Nanotechnology Manufacturers Insurance Policy Information
Nanotechnology Manufacturers Insurance. Nanotechnology is the use of nanoparticles (atomic and molecular level) in the design and manufacturing of products.
Processes (chemical, biological, engineering) can be controlled at nanoscale (particles varying in size from one to one hundred nanometers) in order enhance various, desired properties. A nanometer equals one billionth of a meter.
Examples of products include 1,000 such as body armor, 3D Printers, solar power, protective coverings, food packaging, bottles, medical devices, skin patches, bandages, and more.
With regard to materials, nanotechnology is leading to the creation of versions that may be stronger, lighter, thinner and/or more chemically reactive.
Nanotechnology Insurance Coverage is needed for businesses involved in manufacturing machines that operate at the molecular or atomic level. It is also required by businesses that employ nanotechnology in their products, processes, remedies, etc.
It uses small size materials, which may have a couple of unique properties, many of which are not fully understood.
While the nanotechnology industry is exciting and has many potential benefits, there are inherent undefined and often unsubstantiated risks. A nanotechnology manufacturers insurance policy is needed to help mitigate the otherwise financial risks associated with the development and subsequent use of the technology.
Nanotechnology manufacturers insurance protects your nanoparticles manufacturing business from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked nanotechnology manufacturing insurance questions:
- How Much Does Nanotechnology Manufacturers Insurance Cost?
- What Is Nanotechnology?
- What Type Of Insurance Do Nanotechnology Manufacturers Need?
How Much Does Nanotechnology Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small nanotechnology manufacturing businesses ranges from $77 to $139 per month based on location, products manufactured, revenue, claims history and more.
What Is Nanotechnology?
While the definition of nanotechnology is assumingly straightforward, it can mean two often very different things. The first and perhaps more common definition of the term is the study of small things or that of making things smaller.
It is said that by reducing information to mere compute code, it is possible to store just about every bit of information in the world, across all books on a medium the size of a speck of dust. Much of what we refer to as nanotechnology is material science.
A lot of modern technology is focused on making use of these tiny machines like carbon nanotubes, which are a hundred times stronger than steel but are also six times lighter.
The second definition of nanotechnology is very different. It is also referred to as molecular manufacturing. As the term suggests, it is all about molecular-sized machines that are programmed to perform certain tasks.
They often use atomic manipulation, which arranges atoms in a way that allows them to create brand new elements that don't exist naturally. The potential they have is to manufacture just about anything you can imagine.
The technology is now being used in fields like genetic engineering for corn and wheat, making it more drought resistant. But as some experts put it, "this is just the start."
Also, there is the potential to create thousands of new materials with small scale properties, allowing them to move around in ways previously not possible. The most evident use is in various fields of medicine.
What Type Of Insurance Do Nanotechnology Manufacturers Need?
Like any other manufacturer, you will need to carry several different types of business insurance. Your exact needs depend on factors that include your manufacturing facility's location, your number of employees, the materials you work with, and the value of your manufacturing equipment.
To make sure you get the right coverage, consult a commercial insurance agent. Having said that, indispensable types of nanotechnology manufacturers insurance you will almost certainly require include:
- Commercial Property: Any firm with physical assets of any kind needs commercial property insurance, even those who lease their facilities. It protects your nanotech company's financial health should your manufacturing facility be hit by acts of nature, theft, and vandalism, by covering both a property and the contents. Endorsements equipment breakdown insurance can cover your valuable machinery in case it needs to be repaired or replaced.
- Commercial General Liability: This type of insurance protects your nanotechnology company in case of third party bodily injury or property damage taking place on your premises or as a result of your activities. It helps cover both attorney fees and any settlement costs that may need to be paid out in case of a successful lawsuit.
- Workers Compensation: This kind of nanotechnology manufacturers insurance is essential if an employee sustains work-related injuries, whether in the course of the manufacturing process or by, for example, suffering a fall. It covers their lost wages as they recover, as well as their medical bills.
- Environmental: Businesses in the nanotechnology industry are expected to have coverage for ecological risks related claims. However, this is for businesses that may pose an environmental risk, which is perhaps caused by nanotechnology. That said, much of what relates to the short and long-term use of nanoparticles and their release into the environment is vastly unknown. That's why their release into the atmosphere during production, transportation, storage, disposal, or accidental release could cause damages, which require specialized cleanup.
- Product Liability: You will also want to consider getting product liability coverage owing to the uncertainty stated previously. Products recall coverage will cover your business in the event of massive product recalls at any time in the future. Recalls are a reality that should never be overlooked.
These types of nanotechnology manufacturers insurance are examples of the coverage a nanotechnology manufacturer will need to protect their business. You may also require other types. To find out more about your needs, talk to a competent business insurance broker.
Nanotechnology Manufacturing's Risks & Exposures
Companies that are exposed to nanotechnology should consider requiring their vendors and sub-vendors to disclose the nanotechnology used within the products offered to the company.
Businesses that use nanotechnology should also consider sharing this information with the broker and the insurer to ensure adequate nanotechnology insurance coverage. Taking this step will help to prevent claims that stem from nondisclosure in the future.
It would help if you also considered that those involved in the development, production, and research of various new and upcoming nanoparticles are at unknown risk for illness and workplace injury resulting from exposure.
The exposure can lead to employees' health and safety being compromised, in which case there will be a claim against their employers.
Commercial Insurance And Business Industry Classification
- NAICS CODE: 541713 Research and Development in Nanotechnology
Description for 541713: Research and Development in Nanotechnology
Division D: Manufacturing | Major Group 39: Miscellaneous Manufacturing Industries | Industry Group 399: Miscellaneous Manufacturing Industries
541713 Research and Development in Nanotechnology: This U.S. industry comprises establishments primarily engaged in conducting nanotechnology research and experimental development. Nanotechnology research and experimental development involves the study of matter at the nanoscale (i.e., a scale of about 1 to 100 nanometers). This research and development in nanotechnology may result in development of new nanotechnology processes or in prototypes of new or altered materials and/or products that may be reproduced, utilized, or implemented by various industries.
- Nanobiotechnologies research and experimental development laboratories
- Nanotechnology research and development laboratories or services, all fields of science
Nanotechnology Manufacturers Insurance - The Bottom Line
Not all nanotechnology manufacturers insurance policies are the same. The leading reason businesses looking for product liability insurance for nanotechnology find it challenging to get insured is that it is a relatively new and often complex field.
Suffice to say; there aren't many underwriters who have the knowledge to evaluate products and their effects fairly. It will and is already requiring a significant commitment and undertaking by insurance companies to educate their risk management staff and underwriters to perform onsite loss control services and then adequately advise said businesses.
The unique risk that nanotechnology poses tends to scare many insurance companies. At present, the industry is merely at stage one, and the many immediate hazards that face businesses are unknown to the insurance industry.
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.