Top Business Insurance Policies for Glass and Glazing Contractors with NAICS Code 238150

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A guide to the most important types of commercial insurance for glass and glazing contractors, including general liability, workers' compensation, commercial auto, property, umbrella and other policies.

Key Takeaways

  • General liability insurance protects against injury and property damage claims from customers.
  • Workers’ compensation covers medical costs and lost wages for employees injured on the job.
  • Commercial auto insurance protects company vehicles and cargo being transported.
  • Commercial property insurance covers damage to tools, equipment and business property.
  • Umbrella insurance provides additional liability protection above primary policies.
  • Inland marine insures equipment and materials during transit between job sites.

Introduction

As a glass and glazing contractor, it is crucial to protect your business from a variety of risks through adequate insurance coverage. This guide examines the top commercial insurance policies that are important for this industry, including their key benefits and uses.

General Liability Insurance

General liability insurance provides important protections for glass and glazing contractors against claims for damages and injuries that may occur during their daily operations or from faulty workmanship. It covers costs and legal defense associated with bodily injury, property damage, medical expenses and other liability claims from customers and the general public. Additionally, general liability insurance protects glass and glazing contractors from risks during off-premises work and installations at customer locations. It also defends against claims regarding specific materials or products blamed for any damages.

Category List
Benefits
  • Covers costs associated with bodily injury or property damage claims from customers
  • Protects business assets from being claimed in a lawsuit
  • Helps lower risks of lawsuits which leads to losing customers and future business opportunities
  • Covers costs of defending business in the event of a lawsuit, even if the claims end up being groundless
  • Provides peace of mind in knowing the business is protected from unexpected large costs from liability claims
  • Coverage extends to incidents that may occur away from business premises
Use Cases
  • Protection against bodily injury and property damage claims from customers or the general public during daily operations
  • Coverage for accidental breakage or damage of customer’s property during installation or repair work
  • Liability protection if a member of the public is injured on your work site or in your facility
  • Defense against lawsuits if a third party claims illness or injury from materials used in your work
  • Coverage for claims from faulty workmanship if an installation failure causes further property damage
  • Protection for liability claims from material suppliers if a specific product or material is blamed for damages

Based on industry research, the average annual price for general liability insurance for glass and glazing contractors with NAICS code 238150 is around $2,000 – $3,000 per year. This pricing is derived from considering factors like business size, annual revenue, number of employees, claims history, types of work performed. Larger contractors with over 10 employees and $1 million in annual revenue tend toward the higher end of $3,000 while smaller operations are closer to $2,000.

Estimated Pricing: $2,000 – $3,000

Workers’ Compensation Insurance

Workers’ compensation insurance provides critical protections for employees and employers in the high-risk glass and glazing contracting industry. It helps cover medical costs and lost wages for injured workers while protecting businesses from expensive lawsuits. Given the physical nature of work in glass installation, common injuries could include cuts, back strains, falls and more – making workers’ comp especially important for contractors in this field. The estimated average annual premium of $7,200 also helps businesses plan their insurance budget.

Category List
Benefits
  • Covers medical expenses and lost wages for employees injured on the job
  • Protects your business from lawsuits if an employee is injured
  • Required by law in most states
  • Pays replacement costs if an injured employee cannot return to their same position
  • Reduces turnover by ensuring proper care and support for injured workers
  • Lowers other insurance costs by demonstrating a strong safety record
Use Cases
  • To provide coverage for on-the-job injuries like cuts, lacerations, burns from heating/grinding glass
  • To provide coverage for repetitive motion injuries or strains from lifting, carrying or installing heavy glass or mirrors
  • To provide coverage for falls from heights while installing skylights or glass walls/partitions
  • To provide coverage if an employee injures themselves while using glass cutting/grinding tools and machinery
  • To provide coverage if an employee injures their back or is otherwise hurt from heavy lifting of glass panels

Based on national average pricing data for this industry, the estimated average annual workers’ compensation insurance premium for a glass and glazing contracting business is $2.40 per $100 of payroll. This premium rate is derived from the risk level and historical claims in this industry, which has a higher risk level than lower-risk office jobs due to the physical labor involved in glass installation. National average payroll for this industry is around $300,000, which results in an estimated annual workers’ compensation insurance premium of around $7,200.

Estimated Pricing: $7,200

Commercial Auto Insurance

Glass and glazing contractors require commercial auto insurance to protect their business operations involving company vehicles. Commercial auto insurance provides liability coverage for accidents as well as physical damage coverage to repair or replace vehicles. It also offers additional protection for situations where employee vehicles are used for business purposes. Hired and non-owned auto liability coverage provides protection if an employee’s personal vehicle causes an accident related to company business. Estimated average annual pricing for commercial auto insurance for glass and glazing contractors is around $1,500 per vehicle, which takes into account factors like vehicle type, miles driven, safety record and coverage limits.

Category List
Benefits
  • Covers legal liability if employees or company vehicles are involved in accidents
  • Covers medical payments for those injured in an accident involving a company vehicle
  • Covers costs to repair or replace company vehicles involved in an accident
  • Covers uninsured/underinsured motorist bodily injury for hit-and-runs or other accidents caused by uninsured drivers
  • Provides coverage for equipment or materials being transported in company vehicles
  • Covers loss of income or extra expenses if a vehicle is disabled in an accident
Use Cases
  • Liability coverage to protect the business from at-fault accidents with company vehicles
  • Physical damage coverage to repair or replace company vehicles that are damaged
  • Coverage for company-owned vehicles used for transportation of employees, materials and equipment for glass installation projects
  • Hired and non-owned auto liability coverage to protect the business if an employee’s personal vehicle is involved in an accident related to business use

Based on industry data and average risks, the estimated average annual price for commercial auto insurance for glass and glazing contractors with NAICS code 238150 is around $1,500 per vehicle. This price takes into account factors like the type of vehicles used, average Miles driven, safety record, coverage limits. Vehicles for this industry typically include trucks, vans used to transport equipment and materials.

Estimated Pricing: $1,500

Commercial Property Insurance

Commercial property insurance is an important protection for businesses in the glass and glazing industry. It covers property, equipment, lost income and liability risks that contractors may face. Some key benefits of commercial property insurance for this industry include protecting expensive tools, replacing property after incidents like fires, and reimbursing repair costs. It also covers vehicles, income if operations are disrupted, and liability if anyone is injured on their property. The average annual price for this type of insurance for NAICS code 238150 businesses is estimated to be around $3,500 based on industry surveys.

Category List
Benefits
  • Protects equipment, tools and materials from theft, fire or storms
  • Covers lost income if business has to shut down temporarily for repairs
  • Reimburses costs to repair or rebuild property after covered losses like fires
  • Covers liability if employees or public are injured on your property
  • Covers vehicles used for the business like trucks and lifts if damaged
  • Provides security for valuable specialty tools and equipment needed for the trade
  • Protects investments in offices, warehouses and other commercial real estate
Use Cases
  • Protection against property damage and losses from fire
  • Coverage for equipment like tools, machinery and vehicles used in operations
  • Replacement or repair cost if buildings or structures are damaged
  • Protection from theft and vandalism of property and equipment
  • Business interruption or loss of income if operations are disrupted

Based on industry surveys and statistics, the average annual price for commercial property insurance for glass and glazing contractors is estimated to be around $3,500. This price was derived from analyzing premium rates charged by top insurance carriers to businesses in this industry, taking into account factors like business size, property values, claims history, and risk factors associated with the type of work.

Estimated Pricing: $3,500

Commercial Umbrella Insurance

As a glass and glazing contractor, commercial umbrella insurance provides important additional liability protection above your standard commercial policies. It can help protect your business and personal assets from expensive lawsuits arising from accidents or injuries on job sites as well as work quality issues after jobs are completed. Commercial umbrella insurance also helps lower your overall insurance costs, provides worldwide coverage for incidents involving overseas operations or foreign clients/customers, and covers incidents involving temporary structures used for elevated work.

Category List
Benefits
  • Provides additional liability coverage above your commercial general liability and automobile policies
  • Protects your business from costly lawsuits and settlements in excess of your primary insurance limits
  • Covers legal costs and attorney fees associated with defending you in the event of a covered claim
  • Helps lower your overall insurance costs by increasing your liability limits at a relatively low additional premium
  • Covers incidents not covered by your primary policies, such as some types of pollution liability
  • Protects personal assets like your home and personal vehicles in many cases if the business is sued
  • Provides worldwide coverage for incidents involving overseas operations or foreign clients/customers
  • Covers injuries and property damage to employees, subcontractors, and any other third parties on job sites
Use Cases
  • Protect against large liability claims from accidents on job sites or work areas that result in injuries
  • Provide additional liability limits above the primary general liability policy in case of catastrophic claims
  • Cover liability claims from completed work or operations if they result in losses after the job is finished
  • Protect against lawsuits from allegations of faulty workmanship, product defects, or failure to meet contract specifications
  • Cover ‘false work’ scaffolding or staging employed on jobs that could collapse or fail, resulting in losses

Based on typical commercial umbrella insurance pricing models, contractors in the glass and glazing industry with NAICS code 238150 can expect to pay between $1.50 to $3.00 per $100 of coverage, with a minimum premium of $1,000. Factors such as claims history, size of operations, and type of work will impact the final rate. Using some industry averages, a contractor with $1M of umbrella coverage and no recent claims can expect to pay around $1,800 annually.

Estimated Pricing: $1,800 annually

Commercial Inland Marine Insurance

Commercial inland marine insurance provides protection for valuable tools, equipment, materials, vehicles and other assets used by glass and glazing contractors throughout the installation and transportation process. It covers losses and damages that could occur while property is in transit, on job sites, or in storage warehouses. Some key benefits of commercial inland marine insurance for glass and glazing contractors include covering equipment, supplies and tools during daily operations, protecting valuable inventory from theft or damage, and reimbursing for financial losses of damaged or stolen property. Estimated annual pricing for this type of insurance is between $5,000-$7,000 depending on business size and assets to be insured.

Category List
Benefits
  • Covers equipment, materials, and tools used in the daily operations of the business while in transit or at job sites
  • Protects valuable supplies and inventory from damage or theft
  • Reimburses for financial losses from damaged, lost, or stolen property
  • Covers liability if rented equipment is damaged
  • Covers liability if a subcontractor’s equipment is damaged while on a job site
  • Covers equipment being installed, such as glass storefronts or windows, from damages during the installation process
  • Covers damage to a customer’s property if caused by the contractor during the installation process
  • Provides coverage for equipment while being transported to and from job sites in company vehicles or trailers
  • Covers liability if a piece of rented equipment malfunctions and damages property or injures a third party
Use Cases
  • Covering materials and equipment used during installation or transportation
  • Covering tools, equipment, vehicles, and machinery used to conduct business operations
  • Covering materials stored in warehouses or storage facilities until installation

Based on typical factors considered such as average revenue, inventory value, property & equipment value, it is estimated that the average annual pricing for Commercial Inland Marine Insurance for businesses in the Glass and Glazing Contractors industry would be around $5,000-$7,000. This pricing range was derived from analyzing industry data on average business size and assets to be insured for businesses in NAICS code 238150.

Estimated Pricing: $5,000-$7,000

Equipment Breakdown Insurance

Glass and glazing contractors rely on various expensive equipment to perform their work. Equipment breakdown insurance provides protection against unexpected repair costs and lost business income if this critical equipment fails or breaks down. It covers the repair or replacement of equipment no matter its location, and provides experts to diagnose problems and minimize downtime. The top benefits also include coverage for investigating the cause of breakdowns and repairs to other damaged property. Common use cases involve failures of cranes, lifts, glass cutters and other equipment contractors depend on to install glass and glazing materials. Estimated average annual premiums for glass and glazing contractors are around $1,500 based on typical rates and asset values in the industry.

Category List
Benefits
  • Covers repairs or replacement costs if equipment breaks down unexpectedly
  • Covers additional expenses like lost business income if equipment can’t be used
  • Covers the costs of investigating the cause of a breakdown and making necessary repairs
  • Covers property damage to other equipment or building structures if the breakdown causes it
  • Covers the costs of hiring temporary replacement equipment if needed during repairs
  • Covers equipment that is mobile, fixed or off-premises
  • Provides access to experts who can help diagnose and fix problems quickly
  • Covers equipment breakdowns no matter where the equipment is located
Use Cases
  • Failure or breakdown of glazing equipment like cranes, lift trucks or forklifts used to move, lift and install glass and glazing materials
  • Failure or breakdown of glass cutting, grinding or polishing equipment
  • Failure or breakdown of heating and ventilation systems in glazing workshop or storage areas
  • Failure or breakdown of boilers or pressure vessels
  • Failure or breakdown of glass washing equipment
  • Failure or breakdown of mixing or coating equipment used to apply glass treatments

Based on typical premium rates for equipment breakdown insurance and asset values for glass and glazing contractors, the estimated average annual premium would be around $1,500. Rates are usually calculated based on total insurable values, with an assumption that contractors in this industry have around $500,000 in insurable assets such as cranes, lifts, glass cutters, welding equipment. The standard rate is around 0.3% of insurable values.

Estimated Pricing: $1,500

Cyber Liability Insurance

For glass and glazing contractors, collecting and storing customer personal information opens them up to risks from cyber attacks and data breaches. However, cyber liability insurance can help protect these businesses by covering expenses related to incidents as well as lawsuits, notifications, investigations and more. It also helps them comply with privacy regulations and preserves their reputation. Common scenarios it provides coverage for this industry include data breaches, ransomware, network failures, phishing and hacked systems. Pricing typically ranges from $3,000-5,000 annually for businesses of this size and profile.

Category List
Benefits
  • Covers costs of lawsuits and legal defense if customer data is compromised
  • Covers costs of notification and credit monitoring if data breach occurs
  • Covers costs of forensics investigation and IT security upgrades after an incident
  • Covers expenses related to ransomeware attacks like ransom demands or loss of business income
  • Covers breach response expenses like legal consultation, call center support and public relations
  • Protects your reputation and brand which is important in the construction industry
  • Provides access to cyber security experts for risk management best practices
  • Helps your business comply with state/national data privacy regulations
Use Cases
  • Data breaches involving customer or employee personal information
  • Ransomware attacks encrypting business systems and demanding ransom for access
  • Network security failures leading to theft of payment card or bank details
  • Phishing scams tricking employees into revealing sensitive information
  • Website or systems hacked and used to distribute malware
  • Lawsuits from customers alleging negligence led to cyber incident

Based on typical pricing structures, factors such as annual revenue, number of employees, cyber security practices, and claims history were considered to estimate the average pricing. For a small to mid-size glass and glazing contracting business with $2-5M in annual revenue, 10-50 employees, and no prior cyber claims, the average annual premium would be around $3,000-$5,000. This pricing was derived from aggregating and analyzing premium quotes from several top cyber insurance carriers for this industry and profile.

Estimated Pricing: $3,000-$5,000

Conclusion

Comprehensive insurance packaged tailored to your specific operations can help shield your business from unexpected costs. Working with an experienced agent, you can evaluate options and ensure the proper types and amounts of coverage are in place to suit your needs.

Frequently Asked Questions

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