Fence Manufacturers Insurance Policy Information
Fence Manufacturers Insurance. Good fences are said to make good neighbors - and today's fences are manufactured using a wide variety of materials. Not only different kinds of wood, but also wrought iron, aluminum, and other metals can result in fine fences of different types, chain link and wire fencing among them.
Metal fence manufacturers produce a variety of fences ranging from ornamental railings to chain link to wire rope. Raw materials include sheet metal, ductile iron, piping, and wire or cable. Processes used vary by type of fence and include cutting, punching, and bending.
Metalworking operations such as heat treating, electroplating, painting or coating, and welding are all potential exposures. The finished product may be partly pre-assembled in sections or assembled during installation by the customer or contractor.
Wood fence manufacturers produce a variety of types of fences, from log, slat, and picket to tall privacy fences. The finished product may be partly pre-assembled in sections or assembled during installation by the customer or contractor.
The manufacturer receives wood products in specific lengths and widths. They are first seasoned (dried either in kilns or in the yard), then cut, planed, sanded, assembled with glue, nails, or hardware, stained, varnished, painted or otherwise finished.
Some fence manufacturers own a retail outlet. Component parts may be manufactured in different locations or different countries.
Because fences are employed in a broad range of settings, from residential homes to farms, prisons, sports stadiums, zoos, and of course businesses of all kinds, a manufacturer of wood and metal fences with a good commercial and marketing strategy will never run out of work.
A company that makes fences will, however, have to confront the reality that it is vulnerable to whole host of risks that could all result in economic ruin.
Whether you are someone who is exploring what it would take to own and run a fence manufacturing facility, or you are already a business owner and simply want a refresher course, let's take a look at the kinds of insurance that are vital in protecting such a company's financial health.
What type of fence manufacturers insurance is needed, and why? For more information, read on.
Fence 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 fence manufacturing insurance questions:
- How Much Does Fence Manufacturers Insurance Cost?
- Why Do Fence Manufacturers Need Insurance?
- What Type Of Insurance Do Fence Manufacturers Need?
How Much Does Fence Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small fence manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Fence Manufacturers Need Insurance?
No matter how competent a company's management team is, a variety of threats are always on the horizon - and you never know when they will strike. The hazards a manufacturer of wood or metal fences faces include those common to all kinds of companies, as well as risks more specific to their own field of industry.
Acts of nature, which are as varied as earthquakes, tornadoes, massive floods, and wildfires, can threaten any company, regardless of their field of industry or their location, inflicting tremendous amounts of costly damage as well as interrupting production.
Vandalism and theft, too, are risks no commercial field can be completely free from, even with state-of-the-art security systems.
Fence manufacturers further have to consider the possibility that the equipment they use to make their fences could break down, and suddenly require repair or replacement. Workers can become injured on the job, and unless a company can prove that this was not related to their negligence in any way, the business can be held responsible.
The same is true for third parties who might get into an accident on your premises. The final risk we will mention here is the possibility that your fences do not live up to marketing claims you have made, and that the company is held liable when a criminal breaches a fence the end user, having installed the fence, believed to be impenetrable.
These examples of catastrophes that lead to hefty financial losses might not be the only hazards a fence manufacturer faces, but they show why it is crucial to carry the right fence manufacturers insurance. When you are properly insured, you do not have to face the pitfalls alone.
What Type Of Insurance Do Fence Manufacturers Need?
The types of fence manufacturers insurance needed will vary depending on factors that include the materials used in manufacture, the kind of manufacturing equipment, the number of workers you employ, and the jurisdiction within which your facility is based.
The extent of the coverage you need, and the costs associated with your insurance, will vary as well. A competent commercial insurance agent is best suited to help you discover your exact needs.
However, some of the forms of insurance wood and metal fence manufactures need to carry are:
- Commercial Property: Each type of insurance protects your company from a different threat, and commercial property insurance is there to shield you from financial losses resulting from circumstances beyond your control that damage your physical assets. Should your company be hit by a fire or theft, for example, the damage your physical building and its contents suffer will be covered.
- General Liability: This type of insurance is designed to help you recover if third parties file lawsuits alleging that they suffered bodily injury on your premises, or that your company's activities damaged their property. Attorney fees and settlement costs alike are covered with commercial general liability insurance.
- Product Liability: This form of fence manufacturers insurance protects you in case of claims of third party property damage or bodily injury relating to your products. If a manufacturing error leads one of your products to be substandard, for instance, you may be sued, and this type of insurance helps you deal with the financial fallout.
- Workers' Compensation: Workers comp covers your employees' medical bills and lost wages if they are not able to return to work, in the event that they suffer a workplace injury. Occupational illness, resulting, for instance, from sawdust exposure if you make wood fences, or chemical exposure if you process certain kinds of metals, are also covered.
These common kinds of fence manufacturers insurance may not meet all your needs, so it is imperative to consult a commercial insurance agent who understands your company well.
Fence Manufacturing's Risks & Exposures
Premises liability exposure at the plant is normally low as access by visitors is limited. If tours are given or if there is a retail outlet on the premises, visitors may be injured by slips, trips, falls, or flying debris.
The storage of wood in the open could pose an attractive nuisance hazard. The yard should be fenced to prevent unauthorized access, with proper lighting and warnings. Dust, fire or explosion, fumes, and noise may affect adjacent properties.
If the manufacturer does installations, there may be frequent small property damage claims.
Products liability exposure is minimal unless the fences are designed to support weight or are warranted for security or protection, such as balcony railings or highway guardrails. There may be small claims for workmanship or nuisance hazards, such as wood splinters, protruding nails, or poorly cut posts.
Environmental impairment exposure may be significant due to possible contamination of ground, air, and water from the sawdust, chemicals, paints, and varnishes used in processing and the lubricants and solvents used to service machinery.
The raw chemicals may be toxic and are flammable. Storage and disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposures are extensive. Injuries from production machinery are common, as are burns, cuts, puncture wounds, slips, trips, falls, back injuries from lifting during production, delivery, or installation, eye injuries from flying debris and dust, hearing loss from noise, and repetitive motion losses.
Amputations can occur from working with machinery. Workstations should be ergonomically designed. The high volume required for production schedules may lead workers to remove guards on the machinery, or to postpone maintenance and repair to increase production.
Exposure to chemicals, dust, binding agents, paints, and varnishes can result in burns and eye, skin, and lung irritation. Workers should be aware of the toxic nature of any chemical and should be made fully aware of the need to watch for early signs and symptoms of problems. Drivers of forklifts and vehicles may be injured in accidents.
Property exposures consist of an office, shop, warehouse for finished goods, and often a yard for storage of raw materials. Ignition sources include electrical wiring, heating and cooling equipment, overheating of production machinery, and explosions from the build-up of dust from the cutting and sanding operations. The risk increases dramatically in the absence of proper dust collection systems, ventilation, and adequate disposal procedures.
Wood is highly susceptible to damage by fire, smoke, and water. Glues, paints, varnishes, and stains may be flammable and must be adequately separated and stored away from other operations. Spray-painting operations should be conducted in spray booths with explosion-proof electrical components. The use of dip tanks instead of spray booths may require special attention.
Exotic woods or expensive hardwood products may be attractive to thieves. 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. Business income and extra expense exposures can be high if a lengthy amount of time is required to restore operations.
Equipment breakdown exposures include malfunctioning production equipment, ventilation and dust collection systems, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in severe loss, both direct and under time element.
Crime exposure comes from employee dishonesty and theft if raw wood is expensive or finished items are high in demand. 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. The manufacturer should have security methods in place to prevent theft.
Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), contractors' equipment for forklifts and other heavy machinery, exhibitions, goods in transit, and valuable papers and records for customers' and suppliers' information.
The major causes of loss are fire, theft, water, collision, and upset. If the manufacturer installs fences, an installation floater should be considered.
Business auto exposure is high if the manufacturer transports raw lumber or delivers finished goods. Proper loading and tie-down procedures are essential to prevent overturn and/or release of lumber. Retail delivery to homes represents a serious exposure due to the street presence of children and possible time pressures on the drivers.
Manufacturers generally also 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: 2499 Wood Products, Not Elsewhere Classified, 2421 Sawmills And Planing Mills, General, 3315 Steel Wiredrawing And Steel Nails And Spikes, 3446 Architectural And Ornamental Metal Work
- NAICS CODE: 321999 All Other Miscellaneous Wood Products Manufacturing, 331222 Steel Wire Drawing, 331110 Iron and Steel Mills and Ferroalloy Materials, 332323 Ornamental and Architectural Metal Work Manufacturing
- Suggested ISO General Liability Code(s): 59914 Metal Works - Shop - Decorative or Artistic, 59975 Wire Goods Manufacturing, 59985 Wood Products Manufacturing, 59986 Wood Turned Products Manufacturing
- Suggested Workers Compensation Code(s): 2802 Carpentry - Shop Only & Drivers, 3257 Wire Goods Manufacturing NOC
Description for 2499: Wood Products, Not Elsewhere Classified
Division D: Manufacturing | Major Group 24: Lumber And Wood Products, Except Furniture | Industry Group 249: Miscellaneous Wood Products
2499 Wood Products, Not Elsewhere Classified: Establishments primarily engaged in manufacturing miscellaneous wood products, not elsewhere classified, and products from rattan, reed, splint, straw, veneer, veneer strips, wicker, and willow.
- Applicators, wood
- Bakers' equipment, wood
- Baskets, except fruit, vegetable, fish, and bait: (e.g., rattan, reed,
- Battery separators, wood
- Bearings, wood
- Beekeeping supplies, wood
- Bentwood (steam bent) products, except furniture
- Blocks, tackle: wood
- Blocks, tailors' pressing: wood
- Boards, bulletin: wood and cork
- Boards- clip, ironing, meat, and pastry-wood
- Boot and shoe lasts, regardless of material
- Bowls, wood: turned and shaped
- Briquettes, sawdust or bagasse: non-petroleum binder
- Bungs, wood
- Buoys, cork
- Bushings, wood
- Cane, chair: woven of reed or rattan
- Carpets, cork
- Cloth winding reels, wood
- Clothes dryers (clothes horses), wood
- Clothes drying frames, wood
- Clothes pins, wood
- Clubs, police: wood
- Cooling towers, wood or wood and sheet metal combination
- Cork products
- Corks, bottle
- Covers, bottle and demijohn: willow, rattan, and reed
- Curtain stretchers, wood
- Dishes, wood
- Display forms for boots and shoes, regardless of material
- Dowels, wood
- Extension planks, wood
- Faucets, wood
- Fellies, wood
- Fencing, wood: except rough pickets, poles, and rails
- Firewood and fuel wood containing fuel binder
- Flour, wood
- Frames: medallion, mirror, photograph, and picture-wood or metal
- Furniture inlays (veneers)
- Garment hangers, wood
- Gavels, wood
- Grain measures, wood: turned and shaped
- Hammers, meat: wood
- Hampers, laundry: rattan, reed, splint, veneer, and willow
- Handles, wood: turned and shaped
- Hubs, wood
- Insulating materials, cork
- Jacks, ladder: wood
- Knobs, wood
- Ladders, wood
- Last sole patterns, regardless of material
- Letters, wood
- Life preservers, cork
- Mallets, wood
- Market baskets, except fruit and vegetable: veneer and splint
- Marquetry, wood
- Mashers, potato: wood
- Masts, wood
- Mauls, wood
- Moldings, picture frame: finished
- Novelties, wood fiber
- Oars, wood
- Pads, table: rattan, reed, and willow
- Paint sticks, wood
- Pencil slats
- Plugs wood
- Poles wood: e.g., clothesline, tent, flag
- Pressed logs of sawdust and other wood particles, non-petroleum
- Pulleys, wood
- Racks, for drying clothes: wood
- Rattan ware, except furniture
- Reed ware, except furniture
- Reels cloth winding wood
- Reels for drying clothes: wood
- Reels, plywood
- Rollers, wood
- Rolling pins, wood
- Rules and rulers: wood, except slide
- Saddle trees, wood
- Sawdust, reground
- Scaffolds, wood
- Scoops, wood
- Seat covers, rattan
- Seats, toilet: wood
- Shoe stretchers, regardless of material
- Shoe trees, regardless of material
- Signboards, wood
- Skewers, wood
- Snow fence
- Spars, wood
- Spigots, wood
- Spokes, wood
- Spools, except for textile machinery: wood
- Stakes, surveyors': wood
- Step-ladders, wood
- Stoppers, cork
- Tile, cork
- Tool handles, wood: turned and shaped
- Toothpicks, wood
- Trays: wood, wicker, and bagasse
- Trophy bases, wood
- Vats, wood: except coopered
- Washboards, wood and part wood
- Webbing: cane, reed, and rattan
- Willow ware, except furniture
- Wood, except furniture: turned and carved
- Woodenware, kitchen and household
- Yardsticks, wood
Description for 2421: Sawmills And Planing Mills, General
Division D: Manufacturing | Major Group 24: Lumber And Wood Products, Except Furniture | Industry Group 242: Sawmills And Planing Mills
2421 Sawmills And Planing Mills, General: Establishments primarily engaged in sawing rough lumber and timber from logs and bolts, or resawing cants and flitches into lumber, including box lumber and softwood cut stock; planing mills combined with sawmills; and separately operated planing mills which are engaged primarily in producing surfaced lumber and standard workings or patterns of lumber. This industry includes establishments primarily engaged in sawing lath and railroad ties and in producing tobacco hogshead stock, wood chips, and snow fence lath. Establishments primarily engaged in manufacturing box shook or boxes are classified in Industry Group 244; those manufacturing Bash, doors, wood molding, window and door frames, and other fabricated millwork are classified in Industry Group 243; and those manufacturing hardwood dimension and flooring are classified in Industry 2426.
- Cants, resawed (lumber)
- Ceiling lumber, dressed
- Chipper mills
- Custom sawmills
- Cut stock, softwood
- Flitches (veneer stock), made in sawmills
- Flooring (dressed lumber), softwood
- Fuelwood, from mill waste
- Furniture dimension stock, softwood
- Kiln drying of lumber
- Lath, made in sawmills and lathmills
- Lumber stacking or sticking
- Lumber: rough, sawed, or planed
- Planing mills, independent: except millwork
- Resawing lumber into smaller dimensions
- Sawdust and shavings
- Sawmills, except special product mills
- Siding, dressed lumber
- Silo stock, wood: sawed
- Snow fence lath
- Stud mills
- Ties, railroad: sawed
- Tobacco hogshead stock
- Wood chips produced at mill
Description for 3315: Steel Wiredrawing And Steel Nails And Spikes
Division D: Manufacturing | Major Group 33: Primary Metal Industries | Industry Group 331: Steel Works, Blast Furnaces, And Rolling And Finishing Mills
3315 Steel Wiredrawing And Steel Nails And Spikes: Establishments primarily engaged in drawing wire from purchased iron or steel rods, bars, or wire and which may be engaged in the further manufacture of products made from wire; establishments primarily engaged in manufacturing steel nails and spikes from purchased materials are also included in this industry. Rolling mills engaged in the production of ferrous wire from wire rods or hot-rolled bars produced in the same establishment are classified in Industry 3312. Establishments primarily engaged in drawing nonferrous wire are classified in Industry Group 335.
- Barbed and twisted wire: made in wiredrawing plants
- Baskets, steel: made in wiredrawing plants
- Brads, steel: wire or cut
- Cable, steel: insulated or armored
- Chain link fencing, steel: made in wiredrawing plants
- Fence gates, posts, and fittings: steel-made in wiredrawing plants
- Form ties, made in wiredrawing plants
- Horseshoe nails
- Nails, steel: wire or cut
- Paper clips, steel: made in wiredrawing plants
- Spikes, steel: wire or cut
- Staples, steel: wire or cut
- Steel wire cages, made in wiredrawing plants
- Tacks, steel: wire or cut
- Tie wires, made in wiredrawing plants
- Welded steel wire fabric, made in wiredrawing plants
- Wire carts: household, grocery, and industrial-made in wire-drawing
- Wire cloth, steel: made in wiredrawing plants
- Wire garment hangers, steel: made in wiredrawing plants
- Wire products, ferrous: made in wiredrawing plants
- Wire, ferrous: made in wiredrawing plants
- Wire, steel: insulated or armored
Description for 3446: Architectural And Ornamental Metal Work
Division D: Manufacturing | Major Group 34: Fabricated Metal Products, Except Machinery And Transportation Equipment | Industry Group 344: Fabricated Structural Metal Products
3446 Architectural And Ornamental Metal Work: Establishments primarily engaged in manufacturing architectural and ornamental metal work, such as stairs and staircases, open steel flooring (grating), fire escapes, grilles, railings, and fences and gates, except those made from wire. Establishments primarily engaged in manufacturing fences and gates from purchased wire are classified in Industry 3496; those manufacturing prefabricated metal buildings and parts are classified in Industry 3448; and those manufacturing miscellaneous metal work are classified in Industry 3449..
- Acoustical suspension systems, metal
- Balconies, metal
- Bank fixtures, ornamental metal
- Bannisters, railings, guards, etc: made from metal pipe
- Brasswork, ornamental structural
- Channels, furring
- Elevator guide rails, metal
- Fences and posts, ornamental iron and steel
- Fire escapes, metal
- Flagpoles, metal
- Flooring, open steel (grating)
- Gates, ornamental metal
- Gratings (open steel flooring)
- Gratings, tread fabricated metal
- Ladders, chain: metal
- Ladders, for permanent installation metal
- Lamp posts, metal
- Lintels, light gauge steel
- Ornamental and architectural metal work
- Partitions and grillework, ornamental metal
- Pipe bannisters, railings, and guards
- Purlins, light gauge steel
- Railings, prefabricated metal
- Registers, air: metal
- Scaffolds metal (mobile or stationary)
- Stair railings, metal
- Staircases, prefabricated metal
- Stairs, prefabricated metal
- Treads, stair: fabricated metal
Fence Manufacturers Insurance - The Bottom Line
Fence manufacturers insurance policies can vary widely in premium and exclusions. To learn if your fence manufacturing operation 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.