventilation systems, electrical control panels and other apparatus. Breakdown and loss of use to the production machinery could result in a significant loss, both direct and indirect, notably, time element.

Crime exposure from employee dishonesty and theft is very high if the manufacturer works with precious or semiprecious metals and gemstones due to their high street value. If coverage is desired for the precious metals and gemstones, a separate Jewelers Block policy will need to be purchased.

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. If there are precious or semiprecious metals or gemstones, they should be stored in burglar- and fire-resistant safes or vaults and covered by jewelers block.

There may be a bailees exposure for cleaning, engraving, and repairing items for customers. Goods in transit are not unusually susceptible to damage except from collision or overturn, though high-end products may be targets for theft.

Business auto exposure may be high if the manufacturer picks up raw materials or delivers finished goods to customers. Manufacturers generally have private passenger fleets used by sales representatives. There should be written procedures regarding the private use of these vehicles by others.

Each driver 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 3873: Watches, Clocks, Clockwork Operated Devices, And Parts

Division D: Manufacturing | Major Group 38: Measuring, Analyzing, And Controlling Instruments; Photographic, Medical And Optical Goods; Watches And Clocks | Industry Group 387: Watches, Clocks, Clockwork Operated Devices, and Parts

3873 Watches, Clocks, Clockwork Operated Devices, And Parts: Establishments primarily engaged in manufacturing clocks (including electric), watches, watchcases, mechanisms for clockwork operated devices, and clock and watch parts. This industry includes establishments primarily engaged in assembling clocks and watches from purchased movements and cases. Establishments primarily engaged in manufacturing timeclocks are classified in Industry 3579; those manufacturing glass crystals are classified in Industry 3231; and those manufacturing plastics crystals are classified in Industry 3089.

  • Appliance timers
  • Chronographs, spring wound
  • Chronometers, spring wound
  • Clock materials and parts, except crystals and jewels
  • Clocks, assembling of
  • Clocks, except timeclocks
  • Mechanisms for clockwork operated devices
  • Movements, watch or clock
  • Timers for industrial use, clockwork mechanism only
  • Watchcases
  • Watches and parts: except crystals and jewels

Description for 3429: Hardware, Not Elsewhere Classified

Division D: Manufacturing | Major Group 34: Fabricated Metal Products, Except Machinery And Transportation Equipment | Industry Group 342: Cutlery, Handtools, And General Hardware

3429 Hardware, Not Elsewhere Classified: Establishments primarily engaged in manufacturing miscellaneous metal products usually termed hardware, not elsewhere classified. Establishments primarily engaged in manufacturing bolts and nuts are classified in Industry 3452; those manufacturing nails and spikes are classified in Major Group 33, those manufacturing cutlery are classified in Industry 3421; those manufacturing handtools are classified in Industry 3423; and those manufacturing pole line and transmission hardware are classified in Industry Group 364.

  • Andirons
  • Angle irons, hardware
  • Animal traps, iron and steel except wire
  • Bellows, hand
  • Brackets iron and steel
  • Builders hardware, including locks and lock sets
  • Cabinet hardware, including locks and lock sets
  • Car seals, metal
  • Casket hardware
  • Casters, industrial
  • Chain fittings
  • Chair glides
  • Clamps, hose
  • Clamps, metal
  • Couplings, hose
  • Crab traps, steel: except wire
  • Cuffs, leg iron
  • Door bolts and checks
  • Door locks and lock sets
  • Door opening and closing devices except electrical
  • Dzus fasteners
  • Fireplace equipment (hardware)
  • Furniture hardware, including casters
  • Gun trigger locks
  • Handcuffs
  • Harness hardware
  • Hinge tubes
  • Hinges
  • Horse bits
  • Ice chests or coolers, portable, except insulated foam plastics
  • Key blanks
  • Keys
  • Ladder jacks, metal
  • Locks and lock sets except safe, vault and coin-operated
  • Locks, trigger, for guns
  • Luggage hardware
  • Luggage racks, car top
  • Marine hardware
  • Metal fasteners, spring and cold-rolled steel, not made in rolling mills
  • Motor vehicle hardware
  • Nozzles, fire fighting
  • Nut crackers and pickers, metal
  • Organ hardware
  • Padlocks
  • Parachute hardware
  • Piano hardware
  • Pulleys, metal except power transmission equipment
  • Rope fittings
  • Saddlery hardware
  • Sleeper mechanisms, for convertible beds
  • Suitcase hardware, including locks
  • Tackle blocks, metal
  • Thimbles, wire rope
  • Time locks
  • Trimmings, trunk metal
  • Trunk hardware, including locks
  • Turnbuckles
  • Utility carriers, car top
  • Vacuum bottles and jugs
  • Vehicle hardware aircraft, automobile, railroad, etc

Description for 3495: Wire Springs

Division D: Manufacturing | Major Group 32: Stone, Clay, Glass, And Concrete Products | Industry Group 325: Structural Clay Products

3495 Wire Springs: Establishments primarily engaged in manufacturing wire springs from purchased wire. Establishments primarily engaged in assembling wire bedsprings or seats are classified in Major Group 25.

  • Clock springs, precision: made from purchased wire
  • Furniture springs, unassembled: made from purchased wire
  • Gun springs, precision: made from purchased wire
  • Hairsprings, made from purchased wire
  • Instrument springs, precision: made from purchased wire
  • Mechanical springs, precision: made from purchased wire
  • Sash balances, spring
  • Spring units for seats, made from purchased wire
  • Springs, except complete bedsprings made from purchased wire
  • Upholstery springs, unassembled: made from purchased wire

Clock And Watch Manufacturers Insurance - The Bottom Line

Not all clock and watch manufacturers insurance policies are designed in the same way. You can discover if your company has the best fit insurance policies by speaking with an experienced business 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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