Ornamental Metalwork Manufacturers Insurance Policy Information
Ornamental Metalwork Manufacturers Insurance. Ornamental metalwork plays an important role in architecture, and watchful observers may notice it in products as varied as fences, gates, railings, window gates, and fireplace screens.
Ornamental metalwork manufacturers produce a variety of items from decorative railings to window and door trim to grills and grates for interior or exterior use. Raw materials include sheet metal, ductile iron, piping, and wire or cable.
Processes vary, but can include cutting, punching, bending, heat treating, electroplating, painting or coating, and welding.
The finished product may be partly pre-assembled in sections or assembled during installation by the customer or contractor. Some ornamental metalwork manufacturers own a retail outlet. Component parts may be manufactured in different locations or different countries.
Manufactured with raw materials that range from steel to iron and aluminum, the creative possibilities and practical applications alike are almost limitless.
Companies manufacturing ornamental metalwork components rely on valuable manufacturing equipment such as CNC machines and potentially hazardous techniques such as welding are an inherent part of this industry as well.
As such, the fact that businesses engaged in the manufacture of ornamental metalwork face a range of risks with potentially disastrous consequences is hard to deny.
Thankfully, you can protect yourself from many major hazards by arming yourself with a solid insurance plan. To find out what types of ornamental metalwork manufacturers insurance companies in this industry may need, keep reading.
Ornamental metalwork 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 ornamental metalwork manufacturing insurance questions:
- How Much Does Ornamental Metalwork Manufacturers Insurance Cost?
- Why Do Ornamental Metalwork Manufacturers Need Insurance?
- What Type Of Insurance Do Ornamental Metalwork Manufacturers Need?
How Much Does Ornamental Metalwork Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small ornamental metalwork manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Ornamental Metalwork Manufacturers Need Insurance?
Even if you do everything within your power to ensure that your business runs smoothly, by, for example, adhering strictly to health and safety guidelines and investing in security systems, your company still faces perils.
Threats common to all business as well as those specific to your own field can have devastating financial consequences that may be impossible to overcome on your own. This is why you need the best protection you can get, in the form of excellent insurance coverage.
Your manufacturing facility could severely be damaged by acts of nature (including wildfires, earthquakes, and hurricanes), or by crimes like vandalism of theft. Without insurance, you would be left with the full burden of repairing the damage, while often simultaneously being forced to interrupt production.
Valuable manufacturing equipment may also break down suddenly, leaving you with repair or replacement costs.
If an employee were to sustain injuries while at work, or suffer, for instance, hearing or vision loss due to welding, you can realistically be expected to be held responsible. The same is true in case a third party has an accident on your premises.
Should an item of ornamental metalwork malfunction and cause property damage or injury, even long after it has left your facility, again, costly lawsuits may follow.
Some perils result in minor costs that a company making ornamental metalwork products can handle alone, but others lead to financial loses so massive that they can threaten the very future of your business. This is why investing in the right Ornamental metalwork manufacturers insurance is vital.
What Type Of Insurance Do Ornamental Metalwork Manufacturers Need?
The characteristics that make your company unique include the location of your manufacturing facility, the type of metalwork you produce, the tools and machines you rely on in production, and your number of employees.
These and other factors also determine both the type of insurance you will need to carry and the cost of your policies. A commercial insurance agent can help you discover what kinds of ornamental metalwork manufacturers insurance your company should invest in.
Having said that, some of the types of insurance vital to any ornamental metalwork manufacturing firm include:
- Commercial Property: When unforeseen circumstances such as theft or fire hit your facility, commercial property insurance will cover a significant portion of the costs. Your physical building, your machinery and tools, and any other physical assets, including computers and furniture, generally fall under this type of insurance.
- General Liability: In some cases, accidents can lead third parties to become injured on your premises or lead to damage to their property. Should you be sued for such circumstances, commercial general liability insurance covers your legal costs.
- Product Liability: This type of ornamental metalwork manufacturers insurance covers liability claims directly relating to products you manufactured. If a production error means your product does not function as intended and someone else subsequently suffers an injury, for example, product liability insurance pays for (a portion of) your attorney fees and any settlement costs.
- Workers' Compensation: Legally required in many jurisdictions, this type of insurance shoulders the costs associated with work-related injuries that your employees may sustain. It covers their medical expenses, but also offers compensation for income lost if the worker cannot resume their job.
While ornamental metalwork manufacturers should keep in mind that these types of insurance may not amount to a comprehensive insurance plan, they do go a long way toward protecting your company from the most common perils.
To find out what other forms of ornamental metalwork manufacturers insurance may benefit your business, talk to an experienced commercial insurance specialist.
Ornamental Metalwork Manufacturing's Risks & Exposures
Premises liability exposure is very limited due to lack of public access. If customers are permitted on site to review the process or the manufacturer conducts tours, visitors may be injured by slips, trips, falls, or flying debris.
The storage of materials in the open could pose an attractive nuisance. The yard should be fenced to prevent unauthorized access, with proper lighting and warnings. Fumes, dust, and noise from woodwork or metal work could affect neighboring properties. If the manufacturer does installations, there may be frequent small property damage claims.
Products liability exposure is generally low unless the ornamental metalwork is designed to support weight or is warranted for security or protection, such as balcony railings or protective grills for windows and doors.
Environmental impairment exposure may be significant due to possible contamination of ground, air, and water, from the chemicals and paints used in processing and 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 can be 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, hearing loss from noise, and repetitive motion losses.
Amputations can occur from working with machinery. Work stations 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, and paints can result in chemical 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 exposure consists of an office, plant, and warehouse or yard for storage of raw materials and finished goods. Ignition sources include electrical wiring, heating and cooling equipment, 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. Lubricants, solvents, or degreasers may be flammable and must be adequately separated and stored away from other operations. Additional exposures may include electroplating, spray-painting, welding and soldering.
Spray-painting operations should be conducted in spray booths with explosion-proof wiring. The use of dip tanks instead of spray booths may require special attention. Welding should be done away from combustibles.
The stock itself is not usually susceptible to fire or water damage, but high-end products and exotic metals may be target items 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.
Equipment breakdown exposures include malfunctioning production equipment, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in severe loss, both direct and under time element.
Crime exposures are chiefly from employee dishonesty and theft, especially if there are high-end products or exotic metals. 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 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 exposure includes accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), contractors' equipment for forklifts and other heavy machinery, goods in transit, and valuable papers and records for customers' and suppliers' information.
There may be off-premises exposures if the manufacturer displays merchandise at home improvement exhibitions or in similar venues. Stock in transit is usually susceptible to damage from collision or overturn. If installation is offered, equipment, machinery, tools, or supplies left at job sites may be susceptible to theft and vandalism.
Commercial auto exposure is high if the manufacturer picks up raw materials or delivers finished goods. Proper loading and tie-down procedures are essential to prevent overturn and spillage. 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: 3446 Architectural And Ornamental Metal Work, 3449 Miscellaneous Structural Metal Work
- NAICS CODE: 332323 Ornamental and Architectural Metal Work Manufacturing
- Suggested ISO General Liability Code(s): 56915, 56916, 59914
- Suggested Workers Compensation Code(s): 3040
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
Description for 3449: Miscellaneous Structural Metal Work
Division D: Manufacturing | Major Group 34: Fabricated Metal Products, Except Machinery And Transportation Equipment | Industry Group 344: Fabricated Structural Metal Products
3449 Miscellaneous Structural Metal Work: Establishments primarily engaged in manufacturing miscellaneous structural metal work, such as metal plaster bases, fabricated bar joists, and concrete reinforcing bars. Also included in this industry are establishments primarily engaged in custom roll forming of metal.
- Bars, concrete reinforcing: fabricated steel
- Curtain wall, metal
- Custom roll formed products, metal
- Joists, fabricated bar
- Landing mats, aircraft: metal
- Lath, expanded metal
- Plastering accessories, metal
Ornamental Metalwork Manufacturers Insurance - The Bottom Line
All ornamental metalwork manufacturers insurance policies are not the same. They actually can be very different in coverages and premiums. You can discover if your business has the best fit insurance policies by talking 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.