Metal Toys Manufacturers Insurance Policy Information
Metal Toys Manufacturers Insurance. Despite the introduction of plastic and electronic toys, children the world over still play with toys that are either fully or partially manufactured out of metal every day. These metal toys include toy cars, trucks, and trains as well as doll-house components, but also larger items such as bicycles and tricycles. Even ice and roller skates can be said to fall into this category.
Metal toy manufacturers produce various items for play, including automobiles, bicycles and tricycles, doll houses and furnishings, games, skates, trains, trucks and other vehicles. Metal (usually steel or heavy aluminum) may be cast, drawn, or extruded. Sheet metal may be bent, corrugated, cut, drilled, punched, or shaped.
Component parts may be joined with rivets, hinges, or screws, or soldered or spot-welded. The parts are normally polished or deburred before being painted through dipping or spraying. A lacquer or other strong finish is then applied. Additional objects such as tires may be attached as part of the final assembly.
If you own and operate a company that makes metal toys, your business is likely to rely on costly mechanical or computerized equipment in the process. Welding and painting will be part of your production line, and both of those processes can be hazardous.
While metal toy manufacturers are in the business of bringing joy to children, your company will also be vulnerable to a multitude of perils that could deal serious financial blows. Unforeseen circumstances can endanger manufacturers of metal toys at any time - and a comprehensive insurance plan represents an essential component of their risk management plan.
What kinds of metal toys manufacturers insurance are available and what types are needed, though? Read on to discover more.
Metal toys manufacturers insurance protects your manufacturing business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked metal toys manufacturing insurance questions:
- How Much Does Metal Toys Manufacturers Insurance Cost?
- Why Do Metal Toys Manufacturers Need Insurance?
- What Type Of Insurance Do Metal Toys Manufacturers Need?
How Much Does Metal Toys Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small metal toys manufacturing businesses ranges from $97 to $139 per month based on location, size, revenue, claims history and more.
Why Do Metal Toys Manufacturers Need Insurance?
Metal toy makers need insurance because accidents and other circumstances beyond your control may affect your company, no matter how much effort you put into managing and growing your business responsibly. The perils that could affect any industry as well as those unique to toy manufacture are many and varied.
Criminal acts - physical theft and vandalism, but now also increasingly cyber crime, which can include the theft of design plans - can have devastating consequences. Even alongside proactive mitigating steps, your company could fall victim to them.
Acts of nature such as fires, floods, earthquakes, and hurricanes could also ravage any company, leaving rebuilding costs and interruptions in production in their wake. Are you prepared? Not without the right insurance.
Metal toy manufacturers also have to consider the risk that welding or flying metal parts could cause workplace injuries to their employees.
In the event that a malfunction or manufacturing error leads to the injury of a consumer, it is likely that parents will file a lawsuit as they attempt to hold you legally liable.
A good metal toys manufacturers insurance plan can guard you from these and other threats.
What Type Of Insurance Do Metal Toys Manufacturers Need?
Companies that make metal toys, or toys with metal components, will need to carry several different kinds of insurance to shield them from different risks. The specifics depend on factors that include the kinds of toys you make, the location of your manufacturing facility, and your number of employees.
Consulting a reputable commercial insurance agent who understands your field will give you the best insights into your needs. Some examples of the types of metal toys manufacturers insurance needed, however, include:
- Commercial Property: This kind of insurance is there to protect your business from unforeseen circumstances such as theft and acts of nature. It covers your physical building as well as the assets inside or on outdoor property.
- Commercial General Liability: Think of commercial general liability insurance as a key part of your legal defense strategy. In case of third party injury or property damage claims - resulting from injuries third parties sustain on your premises, or damage your company's activities cause to others' property - it helps cover attorney and settlement fees, but also repair and medical bills.
- Product Liability: This kind of metal toys manufacturers insurance also protects you in case of third party bodily injury and property damage claims, but specifically relates to harm caused by products you manufactured. Consider, for instance, scenarios such as small parts coming loose and being ingested by a child. Complex civil suits may follow, and product liability insurance is invaluable in that case.
- Workers Compensation: While you prioritize health and safety, it always remains possible that an employee suffers a work-related injury or illness - due to, for example, inhaling metal dust or a welding burn. Workers' comp insurance covers their medical bills and wages lost due to absences caused by these events.
Keep in mind that these examples of metal toys manufacturers insurance coverage are not an exhaustive list; numerous different kinds of insurance are now available. Some will be compulsory, while others should be invested in to safeguard your company's future.
To begin discovering what other kinds of insurance your company requires, as well as what the costs may be, a commercial insurance agent should be consulted.
Metal Toys Manufacturing's Risks & Exposures
Premises liability exposure is usually moderate to low, as access to the premises is limited. If there is a showroom, factory outlet, or retail operation, or if the company handles its own on-site testing using focus groups of children, visitors may be injured by slips, trips, or falls.
Children may be injured by playing with defective products while on premises. Fumes, dust, and noise from metalwork may affect neighbors. There are significant off-premises exposures if the applicant attends toy shows and exhibitions to demonstrate products.
Products liability exposure is high as the end products are designed for and used by children. Toys may be recreational or may be for rigorous athletic use. Small parts in toys designed for young children can present a choking hazard. Sharp edges could result in cuts and other injuries.
Riding toys can present life safety issues. Paints, lacquers, and some types of metal may be toxic if ingested. Warnings and age-appropriate information are very important, as are product recall procedures. Governmental regulations, guidelines, and standards must be observed.
Environmental impairment exposures are generally moderate due to possible contamination of ground, air, and water from the disposal of flammable or toxic lubricants, solvents, paints, and metal shavings. Storage and disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposures are moderate. Injuries from production machinery are common, as are burns, cuts, puncture wounds, slips, trips, falls, foreign objects in the eye, hearing impairment from machinery noise, back injuries from lifting, and repetitive motion injuries. Workstations should be ergonomically designed.
Injuries from cutting and welding can occur in the absence of the necessary protective coverings, including eye and hand protection, and guards on the machinery used for cutting or punching.
Exposure to chemicals, dust, and paints can result in chemical burns and eye, skin, and lung irritation. The high volume required for production schedules may lead workers to remove guards on the machinery, or to postpone maintenance and repair.
Workers must be made aware of the potential side effects of the ingredients they work with, including long-term occupational disease hazards, so they can recognize symptoms and obtain treatment as early as possible. Drivers of forklifts and vehicles may be injured in accidents.
Property exposure consists of an office, shop, and warehouse for raw materials and finished goods. Ignition sources include electrical wiring, heating and cooling equipment, production machinery, and the build-up of metal dust from the cutting and sanding that can cause fire and explosion. The risk increases in the absence of proper dust collection systems, ventilation, and adequate disposal procedures.
Paints, lubricants, degreasers, and solvents can be flammable and must be adequately separated and stored away from other operations. Spray-painting operations can cause a fire unless carried out in spray booths with explosion-proof electrical components.
Some expensive or hard-to-find toys may be targets for theft. 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.
There can be a significant business income and extra expense exposure, depending on the amount of time required to restore operations.
Equipment breakdown exposures include malfunctioning production equipment, dust collection and ventilation systems, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in a severe loss, both direct and under time element.
Crime exposures are moderate to high for employee dishonesty and theft. Employees may act alone or in collusion with outsiders in stealing money, raw materials, or finished stock, which may include brand names, limited edition sets, or popular "must have" Christmas items.
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, exhibitions, goods in transit and valuable papers and records for customers' and suppliers' information.
Raw stock and work in process may be transported between different buildings or locations. The primary causes of loss are fire, theft, collision, 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. The drivers' age, training, experience, and records, as well as the age, condition, and maintenance of vehicles, are main items to consider.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3944 Games, Toys, And Children's Vehicles, Except Dolls And Bicycles, 3949 Sporting And Athletic Goods, Not Elsewhere Classified
- NAICS CODE: 339920 Sporting and Athletic Goods Manufacturing, 339930 Doll, Toy and Game Manufacturing
- Suggested ISO General Liability Code(s): 59790 Toys or Games Manufacturing
- Suggested Workers Compensation Code(s): 3400 Metal Stamped Goods Manufacturing NOC, 1925 Die Casting Manufacturing
Description for 3944: Games, Toys, And Children's Vehicles, Except Dolls And Bicycles
Division D: Manufacturing | Major Group 39: Miscellaneous Manufacturing Industries | Industry Group 394: Dolls, Toys, Games And Sporting And Athletic
3944 Games, Toys, And Children's Vehicles, Except Dolls And Bicycles: Establishments primarily engaged in manufacturing games and game sets for adults and children, and mechanical and nonmechanical toys. Important products of this industry include games; toy furniture; doll carriages and carts; construction sets; mechanical trains; toy guns and rifles; baby carriages and strollers; children's tricycles, coaster wagons, play cars, sleds, and other children's outdoor wheel goods and vehicles, except bicycles. Included are establishments primarily engaged in manufacturing electronic board games; electronic toys; and electronic game machines, except coin-operated. Establishments primarily engaged in manufacturing dolls and stuffed toys are classified in Industry 3942; those manufacturing bicycles are classified in Industry 3751; those manufacturing sporting and athletic goods for children and adults are classified in Industry 3949; those manufacturing coin-operated game machines are classified in Industry 3999; those manufacturing electronic video game cartridges are classified in Services, Industry 7372; and those manufacturing rubber toys, except dolls, are classified in Industry 3069.
- Airplanes, toy
- Automobiles and trucks, toy
- Automobiles, children's pedal driven
- Banks, toy
- Baskets, toy
- Bells, toy
- Blocks, toy
- Carriages, baby
- Cars, play (children's vehicles)
- Craft and hobby kits and sets
- Cycles, sidewalk: children's
- Darts and dart games
- Dishes, toy
- Doll carriages and carts
- Drums, toy
- Electronic game machines, except coin-operated
- Electronic toys
- Engines, miniature
- Erector sets, toy
- Games for children and adults: puzzles, bingo, marbles, poker chips,
- Gocarts, children's
- Guns, toy
- Hobby horses
- Horns, toy
- Magic lanterns (toys)
- Models, toy and hobby: e.g., airplane, boat, ship, railroad equipment
- Musical instruments, toy
- Paint sets, children's
- Pistols, toy
- Poker chips
- Rifles, toy
- Rocking horses
- Science kits: microscopes, chemistry sets, and natural science sets
- Scooters, children's
- Sleds, children's
- Strollers, baby (vehicles)
- Structural toy sets
- Sulkies, baby (vehicles)
- Tenders, baby (vehicles)
- Toys: except dolls, bicycles, rubber toys, and stuffed toys
- Trains and equipment, toy: electric an mechanical
- Tricycles, children's
- Vehicles except bicycles, children's
- Video game machines, except coin-operated
- Wagons, children's: coaster, express, and play
- Walkers, baby (vehicles)
Description for 3949: Sporting And Athletic Goods, Not Elsewhere Classified
Division D: Manufacturing | Major Group 39: Miscellaneous Manufacturing Industries | Industry Group 394: Dolls, Toys, Games And Sporting And Athletic
3949 Sporting And Athletic Goods, Not Elsewhere Classified: Establishments primarily engaged in manufacturing sporting and athletic goods, not elsewhere classified, such as fishing tackle; golf and tennis goods; baseball, football, basketball, and boxing equipment; roller skates and ice skates; gymnasium and playground equipment; billiard and pool tables; and bowling alleys and equipment. Establishments primarily engaged in manufacturing athletic apparel are classified in Major Group 23; those manufacturing athletic footwear are classified in Industries 3021 and 3149; those manufacturing small arms ammunition are classified in Industry 3482; and those manufacturing small arms are classified in Industry 3484.
- Ammunition belts, sporting type: of all materials
- Archery equipment
- Arrows, archery
- Athletic and sporting goods: except clothing, footwear, small arms,
- Badminton equipment
- Bait, fishing: artificial
- Balls: baseball, basketball, football golf, tennis, pool, and bowling
- Baseball equipment and supplies, except uniforms and footwear
- Bases, baseball
- Basketballs and basketball equipment and supplies, except uniforms
- Baskets, fish and bait
- Bats, game: e.g., baseball, softball, cricket
- Billiard and pool balls, cues, cue tips and tables
- Billiard chalk
- Bowling alleys and accessories
- Bowling pin machines, automatic
- Bowling pins
- Bows, archery
- Boxing equipment
- Bridges, billiard and pool
- Buckets, fish and bait
- Cartridge belts, sporting type
- Cases, gun and rod (sporting equipment)
- Creels, fish
- Cricket equipment
- Croquet sets
- Decoys, duck and other game birds
- Exercise cycles
- Exercising machines
- Fencing equipment (sporting goods)
- Fishing tackle (except lines, nets, and seines)
- Flies, artificial: for fishing
- Floats for fish lines
- Footballs and football equipment and supplies, except uniforms and
- Game calls
- Gloves, sport and athletic: e.g., boxing, baseball, racketball, handball
- Golf carts, hand
- Golfing equipment: e.g., caddy cars and bags, clubs, tees, balls
- Guards: e.g., football, basketball, soccer, lacrosse
- Gymnasium and playground equipment
- Helmets, athletic
- Hockey equipment, except uniforms and footwear
- Indian clubs
- Jogging machines
- Lacrosse equipment
- Mallets, sports: e.g., polo, croquet
- Masks, sports: e.g., baseball, fencing, hockey
- Nets: e.g., badminton, basketball, tennis-not made in weaving mills
- Pads, athletic: e.g., football, basketball, soccer, lacrosse
- Pigeons, clay (targets)
- Pin-setters for bowling, automatic
- Playground equipment
- Polo equipment, except apparel and footwear
- Pool balls, pockets, tables, and equipment
- Protectors, sports: e.g., baseball, basketball, hockey
- Rackets and frames, sports: e.g., tennis, badminton, squash,
- Rowing machines
- Scoops, crab and fish
- Scuba diving equipment, except clothing
- Shafts, golf club
- Sinkers (fishing tackle)
- Skates and parts, ice and roller
- Skin diving equipment, except clothing
- Skis and skiing equipment, except apparel
- Soccer equipment, except apparel
- Spears, fishing
- Sporting goods: except clothing, footwear, small arms, and
- Squash equipment, except apparel
- Stand boards
- Sticks, sports: e.g., hockey, lacrosse
- Striking (punching) bags
- Strings, tennis racket
- Swimming pools, plastics
- Tables: billiard pool, bagatelle, and ping pong
- Target shooting equipment, except small arms and ammunition
- Targets, archery and rifle shooting
- Targets, clay
- Tennis goods: e.g., balls, frames, rackets
- Track and field athletic equipment, except apparel and footwear
- Trap racks (clay targets)
- Wading pools, plastics coated fabric
- Windsurfing boards and equipment
Metal Toys Manufacturers Insurance - The Bottom Line
Metal toys manufacturers insurance policies vary in coverages, premiums and exclusions. To see if your manufacturing business has the best fit insurance policies - chat with 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.