Condom Manufacturers Insurance Policy Information
Condom Manufacturers Insurance. Condoms serve the important dual purpose of preventing unwanted pregnancy and sexually transmitted infections, and there is no doubt that condom manufacturers have an important social responsibility.
Condom manufacturers produce prophylactics which are used during sexual activity to prevent conception and to prevent the spread of sexually transmitted diseases (STDs). While some condoms are made of natural materials such as sheep intestine, these have not proven to be effective in preventing the spread of STDs.
The majority are rubber latex or polyurethane. Latex condoms are made of raw latex, water, and other chemicals that are vulcanized, dipped one or more times, and then cured in an oven. Water jets are used to roll the condom, and cornstarch or talcum powder added to prevent sticking.
Spermicides or lubricants may be added before the condom is packaged. At all stages of manufacture, quality control procedures are critical to prevent leakage or breakage during use. Condoms are regulated by the Food and Drug Administration (FDA).
While a few industry giants hold a large share in the global condom market, smaller ventures can be competitive and successful as well.
Condoms are, after all, made out of numerous materials besides the latex that has become so well-known. Polyurethane, other synthetic components like polyisoprene, and even natural materials such as lambskin, cater to more specialized markets, such as people with latex allergies.
Condoms can be male or female, come in different sizes, and can contain the spermicide and infection killer nonoxynol-9 or not.
No matter what market a condom manufacturer targets, one thing is clear - manufacturers in this industry face a myriad of risks. Just as condoms exist to “shield” their users from certain hazards, insurance is there to protect their manufacturers.
What kind of condom manufacturers insurance coverage would manufacturers in the prophylactics industry need to prevent potentially catastrophic financial losses? To find out more, read on.
Condom 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 condom manufacturing insurance questions:
- How Much Does Condom Manufacturers Insurance Cost?
- Why Do Condom Manufacturers Need Insurance?
- What Type Of Insurance Do Condom Manufacturers Need?
How Much Does Condom Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small condom manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Condom Manufacturers Need Insurance?
Condom manufacturers will be extremely familiar with risk management - it is, after all, quite literally their business. While you are protecting your consumers from life-changing and even potentially fatal dangers, however, your own business is just one unforeseen event away from threat, too.
Theft, criminal acts of vandalism, and acts of nature such as wildfires, floods, and big storms, cannot always be prevented or even planned for. Besides damaging or destroying a manufacturing facility and its contents, they are also likely to interrupt your production line, thereby resulting in large-scale revenue loss.
A malfunction or human error in the manufacturing process could lead to inventory loss and injured workers, and equipment breakdown can lead to interruptions in business, too.
These risks threaten manufacturers in any field, but you will also be subject to hazards more specific to your own industry. Should poor marketing decisions lead consumers to form erroneous beliefs about the safety or use of your products, or should a condom you manufactured break or lead to severe allergic reactions, a lawsuit is likely just around the corner.
To manage the potential risks your company always faces, it is essential to carry the appropriate condom manufacturers insurance policies - so that if circumstances beyond your control do jeopardize your company's financial health, you won't be solely responsible for the cleanup.
What Type Of Insurance Do Condom Manufacturers Need?
As a condom manufacturer, your company will need several different kinds of insurance to defend itself from a variety of financial risks. The exact policies that best meet your needs will vary; the location of your manufacturing facility or facilities, your number of employees, the type of materials you use in your production, and how you store your inventory all play a role in determining what kind of insurance you need.
Only a thorough consultation with an experienced commercial insurance agent can enlighten you fully. Having said that, some types of condom manufacturers insurance are indispensable. Among them are:
- Commercial Property: This type of insurance serves to protect both your building(s) and the assets within from unforeseen circumstances such as theft, vandalism, and certain - but not necessarily all - acts of nature. It can cover the repair or replacement of equipment, but also compensate your company for lost revenue resulting from catastrophes.
- Commercial General Liability: Think of this kind of insurance as part of your legal fund; should third parties become injured on your premises or should your activities cause damage to third party property, general liability insurance covers legal expenses and, where relevant, settlement fees.
- Product Liability: Another kind of insurance that will be important for condom manufacturers, product liability insurance is essential in case a consumer who experiences an adverse reaction, or suffers product malfunction, decides to sue. It can also cover the costs you face should a batch of condoms have to be recalled.
- Workers Compensation: This type of insurance has your back in the event that an employee sustains a work-related injury, which can be as simple as a fall caused by a floor that shouldn't have been slippery. Workers' comp insurance covers the worker's lost wages as well as their medical costs in these cases.
These kinds of condom manufacturers insurance are examples of coverage that businesses sin this industry will need to have, but remember that your insurance options are much broader. To make sure your needs are met, your commercial insurance agent is there to analyze your business' specific circumstances and advise you.
To make sure your needs are met properly, consult an agent who specializes in commercial insurance.
Condom Manufacturing's Risks & Exposures
Premises liability exposure normally is low because of limited access to the general public. Visitors may be injured by slips, trips, or falls, or may be exposed to toxic or caustic chemicals. Fumes, spills, or leaks from tanks may cause serious injury or property damage to neighboring properties.
There may be some off-premises liability exposures from trade shows or exhibitions. If the manufacturer permits online ordering, failure to adequately protect customers' information from hackers could result in cyberliability losses.
Products liability exposure can be severe because a product failure can result in pregnancy or the spread of a sexually transmitted disease. Allergic reactions may occur from users' contact with latex. There should be a list of product ingredients along with instructions for use.
Considering that latex loses its integrity when exposed to heat, the manufacturer may be held liable even if the product failure is due to inadequate climate control after it leaves the manufacturer's premises. It may be impossible to defend against questionable claims unless there is an aggressive quality control program, including high standards for materials, testing, and monitoring and documentation of the product at each stage of production and distribution.
Environmental impairment exposures can be high if the release of chemicals contaminates air, surface or ground water, or soil. Disposal procedures must adhere to all EPA and other regulatory standards. Processes themselves may cause thermal or noise pollution. If there are underground tanks, a UST policy may be required.
Workers compensation exposures are moderate. Workers can incur back injuries from lifting, slips, trips, and falls, flying debris during testing, electrical or chemical burns, or burns from boiling latex. Employees should be provided with safety training and protective equipment.
Occupational disease exposures include allergic reactions to latex or lanolin, inhalation of chemicals, and hearing impairment due to high noise levels. Workers must be made aware of the potential side effects, including long-term occupational disease hazards, so they can be aware of warning symptoms and obtain treatment as early as possible.
Drivers of forklifts and vehicles may be injured in accidents.
Property exposures consist of an office, plant, and warehouse for raw materials and finished goods. Ignition sources include electrical wiring, heating and cooling equipment, and production machinery. Flammable lubricants and cleaning agents may be stored on premises.
Some chemicals and final products may be damaged by fire, smoke, or changes in temperature or humidity. Due to the sterile conditions that must be maintained throughout the manufacturing process, even a small fire can result in a total loss of stock.
Business interruption exposure can be high as a large loss can result in lengthy downtime for repairing or replacing production equipment.
Equipment breakdown exposures include breakdown losses to processing systems, heating and cooling equipment, electrical control panels, and other apparatus. Breakdown and loss of use of the production machinery could result in a significant loss, both direct and indirect, particularly, time element.
Crime exposures are chiefly from employee dishonesty and theft of money and securities. Employees may act alone or in collusion with outsiders in stealing money 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 to customers, computers (which may include computer-run production equipment), goods in transit, and valuable papers and records for customers' and suppliers' information as well as quality control testing results. Goods in transit may be damaged by fire, theft, collision and overturn, spillage, or contamination.
Business auto 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.
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
- SIC CODE: 3069 Fabricated Rubber Products, Not Elsewhere Classified
- NAICS CODE: 326299 All Other Rubber Product Manufacturing
- Suggested ISO General Liability Code(s): 58057
- Suggested Workers Compensation Code(s): 4410
Description for 3069: Fabricated Rubber Products, Not Elsewhere Classified
Division D: Manufacturing | Major Group 30: Rubber And Miscellaneous Plastics Products | Industry Group 306: Fabricated Rubber Products, Not Elsewhere Classified
3069 Fabricated Rubber Products, Not Elsewhere Classified: Establishments primarily engaged in manufacturing industrial rubber goods, rubberized fabrics, and vulcanized rubber clothing, and miscellaneous rubber specialties and sundries, not elsewhere classified. Included in this industry are establishments primarily engaged in reclaiming rubber and rubber articles. Establishments primarily engaged in the wholesale distribution of scrap rubber are classified in Wholesale Trade, Industry 5093. Establishments primarily engaged in rebuilding and retreading tires are classified in Services, Industry 7534; those manufacturing rubberized clothing from purchased materials are classified in Industry 2385; and those manufacturing gaskets and packing are Classified in Industry 3053.
- Acid bottles, rubber
- Air supported rubber structures
- Aprons, vulcanized rubber and rubberized fabric-mits
- Bags, rubber or rubberized fabric
- Balloons advertising and toy: rubber
- Balloons metal foil laminated with rubber
- Balls, rubber: except athletic equipment
- Bath sprays, rubber
- Bathing caps and suits, rubber-mits
- Battery boxes, jars, and parts: hard rubber
- Bibs, vulcanized rubber and rubberized fabric-mits
- Bottles, rubber
- Boxes, hard rubber
- Brake lining, rubber
- Brushes, rubber
- Bulbs for medicine droppers, syringes, atomizers, and sprays: rubber
- Bushings, rubber
- Capes, vulcanized rubber and rubberized fabric-mits
- Caps, rubber-mits
- Castings, rubber
- Chlorinated rubbers, natural
- Cloaks, vulcanized rubber and rubberized fabric-mits
- Clothing, vulcanized rubber and rubberized fabric-mits
- Combs, hard rubber
- Culture cups, rubber
- Custom compounding of rubber materials
- Cycle rubbers, natural
- Diaphragms, rubber: separate and in kits
- Dress shields, vulcanized rubber and rubberized fabric-mits
- Druggists' sundries, rubber
- Erasers: rubber, or rubber and abrasive combined
- Fabrics, rubberized
- Film, rubber
- Finger cots, rubber
- Flooring, rubber: tile or sheet
- Foam rubber
- Fountain syringes, rubber
- Friction tape, rubber
- Fuel cells, rubber
- Fuel tanks, collapsible: rubberized fabric
- Funnels, rubber
- Gloves: e.g., surgeons', electricians', household-rubber
- Grips and handles, rubber
- Grommets, rubber
- Gutta perch compounds
- Hair curlers, rubber
- Hairpins, rubber
- Handles, rubber
- Hard rubber products
- Hard surface floor coverings: rubber
- Heels, boot and shoe: rubber, composition, and fiber
- Jar rings, rubber
- Laboratory sundries: e.g., cases, covers, funnels, cups, bottles-rubber
- Latex, foamed
- Life jackets: inflatable rubberized fabric
- Life rafts, rubber
- Liner strips, rubber
- Linings, vulcanizable elastomeric: rubber
- Mallets, rubber
- Mats and matting: e.g., bath, door-rubber
- Mattress protectors, rubber
- Mattresses, pneumatic: fabric coated with rubber
- Medical sundries, rubber
- Mittens, rubber
- Mouthpieces for pipes and cigarette holders, rubber
- Nipples, rubber
- Orthopedic sundries, molded rubber
- Pacifiers, rubber
- Pads, kneeling: rubber
- Pants, baby: vulcanized rubber and rubberized fabric-mits
- Pillows, sponge rubber
- Pipe stems and bits, tobacco: hard rubber
- Platens, except printers': solid or covered rubber
- Plumbers' rubber goods
- Pontoons, rubber
- Printers' blankets, rubber
- Printers' rolls rubber
- Prophylactics rubber
- Pump sleeves, rubber
- Reclaimed rubber (reworked by manufacturing processes)
- Rods, hard rubber
- Roll coverings: rubber for papermill; industrial, steel mills, printers'
- Roller covers, printers': rubber
- Rolls, solid or covered rubber
- Roofing, single ply membrane: rubber
- Rubber heels, soles, and soling strips
- Rubber-covered motor mounting rings (rubber bonded)
- Rug backing compounds, latex
- Separators, battery: rubber
- Sheeting, rubber or rubberized fabric
- Sheets, hard rubber
- Sleeves, pump: rubber
- Soles, boot and shoe: rubber, composition, and fiber
- Soling strips, boot and shoe: rubber, composition, and fiber
- Spatulas, rubber
- Sponge rubber and sponge rubber products
- Stair treads, rubber
- Stationers' sundries, rubber
- Stoppers, rubber
- Tape, pressure sensitive (including friction), rubber
- Teething rings, rubber
- Thermometer cases, rubber
- Thread, rubber: except fabric covered
- Tile, rubber
- Top lift sheets, rubber
- Top roll covering, for textile mill machinery: rubber
- Toys, rubber: except dolls
- Trays, rubber
- Tubing, rubber: except extruded and lathe-cut
- Type, rubber
- Urinals, rubber
- Valves, hard rubber
- Wainscoting, rubber
- Wallcoverings, rubber
- Water bottles, rubber
- Weather strip, sponge rubber
- Wet suits, rubber
Condom Manufacturers Insurance - The Bottom Line
Condom manufacturers insurance policies can be very different in premium, coverage and exclusions. To see if your manufacturing operation has the best fit insurance policies, speak with an experienced commercial insurance agent.
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.
- Audio & Video Equipment
- Auto Parts
- 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
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Fur Garment
- Garage Door
- Gypsum Products
- 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
- 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
- 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.