Is that 300v phase to phase or to ground?
480 wye is 277 to ground and I suspect that is where the 300v limit comes from.
I had the impression we were talking about panel mounted switches, not hand held. If this is a hand held dongle I can see your concern.
If people are not working on this equipment with the covers off, I don't think arc flash is that big an issue. I am assuming you are talking about the operator, not the maintenance staff.
The enclosure around equipment should contain the flash/fire. Isn't that part of the listing? The switch itself is not the motor starter is it? I do see that fusing the coil lead would be useful. If you don't you are bumping up against the fixture wire sizing rules.
