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:
- What Is Ornamental Metalwork Manufacturers Insurance?
- How Much Does Ornamental Metalwork Manufacturers Insurance Cost?
- Why Do Ornamental Metalwork Manufacturers Need Insurance?
- What Type Of Insurance Do Ornamental Metalwork Manufacturers Need?
- What Does Ornamental Metalwork Manufacturers Insurance Cover & Pay For?
What Is Ornamental Metalwork Manufacturers Insurance?
Ornamental metalwork manufacturers insurance is a type of insurance coverage designed specifically for companies that manufacture metal products for decorative or ornamental purposes. This insurance provides financial protection for metalworkers against losses from accidents, theft, or other unexpected events that could result in financial loss.
Some common coverage options under ornamental metalwork manufacturers insurance may include property damage, liability, product liability, workers' compensation, and business interruption. This insurance is important for metalworkers as it helps to minimize the financial impact of any unexpected incidents and protects their business operations.
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.
What Does Ornamental Metalwork Manufacturers Insurance Cover & Pay For?
Ornamental metalwork manufacturers are involved in the design, fabrication, and installation of decorative metalwork items, such as gates, railings, and architectural details. Like any other businesses, they are susceptible to various risks that could potentially lead to lawsuits. Here are some examples:
1. Product Liability: If a product manufactured by the company causes harm or damage, such as a railing that fails and results in an injury, the company could be sued for product liability. In this case, Product Liability Insurance would be crucial. This form of insurance can cover the cost of legal defense, as well as any awarded damages or settlements that may arise from the lawsuit.
2. Worker Injury: Employees working in the manufacturing process may be exposed to various risks, such as accidents, injuries, or occupational diseases. If an employee gets injured on the job and sues the company, Workers' Compensation Insurance would be beneficial. It covers medical expenses, rehabilitation costs, and a portion of lost wages, and it often includes Employer's Liability Insurance, which can cover legal fees and any damages if the employer is found liable.
3. Property Damage: If the company unintentionally causes damage to a client's property during the installation process, the client could file a lawsuit. In such scenarios, Commercial General Liability (CGL) Insurance would be beneficial. This insurance covers claims related to bodily injury, property damage, and personal and advertising injury, protecting the business from significant financial loss.
4. Professional Negligence: If a client alleges that the company made a mistake in the design or installation of the ornamental metalwork which led to financial loss or damage, they might sue for professional negligence. Professional Liability Insurance (also known as Errors and Omissions Insurance) would protect the company in this instance. It covers the cost of defending a negligence claim made by a client and damages awarded in such a lawsuit.
5. Breach of Contract: If the company fails to deliver the product or services as per the contract's terms, the client could sue for breach of contract. While not a traditional form of insurance, a surety bond (or contract bond) can protect the company in this situation. A surety bond ensures contract completion in the event of a contractor default. A project owner seeks a contractor who is bonded to protect the investment.
Each of these insurance types acts as a financial safety net, helping ornamental metalwork manufacturers navigate through potential legal issues without crippling their operations. However, it's important for businesses to thoroughly understand their insurance policies and ensure they have the right coverage to match their specific risks.
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 Workers Compensation Code(s): 3040 Iron or Steel - Fabrication - Ironworks - Shop - Ornamental & Drivers
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.
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
- Industrial Equipment
- Iron & Steel Foundries
- Lawn Mowers
- Leather Apparel
- Leather Goods
- 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
- Vegetable Juice
- Vending Machines
- Wire Rope
- Wood Furniture
- Writing Instruments
- Specialty Manufacturing
- Specialty Product Liability
The manufacturing industry is a vital part of the economy and plays a significant role in the production of goods and services. However, it is also an industry that is prone to risks and accidents, which can result in costly damages and lawsuits. Therefore, it is essential for businesses in the manufacturing industry to have insurance to protect them against potential losses.
Business insurance can cover a wide range of risks, including property damage, liability, and worker injuries. For instance, if a fire were to break out in a manufacturing facility and destroy equipment or inventory, commercial insurance could cover the costs of replacing or repairing the damages. Similarly, if a worker were to be injured on the job, business insurance could cover medical expenses and lost wages.
In addition to protecting against physical damages, insurance can also provide financial protection against legal liabilities. If a customer were to sue a manufacturing business for a faulty product, the commercial insurance could cover the costs of legal fees and settlements.
Overall, insurance is essential for the manufacturing industry as it helps to mitigate risks and protect against unexpected costs. Without it, businesses in the industry could face financial ruin in the event of an accident or lawsuit.
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.