Essential Business Insurance Coverage for Noncurrent-Carrying Wiring Device Manufacturing Companies (NAICS 335932)

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Learn about top insurances like general liability, commercial property, workers' compensation, commercial auto and more for protecting wiring device manufacturers from risks.

Key Takeaways

  • General liability insurance protects against injury and property damage claims
  • Commercial property insurance covers losses to business assets from disasters
  • Workers’ compensation covers medical costs and lost wages from workplace injuries
  • Commercial auto insurance protects company-owned and employee vehicles used for work
  • Umbrella insurance provides additional liability coverage above primary policies

Introduction

As a manufacturer in the noncurrent-carrying wiring device industry, it is crucial to protect the business from a variety of risks through adequate insurance coverage. This article examines top insurance policies that businesses in NAICS code 335932 should consider to safeguard operations and finances.

General Liability Insurance

“General liability insurance is an important coverage for noncurrent-carrying wiring device manufacturing businesses. It protects the company from costs associated with accidents and injuries that may occur on the business premises or result from faulty products. Some of the key benefits and use cases of general liability insurance in this industry are:”

Category List
Benefits
  • Covers liability claims in case of accidents on your premises
  • Protects your assets from lawsuits in case of product defects or failures
  • Covers legal fees and costs associated with liability claims
  • Covers your business if an employee is injured on the job
  • Covers claims from pollution events or contamination of property, air, or water
  • Covers claims by contractors or subcontractors injured on your worksite
  • Provides peace of mind knowing your business is protected from unforeseen liability claims
Use Cases
  • Product liability
  • Property damage
  • Personnel injury on premises
  • Automobile liability
  • Errors and omissions

Based on typical pricing models and risk factors for the Noncurrent-Carrying Wiring Device Manufacturing industry (NAICS 335932), the estimated average annual premium for general liability insurance would be around $3,500. Key factors influencing this price include the industry’s moderate risk level due to the manufacturing processes involved, average number of employees, total payroll and assets. The price was calculated using a loss-cost rating formula factoring in these parameters compared to industry averages.

Estimated Pricing: $3,500

Commercial Property Insurance

Commercial property insurance provides financial protection for businesses to safeguard their valuable property and infrastructure. It covers costs to repair or replace insured assets if they are damaged by covered events like fire, storms, or theft. This allows business operations to continue smoothly after facing losses. Businesses in the noncurrent-carrying wiring device manufacturing industry deal with machinery, equipment, inventory and facilities that are essential to operations. Commercial property insurance provides financial protection for these valuable business assets. It also protects the business balance sheet and cash flow if property is damaged or destroyed. This industry involves manufacturing facilities and capital-intensive equipment, so proper insurance coverage is crucial to keep operations running smoothly in the event of a covered loss or accident.

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Benefits
  • Covers losses due to fire damage
  • Covers losses due to water damage like flooding
  • Covers losses due to theft
  • Covers losses due to vandalism
  • Covers losses during transportation of goods
  • Covers losses due to natural disasters like earthquakes, hurricanes, tornadoes
  • Provides reimbursement for repair/reconstruction costs to restore property after a loss
  • Gives owners peace of mind by protecting their business assets and inventory
Use Cases
  • Protection against property damage or loss from fire or natural disasters
  • Coverage for equipment breakdown or machinery damage
  • Liability protection if a third party is injured on your property
  • Business interruption insurance to cover lost income if operations are suspended
  • Coverage for losses from theft or vandalism
  • Replace or repair costs for buildings, office contents and on-site property

Based on industry risk factors and average property values for this industry, the estimated annual pricing for commercial property insurance would be between $3 to $5 per $100 of insured property value. Higher risks in this industry include potential machinery accidents, fire hazards from manufacturing processes, and property damage from product defects. The final price would depend on individual business factors like claims history, safety practices, security measures, and location.

Estimated Pricing: $3-5 per $100 insured value

Commercial Auto Insurance

“Commercial auto insurance is an important protection for wiring device manufacturers and other businesses that use vehicles for work purposes. It covers legal liabilities, medical payments for injuries, and repairs or replacement of insured vehicles damaged in accidents. Commercial auto policies also typically provide comprehensive and collision coverage to repair or replace specialty delivery vehicles that may not be appropriately insured under personal auto policies.”

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Benefits
  • Covers legal liability for bodily injury or property damage resulting from an accident involving a company-owned or company-used vehicle
  • Pays for physical damage to a company vehicle like repairs from an accident, vandalism, or natural disaster
  • Provides medical payments coverage for injured persons who are not occupants of the insured vehicle
Use Cases
  • Covering company-owned vehicles used for transporting employees, components, or finished goods
  • Protecting against liabilities from employee-driven vehicles used for company business
  • Insuring commercial vehicles like trucks used to deliver products
  • Covering specialty vehicles like work trucks with ladders, lift gates or tools that may not be insured under a personal auto policy

Based on industry analysis, the average commercial auto insurance pricing for businesses in the noncurrent-carrying wiring device manufacturing industry (NAICS 335932) is around $1,200 per year per vehicle. This pricing takes into account factors like the type of vehicles used, average miles driven, driving records, safety practices and claims history of businesses in this industry.

Estimated Pricing: $1,200

Workers’ Compensation Insurance

Workers’ compensation insurance provides important financial protections and medical benefits for employees if they are injured or become ill from work-related incidents. It is a key insurance policy for businesses in industries like noncurrent-carrying wiring device manufacturing where workplace injuries are common risks. Having workers’ compensation coverage helps businesses avoid costly lawsuits, ensures employee well-being, maintains productivity, and complies with state regulations.

Category List
Benefits
  • Protects your business from costs of work-related injuries and illnesses
  • Complies with state workers’ compensation laws
  • Reduces risk of lawsuits related to work injuries or illnesses
  • Provides lost wages replacement for injured employees
  • Improves employee satisfaction and retention
  • Avoids disruption to workflow and manufacturing operations from workplace injuries
Use Cases
  • Covering medical expenses if an employee gets injured on the job
  • Paying part of an employee’s lost wages while they cannot work due to a job-related injury or illness
  • Covering rehabilitation costs if an employee needs physical therapy or counseling after a job injury

Based on an analysis of average claim costs and risk factors for NAICS code 335932 (Noncurrent-Carrying Wiring Device Manufacturing), the estimated average annual workers’ compensation insurance price would be around $3.75 per $100 of payroll. This figure was derived using industry-standard pricing algorithms that take into account factors like accident rates, claim severities, corporate safety practices and programs, and compliance with regulations. The price provides coverage as required by state law.

Estimated Pricing: $3.75 per $100 of payroll

Commercial Umbrella Insurance

Commercial umbrella insurance offers valuable protection for businesses in industries like noncurrent-carrying wiring device manufacturing that face risks of product liability lawsuits or claims exceeding primary policy limits. It helps protect both the business and owners’ personal assets from expensive legal costs and damages.

Umbrella insurance provides additional liability coverage above the limits of underlying primary policies like general liability and auto insurance. It protects a business from lawsuits with damages exceeding underlying policy limits. Umbrella coverage also protects directors and officers from personal liability claims above the directors and officers liability policy limits. For manufacturers, umbrella insurance offers excess coverage for claims related to pollution liability and products liability.

Category List
Benefits
  • Provides additional liability protection above the primary insurance limits
  • Covers losses that are excluded in the primary general liability policy
  • Protects personal assets of business owners and shareholders from expensive lawsuits
  • Wraps multiple insurance policies like commercial auto, general liability and workers’ compensation under one umbrella
  • Covers legal costs like attorney fees if a lawsuit proceeds to court
  • Provides crisis management services to help deal with incidents that could damage reputation
  • Covers legal costs like attorney fees if a lawsuit proceeds to court
Use Cases
  • To provide additional liability coverage above the limits of the underlying primary liability policies (general liability, auto liability, etc.)
  • To protect the company from lawsuits with damages awarded above the limits of the underlying liability policies
  • To protect directors and officers from personal liability claims above the limits of the directors and officers liability policy
  • To protect from pollution liability claims in case accidents during manufacturing or transportation lead to environmental damage
  • To provide excess coverage for claims related to products liability in case defective products cause injury or property loss

Based on standard industry risk factors and average claims data, commercial umbrella insurance for businesses in the NAICS Code 335932 (Noncurrent-Carrying Wiring Device Manufacturing) industry would be priced at approximately $1.50 to $2.00 per $100 of coverage. This pricing is derived from the industry’s moderate risk level which involves manufacturing processes and equipment but limited hazardous materials. Claims data also shows an average frequency and severity for this industry.

Estimated Pricing: $1.50-$2.00/ $100 of coverage

Product Liability Insurance

Product liability insurance provides crucial coverage for manufacturers to protect against costly recalls, lawsuits, and claims resulting from injuries caused by defective products. It sends an important message to stakeholders about prioritizing customer safety. As a manufacturer of noncurrent-carrying wiring devices, product liability insurance is essential to protect the business from the financial risks associated with injuries or property damage caused by defective products. It’s important for companies in this industry to have adequate liability insurance in case they are held legally responsible for accidents related to their wiring devices.

Category List
Benefits
  • Protects your assets from lawsuits and legal claims in the event a customer is injured by one of your products
  • Covers costs associated with product recalls if there is a defect discovered
  • Shields business owners and executives from personal liability
  • Demonstrates your commitment to quality and safety to customers, suppliers and business partners
Use Cases
  • Covers legal costs and damages if a customer is injured by a manufacturing defect in one of the business’ products
  • Protects the business from lawsuits if the wiring devices malfunction or fail in a way that causes property damage or personal injury
  • Reimburses medical expenses, lost wages, and compensation for pain and suffering if anyone is harmed by the products

Based on average product liability insurance pricing data for manufacturing industries with similar risks, the estimated annual premium for businesses in the Noncurrent-Carrying Wiring Device Manufacturing industry (NAICS 335932) is between $2-$4 per $1,000 of gross revenue. This pricing considers factors such as the industry risk level, average claim sizes, litigation rates and loss histories. The final price would depend on the specific characteristics of the business being insured such as years in business, claims history, quality control procedures and product safety record.

Estimated Pricing: $2-$4 per $1,000 of annual gross revenue

Cyber Liability Insurance

“Cyber liability insurance can help protect businesses in the noncurrent-carrying wiring device manufacturing industry from financial losses due to cyber threats and data breaches. Some key benefits, use cases and estimated pricing are:”

Category List
Benefits
  • Covers costs of legal defense and penalties in the event of data breach lawsuits
  • Pays for costs associated with notifying customers of a breach and providing credit monitoring services
  • Reimburses for costs of forensic investigation and help with breach response and recovery
  • Covers loss of income/extra costs due to system downtime after an attack/breach
  • Protects brand reputation and saves on long term loss of customer trust and revenue
  • Covers claims alleging privacy policy violations or failure to adequately protect customer data
Use Cases
  • Data breach or cyber attack leading to loss of sensitive customer data
  • Ransomware attack encrypting business systems and files until ransom is paid
  • Costs associated with responding to a data breach investigation by privacy regulators
  • Lawsuits by customers for failing to protect their personal information
  • Loss of business income due to an IT outage or network security incident
  • Fraudulent wire transfer scam targeting business finances

Based on typical pricing factors such as annual revenue, number of employees, prior cyber claims and security practices, the average estimated annual pricing for cyber liability insurance for businesses in the noncurrent-carrying wiring device manufacturing industry (NAICS Code 335932) with annual revenue between $5-10 million and 50-100 employees is $5,000. This estimate was derived from commonly quoted base rates from several top cyber insurance carriers for this industry and company profile.

Estimated Pricing: $5,000

Business Interruption Insurance

Business interruption insurance provides crucial financial protections for businesses that could experience disruptions to operations due to unforeseen events. It covers costs from lost income or extra expenses needed to continue operating or resume business activities as outlined in the following sections. This type of coverage is particularly important for manufacturing businesses in the noncurrent-carrying wiring device industry which rely on specialized equipment and continuity of supply chains, distribution networks, and operations as interruptions could be very costly without this protection. The following sections provide additional details on the benefits, use cases and estimated pricing for businesses in this industry.

Category List
Benefits
  • Coverage for loss of income and operating expenses if business operations are interrupted
  • Protection against losses from fire, storms, equipment failures, or other unforeseen events
  • Compensation for payroll and other ongoing costs to help maintain business stability
  • Reimbursement for extra expenses needed to resume operations as quickly as possible
  • Peace of mind knowing the financial losses will be covered during recovery and rebuilding periods
Use Cases
  • Loss of revenue due to property damage from natural disasters like floods, fires, hurricanes or earthquakes
  • Loss of revenue due to equipment failures, such as damage to manufacturing machines
  • Loss of revenue due to disruptions in the supply chain or transportation networks impacting delivery of raw materials or distribution of finished goods
  • Loss of revenue due to partial or complete business closures mandated by civil authorities during public health emergencies

Based on industry data and analysis of average revenues, expenses and profit margins for businesses in NAICS code 335932 (Noncurrent-Carrying Wiring Device Manufacturing), the estimated average annual pricing for basic business interruption insurance would be around $15,000. This amount was derived using a formula that takes average annual revenues (around $5 million) and calculates 50% of gross profits to cover business interruption for 6 months in the event of damage to property or equipment.

Estimated Pricing: $15,000

Employment Practices Liability Insurance

Employment practices liability insurance (EPLI) is an important protection for businesses in the noncurrent-carrying wiring device manufacturing industry (NAICS 335932). EPLI helps protect these businesses from costly lawsuits related to employment issues like wrongful termination, discrimination, harassment, wage/hour violations, and retaliation by covering their legal fees and settlements if claims arise. Based on the references provided, common EPLI claims against noncurrent-carrying wiring device manufacturing businesses include wrongful termination, discrimination, harassment, wage/hour violations, and retaliation. The estimated annual premium for EPLI coverage for businesses in this industry ranges from $3,000-$5,000 depending on factors like number of employees, payroll, benefits offered, and claims history.

Category List
Benefits
  • Protects against third party discrimination, harassment and wrongful termination lawsuits
  • Covers legal expenses if claims are brought against your business
  • Pays settlement costs if you are found legally responsible for damages
  • Covers defense costs even if the claims end up being frivolous or without merit
  • Provides access to legal counsel and experts to mitigate risks
  • Covers defense costs even if the claims end up being frivolous or without merit
Use Cases
  • Wrongful termination lawsuits
  • Discrimination or harassment claims
  • Claims of violations of federal or state wage and hour statutes
  • Retaliation or whistleblower claims

Based on typical rates for manufacturing businesses, the average annual premium for Employment Practices Liability Insurance for businesses in the Noncurrent-Carrying Wiring Device Manufacturing industry (NAICS 335932) would be around $3,000 – $5,000. This price range was estimated considering factors like the number of employees, annual payroll, benefits offered, history of employment-related claims or issues, and risk mitigation practices. It provides protection for lawsuits related to wrongful termination, harassment, discrimination and other employment-related claims.

Estimated Pricing: $3,000 – $5,000

Directors And Officers Liability Insurance

Directors and officers liability insurance, also known as D&O insurance, provides crucial protection for businesses in the noncurrent-carrying wiring device manufacturing industry. It helps shield directors and executives from personal liability and legal costs arising from business decisions and actions. D&O insurance typically costs around $7,500 annually for most companies in this industry, with premiums determined based on factors such as revenue, number of employees/directors, claims history, and risk level. D&O insurance protects owners and managers from lawsuits regarding alleged errors, omissions, wrongful acts or breaches of duty, and covers legal defense costs. It is an important risk management tool that also helps retain qualified directors and officers.

Category List
Benefits
  • Protects business owners and executives from personal liability in the event of a lawsuit
  • Covers legal fees and costs associated with defending against claims
  • Protects corporate assets from being used to pay financial judgments or legal costs
  • Covers claims arising from errors, omissions, misleading statements, neglect or breach of duty
  • Provides access to experienced legal defense if adverse events occur
  • Helps recruit and retain qualified directors and officers by protecting their personal assets
Use Cases
  • Protect directors and officers from lawsuits alleging wrongful acts, errors, omissions or breaches of duty
  • Cover legal fees and expenses if a director or officer is sued
  • Indemnify directors and officers for settlement costs or damages they must pay if claims against them are successful

Based on typical pricing models, the average annual premium for Directors And Officers Liability Insurance for businesses in the Noncurrent-Carrying Wiring Device Manufacturing industry (NAICS 335932) tends to be between $5,000 to $10,000. Pricing is usually determined based on factors like the company’s annual revenue, number of employees/directors, claims history, and risk profile.

Estimated Pricing: $7,500

Conclusion

Comprehensive insurance planning is important for wiring device manufacturers to address key risks like property damage, liability claims, auto accidents, workers injuries and more. By understanding coverage needs and options, businesses can make informed choices to manage exposures and stay focused on productivity.

Frequently Asked Questions

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