Mattress And Box Spring Manufacturers Insurance Policy Information
Mattress And Box Spring Manufacturers Insurance. Mattresses aren't products people buy regularly - consumers would ultimately hope to make an investment that offers them many years of comfortable sleep. Companies that make mattresses do, however, have one thing going for them, and that is that everyone needs a mattress.
Mattress and box spring manufacturers produce bedding for personal or commercial use. They generally purchase metal coils or springs, ticking used for covers, and garneted cotton batting used for padding from suppliers.
Processes include sewing or quilting a mattress cover from the ticking, inserting an inner spring section of coils covered by padding, and adding cotton batting or other foam as additional padding to form the mattress. For box spring, metal coils are attached to a wood frame.
Padding covers the coils, and an additional layer or dust cover is stapled to the underside of the wood frame. The different phases of manufacture may be carried out in different locations, or different countries.
In the modern market, mattresses come in many different types. Consumers can choose a coil mattress and get lost in the many subcategories, which range from continuous coils and Bonnell coils to pocketed coils. They may also select foam, latex, gel, and hybrid mattresses.
Manufacturers within this industry may also make box spring, which are essentially mattress foundations that increase the weight a mattress can bear along with its comfort.
This industry has seen interesting developments in recent years, and modern vacuum packaging methods mean that new mattresses can be delivered to their buyers in innovative small formats.
The manufacturing of mattresses and box spring is an exciting field, but of course, companies that make these products also have to worry about a multitude of perils that could endanger their future success.
This short guide will tell you what kinds of mattress and box spring manufacturers insurance you need to protect your assets.
Mattress and box spring 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 mattress and box spring manufacturing insurance questions:
- How Much Does Mattress And Box Spring Manufacturers Insurance Cost?
- Why Do Mattress And Box Spring Manufacturers Need Insurance?
- What Type Of Insurance Do Mattress And Box Spring Manufacturers Need?
How Much Does Mattress And Box Spring Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small mattress and box spring manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Mattress And Box Spring Manufacturers Need Insurance?
Owning and operating a manufacturing business is hard work, and even companies that do everything in their power to thrive face many major risks that could have devastating consequences. You will take proactive steps to protect your company from unforeseen circumstances, but an outstanding insurance plan is necessary to catch you if you fall.
Among the risks manufacturers making mattresses, box spring, or both can fall victim to are the very same hazards that will be familiar to all business owners, regardless of their field. Acts of nature - wildfires, earthquakes, tsunamis, and severe storms - can disrupt your production and damage your facility and its contents.
The same can be said for crimes; theft and vandalism always pose a threat, too.
Depending on the kind of mattresses or box spring a company makes, industry-specific hazards also have to be considered. Some of the materials you use to manufacture mattresses may be flammable, while others can be subject to pests.
The breakdown of manufacturing machines is always a risk that could prove to be very costly, but you also have to consider a scenario in which a consumer is injured after using your mattress or box spring and then files a lawsuit.
These mattress and box spring manufacturers insurance examples do not represent all the risks this industry has to contend with, but they do show how important it is to examine all the possible threats and protect your company against them to the best of your ability.
What Type Of Insurance Do Mattress And Box Spring Manufacturers Need?
Many insurers offer "cookie-cutter" business owners' policies which may be suited to small and medium sized companies, but it is always best to investigate your particular needs carefully and build a custom insurance plan together with a commercial insurance agent.
That is because both obvious factors - the jurisdiction in which your facility is based, the value of your manufacturing equipment, and your number of employees, for instance - and less obvious factors that even include the material out of which your building was constructed can impact the kinds of mattress and box spring manufacturers insurance policies that are best for you.
With that in mind, these types of insurance will be essential for box spring and mattress manufacturers:
- Commercial Property: This type of insurance is there to protect your company from financial losses in case a disaster like a fire, earthquake, or serious theft damages your physical assets. This means your physical building, machines, and any other non-fixed assets can be protected.
- General Liability: Designed to guard against the economic loss that could follow if a third party files a personal injury or property damage claim against your company, this kind of mattress and box spring manufacturers insurance covers your legal expenses and settlement payouts.
- Product Liability: Another type of liability insurance, this type specifically covers damage incurred as a result of your products, and that can include damage resulting from faulty marketing claims. Imagine, for instance, that you advertise your mattresses as hypoallergenic but a consumer suffers a serious allergic reaction.
- Workers' Compensation: In all commercial ventures, workers can sustain injuries on the job. This kind of insurance covers their medical bills and any wages lost if they cannot return to work.
Although these essential kinds of mattress and box spring manufacturers insurance protect your company against the major risks it will face, be aware that the insurance market offers numerous different options.
To make sure you get the quality insurance that will keep your business safe, talk them over with a commercial insurance agent in detail.
Mattress And Box Spring Manufacturing's Risks & Exposures
Premises liability exposure is normally low as access by visitors is limited. If the manufacturer has a showroom or offers tours, visitors may be injured by slips, trips, or falls. Fire, dust, dense smoke from the burning of foam, or noise may affect neighboring premises.
Products liability exposure from standard mattresses and box spring is limited, provided the manufacturer complies with all governmental standards and regulations regarding labeling and flammability of mattresses and pads. Specialty mattresses can increase the exposure, particularly if they are warranted and advertised as aids to health, such as alleviating back problems.
Environmental impairment exposures are moderate. Manufacture using plastic, rubber, or latex materials may result in contamination of ground, air, and water from chemicals and toxic lubricants and solvents used to service machinery. Disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposure can be moderate to high. Injuries from production machinery are common, as are burns, cuts, slips, trips, falls, foreign objects in the eye, hearing impairment from noise, back injuries from lifting, and repetitive motion injuries. Wires in coiling machines can snap, injuring workers.
Workstations should be ergonomically designed. There should be safety training, protective equipment, and guarding of machines. Areas that generate dust require respiratory protection devices, as well as eye protection and eyewash stations.
Flammable liquids and chemicals can cause skin irritation, eye irritation, and possible long-term occupational disease. 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.
Property exposures consist of an office, production plant, and warehouse for raw materials and finished goods. Ignition sources include electrical wiring, heating systems, and overheating of production machinery. Cutting and sewing operations generate dust which can catch on fire or result in explosion.
Wood and foam contribute to the fire load. Foam, which is used for padding, can cause thick, dense smoke and inhibit firefighting. The risk increases dramatically in the absence of proper dust collection systems, ventilation, and adequate disposal procedures. Flammable liquids, glues, paints and varnishes should be kept to a minimum in the processing area and stored in approved containers in isolated areas.
Raw materials and finished products stored in the warehouse are highly susceptible to damage by smoke, moisture, and fire. Appropriate security controls must 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 malfunctioning production equipment, dust collection and ventilation systems, electrical control panels and other apparatus. These should be properly maintained. 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 due to the relatively high value of some mattresses. 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. There should be 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, exhibitions, goods in transit, and valuable papers and records for customers' and suppliers' information.
The primary causes of loss are fire, collision, theft, overturn, and water damage.
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.
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: 2515 Mattresses, Foundations, And Convertible Beds
- NAICS CODE: 337910 Mattress Manufacturing, 332612 Spring Manufacturing
- Suggested ISO General Liability Code(s): 56699, 59975
- Suggested Workers Compensation Code(s): 2570, 3300
Description for 2515: Mattresses, Foundations, And Convertible Beds
Division D: Manufacturing | Major Group 25: Furniture And Fixtures | Industry Group 251: Household Furniture
2515 Mattresses, Foundations, And Convertible Beds: Establishments primarily engaged in manufacturing innerspring mattresses, box spring mattresses, and non-innerspring mattresses containing felt, foam rubber, urethane, hair, or any other filling material; and assembled wire springs (fabric, coil, or box) for use on beds, couches, and cots. This industry also includes establishments primarily engaged in manufacturing dual-purpose sleep furniture, such as convertible sofas and chair beds, regardless of the material used in the frame. Establishments primarily engaged in manufacturing automobile seats and backs are classified in Industry 2531; those manufacturing individual wire springs are classified in Industry 3495; and those manufacturing paddings and upholstery filling are classified in Industry 2299.
- Beds, sleep-system ensembles: flotation and adjustable
- Beds, sofa and chair: on frames of any material
- Bedsprings, assembled
- Box spring, assembled
- Chair and couch springs, assembled
- Cot springs, assembled
- Cushion springs, assembled
- Cushions, spring
- Foundations, bed: spring, foam, and platform
- Mattresses, containing felt, foam rubber, urethane, etc.
- Mattresses: innerspring, box spring, and non-innerspring
- Sofas, convertible
- Spring cushions
Mattress And Box Spring Manufacturers Insurance - The Bottom Line
Many mattress and box spring manufacturers insurance policies are very different in cost and coverage. You can learn if your firm has the best fit insurance policies by talking to 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.