The cost and rates for Workers Comp Insurance for exercise equipment manufacturing companies (class code 4902) vary and are subject to numerous factors. The following information is a guide to getting the best business and workers compensation insurance for your company.
Workers Comp Insurance for Exercise Equipment Manufacturing
Description of operations: Exercise equipment manufacturing is growing, with new products entering the market every year. The equipment can be quite simple or extremely elaborate. Devices are manually operated or may use electricity. A variety of components are involved in each piece of equipment. Wood, plastic, or metal are used in the manufacture.
Property exposures include dust from plastics, metals, and wood. Welding and soldering are two of the heat-producing activates. Spray-painting produces a major combustion situation. Varnishes and other flammable liquids add to the overall fire load, along with the plastics that are used to protect the exteriors. Careful separation of exposures plus containment and isolation of combustion and heat-producing activates can help control the fire load. Some equipment has electronic circuitry which will be damaged with any smoke or other contamination; therefore, storage of finished products must be at a distance from any product in order to prevent contamination.
Premises liability exposure is light because visitors would not be encouraged. If there is an outlet operation, the exposure will increase to that of a retail operation.
Product liability exposure varies with the type of device used. Any weights pose an extremely high risk of injury. Devices that are automated can overheat or malfunction to the detriment of the user. Resistance devices pose less harm because once the person stops offering resistance, the device ceases to operate. Evaluation should be made as to harm caused by a malfunction. Devices must carry warning labels and instruction information. Videos showing proper use are also helpful.
Environmental impairment can be light to high, again depending on the materials and processes used.
Automobile exposure may be light to moderate. Transport of finished goods is normally not a high concern; goods often are shipped or contracted to outside sources. If the manufacturer is responsible for delivery, further evaluation is needed. Additional automobile exposure may arise if a fleet of vehicles is used for sales. Training and prior record of drivers, as well as the condition and maintenance of vehicles, are the main items to consider.
Minimum recommended coverage:
The building, Business Personal Property, Business Income, Accounts Receivable, Computers, Goods in Transit, Employee Dishonesty, General Liability, Employee Benefits, Environmental Impairment, Umbrella, Hired and Nonownership Auto, Workers Compensation.
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