$:\!\!\hat\phi(x)^2\!\!:$, for example, constructed from the real Klein-Gordon quantum field.
For a Wightman field, the Wightman function $\left<0\right|\hat\phi(x)\hat\phi(y)\left|0\right>$ is a distribution, which is certainly the case for the real Klein-Gordon quantum field --- call it $C(x-y)$ in this case. In contrast, the expected value $\left<0\right|:\!\!\hat\phi(x)^2\!\!:\,:\!\!\hat\phi(y)^2\!\!:\left|0\right>$ is a product of distributions, in fact for the real Klein-Gordon quantum field it's $2C(x-y)^2$, which seems to make this normal-ordered product of quantum fields not a Wightman field. $C(x-y)^2$ is well-enough behaved off the light-cone, but on the light-cone it has a $[\delta((x-y)^2)]^2$ component.
If $:\!\!\hat\phi(x)^2\!\!:$ is not a Wightman field, then is it nonetheless in the Borchers' equivalence class of the free field? If so, why so? A (mathematically clear) citation would be nice!
Finally, if $:\!\!\hat\phi(x)^2\!\!:$ is not in the Borchers' equivalence class of the free field, because it isn't a distribution, is it nonetheless empirically equivalent to the free field at the level of S-matrix observables, as is proved to be the case for Borchers' equivalence classes (Haag, Local Quantum Physics, $\S$ II.5.5), even though it is manifestly not empirically equivalent to the free field at the level of Wightman function observables?
My reading of the Wightman fields literature of the late 1950s and 1960s is far from complete, which may be why I haven't so far found clear answers for these questions.