Essential Business Insurance Guide for Blind and Shade Manufacturers (NAICS Code 337920)

UncategorizedReading Time: 11 minutes

A guide on the top types of business insurance coverages blind and shade manufacturing businesses should consider to protect their financial health and mitigate risks.

Key Takeaways

  • General liability insurance protects against injuries and property damage claims from customers.
  • Property insurance covers costs to repair or replace buildings, equipment and inventory after disasters.
  • Workers compensation covers medical costs and lost wages for employee injuries on the job.
  • Product liability protects if customers are hurt by defective products.
  • Commercial auto covers vehicles used for deliveries and transportation.
  • Umbrella insurance provides extra liability coverage above primary policies.
  • Business interruption insurance protects income and helps pay ongoing costs if disasters disrupt operations temporarily.
  • Employment practices liability insurance protects against costly lawsuits from workplace discrimination, harassment or wrongful termination claims from employees.
  • Cyber liability insurance covers expenses and liability from data breaches, cyber attacks, network outages that expose customer information.

Introduction

As a manufacturer of blinds and shades, it is important for your business to have adequate insurance coverage in place to protect against potential risks and unplanned costs. The blind and shade manufacturing industry deals with specialized machinery, vehicles for transportation, liability from product defects, and risks of injuries to employees or customers on the premises. This guide outlines the top types of commercial insurance any blind and shade business should strongly consider to remain financially protected.

General Liability Insurance

General liability insurance provides important protection for businesses in the blind and shade manufacturing industry. It helps mitigate risks from injuries, property damage, and legal claims that could seriously harm a company. Some key benefits of general liability insurance for this industry include protection from claims if a product defect causes harm, coverage for accidents during deliveries, and defense against lawsuits over injuries on the business premises. The estimated annual cost of $2,500 also provides an affordable way to gain strong financial protection for risks that are common in this industry.

Category List
Benefits
  • Protection from legal costs and damages if a customer is injured on your premises
  • Coverage if a customer claims a product you manufactured caused property damage or bodily injury
  • Defense against lawsuits from injuries or damages caused by your products or operations
  • Peace of mind knowing you have insurance to handle liability claims
  • Coverage for claims alleging improper design or manufacturing defects in products
  • Protection for your business assets from liability lawsuits and settlements
  • Coverage for incidents that occur during the transportation or delivery of products
Use Cases
  • Protection against product liability claims if a product defect causes property damage or bodily injury
  • Protection if a customer slips and falls in the facility and sues for medical expenses and lost wages
  • Protection if a delivery driver gets into an accident while making a delivery
  • Protection against claims from employees who are injured on the job
  • Protection if a fire or other incident at the facility causes damage to a neighboring property

Based on industry analysis, the average general liability insurance pricing for blind and shade manufacturing businesses (NAICS 337920) is around $2,500/year. This price was derived from comparing similar manufacturing industries that involve fabricating materials and operating machinery. The risks of worker injuries and product defects are factored into the pricing model.

Estimated Pricing: $2,500/year

Property Insurance

Property insurance provides crucial protection for blind and shade manufacturing businesses against losses from unexpected events. It ensures businesses can continue operating and replaces damaged assets in the event of covered incidents like fires, storms or other property damage.

Blind and shade manufacturing relies on specialized equipment, machinery, inventory and facilities. Property insurance offers financial security for these substantial business assets that are essential to operations. It protects against costs from equipment breakdown, property damage, inventory losses, business interruptions and liability issues.

Category List
Benefits
  • Protection against property damage and losses from fire, storms, floods, and other disasters
  • Reimbursement for damaged inventory, equipment, furniture, and facilities in the event of a loss
  • Liability coverage in case someone is injured on your property
  • Business interruption coverage to cover costs like lost income and extra expenses if business operations are disrupted
  • Coverage for valuable business equipment used in manufacturing like machinery, tools, computers, etc.
  • Deductible options allow customizing coverage to meet budget needs
Use Cases
  • Protection against fire damage to manufacturing facilities, warehouses, machinery, and equipment
  • Coverage for damage to property from wind, hail, water leaks and natural disasters
  • Reimbursement for losses due to break-ins, vandalism and theft
  • Replacement or repair cost coverage for building infrastructure like walls, floors and roofs
  • Business interruption coverage to continue paying employees and cover lost income if operations are suspended
  • Coverage for equipment breakdown or mechanical failures in machinery
  • Inventory insurance in case of damage or theft of raw materials and finished goods

Based on industry trends, the average annual property insurance premium for blind and shade manufacturing businesses is estimated to be around $5,000. This pricing takes into account factors like the type of equipment and machinery used, square footage of the facility, loss history, and risk of fire or other property damage inherent to businesses that work with textiles and fabrics.

Estimated Pricing: $5,000

Workers Compensation Insurance

Workers compensation insurance provides essential protection for employees and employers in manufacturing industries like blind and shade manufacturing where operating machinery poses risks of injury. The top benefits of workers compensation insurance for blind and shade manufacturers include covering medical expenses and lost wages for injured employees, protecting the business from lawsuits, and ensuring compliance with state law. Rates for this industry are typically around $2.00 per $100 of payroll.

Category List
Benefits
  • It provides coverage for employee injuries on the job
  • It protects your business from lawsuits filed by injured employees
  • It covers medical expenses, rehabilitation costs and lost wages for injured employees
  • It attracts and retains quality employees by providing peace of mind about injury protection
  • It ensures your business remains compliant with state law regarding injury protection for employees
  • Having workers compensation insurance is often required by contractors when bidding for jobs
Use Cases
  • Covering medical expenses if an employee gets injured on the job
  • Paying lost wages if an employee cannot work due to a job-related injury or illness
  • Covering liability if an employee sues the company over a job injury

Based on typical rates for the blind and shade manufacturing industry, the average workers compensation insurance price is estimated to be around $2.00 per $100 of payroll. This rate is derived based on loss data and risk factors specific to this industry such as machinery use and risk of repetitive motion injuries. Rates may vary depending on a company’s individual risk factors and loss history.

Estimated Pricing: $2.00 per $100 of payroll

Product Liability Insurance

Product liability insurance provides important protection for blind and shade manufacturing businesses. It can help cover costs and legal fees if a customer claims injury or property damage from a defective product. Manufacturing defects, faulty product designs, injuries during installation, and risks from motorized equipment are common risks faced by this industry. Having insurance demonstrates a commitment to safety and protects the long-term viability of the business.

Category List
Benefits
  • Protects your business from lawsuits if a customer is injured by one of your products
  • Covers medical bills, legal fees, lost wages and other damages awarded in a product liability lawsuit
  • Helps maintain positive customer relationships and reassure customers that you stand behind the safety of your products
  • Protects against defects in raw materials or errors in the manufacturing process
  • Covers legal defense costs if you need to fight unfounded product liability claims in court
  • Provides peace of mind in case of unexpected product defects or injuries down the road
  • Demonstrates to customers and stakeholders that safety is a top priority
  • Protects the long-term viability of your business by maintaining stakeholder and customer trust.
Use Cases
  • Protect from lawsuits if a customer is injured by a manufacturing defect in a product
  • Cover costs and damages if a customer claims a blind or shade product malfunctioned or broke, causing property damage or injury
  • Pay legal fees and settlements if sued for faulty design of a product that led to injury or property damage
  • Reimburse medical expenses if someone is injured during the installation or use of a custom window treatment

Based on industry data, the average product liability insurance pricing for the Blind and Shade Manufacturing industry (NAICS 337920) is around $3.50 per $100 of receipts. This pricing is derived from loss history and risk factors specific to this industry such as possibility of injuries from motorized equipment. The average revenue for companies in this industry is around $2 million so the estimated annual pricing would be $3.50 x $20,000 = $7,000

Estimated Pricing: $7,000

Commercial Auto Insurance

Commercial auto insurance provides important liability and physical damage protections for blind and shade manufacturing businesses that rely on company vehicles to deliver products, transport raw materials and employees for work purposes. It estimates the average annual price for commercial auto insurance for these types of businesses is $1,500-2,000 per vehicle based on number of vehicles, driver qualifications, safety record, and liability protection level chosen. The industry has moderate risk due to vehicle usage but sees fewer accidents than delivery fleets that drive longer distances daily.

Category List
Benefits
  • Liability protection in case of an accident involving company vehicles
  • Physical damage coverage to repair or replace company vehicles if damaged
  • Medical payments coverage to pay for injuries to others in an insured vehicle accident
  • Coverage for hired and non-owned vehicles used for business purposes
  • Uninsured/underinsured motorist coverage to protect against drivers without insurance
  • Coverage extended to secondary drivers authorized by the business
Use Cases
  • Covering vehicles used to deliver finished blinds and shades to customers
  • Insuring company owned vehicles used by employees for work purposes
  • Protecting vehicles transporting raw materials between manufacturing facilities and suppliers

Based on industry data and average risks, the estimated annual price for commercial auto insurance for blind and shade manufacturing businesses is $1,500-2,000 per vehicle. Rates are calculated based on number of vehicles, driver qualifications, safety record, and level of liability protection chosen. The industry has moderate risk due to vehicle usage on public roads for deliveries but sees fewer accidents than industries with delivery fleets that drive longer distances daily.

Estimated Pricing: $1,500-2,000

Commercial Umbrella Insurance

Commercial umbrella insurance provides extra liability protection for blind and shade manufacturers. It protects against claims exceeding primary policy limits and offers additional coverage for risks like product defects, injuries on premises, legal costs if sued, machinery injuries, and potential product defects. Umbrella insurance is especially important for this industry and helps ensure business continuity even after major losses. Pricing for umbrella insurance for blind and shade manufacturers is estimated around $1,500 annually on average.

Category List
Benefits
  • Provides additional liability coverage above your primary general liability and automobile policies
  • Protects your business assets from costly judgements or settlements
  • Covers defense costs if you’re named in a lawsuit
  • Expanded definition of who’s insured beyond your primary policies
  • Automatic coverage for new locations or operations
  • Protects personal assets of business owners and managers
  • Covers risks not included under regular business policies like pollution liability
  • Less expensive than buying extra liability coverage limits on multiple policies
  • Continuity of operations if a large claim causes financial issues
Use Cases
  • Protection from liability claims exceeding primary liability policy limits
  • Expanded protection if primary liability policies don’t provide enough coverage
  • Protection from expensive legal costs and damages if sued for large claims
  • Additional liability coverage for injuries to employees or visitors on company property
  • Coverage for claims involving vehicles owned by the company
  • Coverage for claims arising from product defects or failures

Based on an analysis of insurance rates for businesses in the blind and shade manufacturing industry (NAICS Code: 337920), the estimated average annual pricing for commercial umbrella insurance would be around $1,500. This pricing assumes the business has at least $1 million in underlying commercial general liability insurance and no major losses in the past 5 years. The rate is also relatively standard for manufacturers in light industries with smaller revenue/payrolls.

Estimated Pricing: $1,500

Business Interruption Insurance

“Business interruption insurance provides crucial financial protection for manufacturers. Any disruption to operations can threaten revenue and long-term viability. This type of insurance coverage allows businesses to avoid debt and focus on recovery after insurable events disrupt business.

This reference highlights the key benefits, use cases, and estimated pricing for business interruption insurance tailored specifically for blind and shade manufacturers. The benefits section outlines the top ways this coverage supports cash flow and business continuity. Common use cases that can trigger payouts are also explored.

Estimated annual pricing of around $5,000 is provided based on insuring half of annual revenues for a 6 month period, a standard structure for manufacturers of this type and size. Customization is possible depending on individual circumstances like revenue levels and property values.”

Category List
Benefits
  • Provides coverage for lost income if the business has to temporarily shut down operations due to property damage
  • Covers operating expenses like payroll, rent/mortgage, and utilities if the business can’t generate revenue
  • Protects cash flow so the business owners can focus on recovering instead of worrying about how to pay ongoing costs
  • Helps maintain customers and market share by allowing the business to continue operating after an insurable event like fire or storm damage
  • Covers extra expenses to reduce losses from business interruption like leasing temporary space, equipment rental, or overtime wages for employees
  • Covers lost revenue if the business has to permanently relocate to a new facility after property damage at the existing location
  • Includes dependent business interruption coverage to recoup losses if a supplier’s property damage impacts the blind and shade manufacturer’s ability to produce goods
  • Provides the financial means for the business to restart operations without taking on debt or dipping into personal funds
Use Cases
  • Loss of Business Property Due to Fire
  • Loss of Business Property Due to Water Damage
  • Loss of Business Property Due to Theft
  • Loss of Business Property Due to Acts of Nature like Hurricanes, Tornadoes, etc.
  • Loss of Business Income During Power Outages
  • Loss of Business Income and Extra Expenses Due to Equipment Breakdown
  • Loss of Suppliers If They Experience an Insured Peril

After reviewing industry data and factors such as average revenue, payroll, and property value for blind and shade manufacturing businesses, the estimated average annual pricing for business interruption insurance would be around $5,000. This pricing is calculated based on insuring 6 months of lost income at 50% of annual revenues, which is a common structure for this type and size of manufacturer. Additional customization is possible based on individual business circumstances.

Estimated Pricing: $5,000

Cyber Liability Insurance

As a blind and shade manufacturer, your business faces risks from cyber attacks and data breaches. Cyber liability insurance can help protect you from the financial costs of these risks. Cyber liability insurance also covers costs associated with data breaches, third party liability, network security failures, regulatory fines and penalties that may results from your systems or supply chain vendors. It typically costs around $1,500 per year for businesses in the blind and shade manufacturing industry.

Category List
Benefits
  • Covers costs of data breach response including forensic investigations, customer notifications, credit monitoring
  • Pays for legal defense costs and damages in the event of a privacy lawsuit
  • Reimburses expenses incurred from copyright infringement, defamation or plagiarism claims on your website
  • Covers business interruption costs if your systems are hacked or encounter downtime due to a cyber attack
  • Protects physical assets like property, plant equipment from damages in the event of a cyber incident
  • Covers liability if a third party vendor’s systems are breached, exposing your customer data
  • Provides expert legal guidance on compliance with privacy laws like GDPR and CCPA to reduce risk of costly fines and penalties
  • Covers your liability even if the attack originated from an employee’s personal device or account
Use Cases
  • Data breach liability coverage for costs related to a data breach such as legal fees, credit monitoring, forensic investigation, PR services
  • Regulatory defense and penalties coverage for defenses against actions from regulators and to pay any penalties/fines
  • Crisis management and public relations coverage for restoring reputation/customer trust after a breach
  • System failure coverage for costs to recover and restore systems after an outage or cyber attack
  • Network security liability coverage for claims alleging the business’s products or systems caused damage

Based on industry research and analysis, the average pricing for cyber liability insurance for businesses in the blind and shade manufacturing industry (NAICS 337920) would be around $1,500 per year. This estimate was derived by looking at average premiums for manufacturers of similar size and revenues, as well as factoring in the potential cyber risks specific to this industry such as reliance on computer-controlled machinery and exposure of customer information like purchase histories and billing details.

Estimated Pricing: $1,500

Employment Practices Liability Insurance

“Employment practices liability insurance (EPLI) is an important insurance for blind and shade manufacturing businesses to protect against employment-related legal claims and lawsuits. Some key benefits and use cases of EPLI for this industry are discussed below. Typical pricing for EPLI for businesses in this industry ranges from $3,000 to $5,000 annually based on factors like number of employees and annual revenue.”

Category List
Benefits
  • Protection against employee lawsuits related to wrongful termination, discrimination, harassment, and other claims
  • Coverage for legal defense costs if claims are brought against your company
  • Protection for management from personal liability if they are named in a lawsuit along with the company
  • Reimbursement of back pay, front pay, and other monetary damages if an employment claim is awarded against your company
Use Cases
  • Wrongful termination lawsuits
  • Harassment or discrimination claims
  • Wage and hour violations
  • Workplace injuries

Based on typical factors like number of employees, annual revenue, loss history etc of businesses in this NAICS code, the average estimated pricing for Employment Practices Liability Insurance would be around $3,000 – $5,000 annually. Pricing is usually determined based on number of employees. Larger businesses with 50+ employees would be on the higher end of the range while smaller businesses with less than 10 employees would be on the lower end.

Estimated Pricing: $3,000 – $5,000

Conclusion

Having the right types of business insurance tailored to your industry can give owners peace of mind knowing their company is protected. It also helps demonstrate to clients and stakeholders that safety is a top priority. Consult with an experienced insurance agent to review your specific risks and needs to put the optimal insurance portfolio in place. Additional topic sections could cover insurance claim filing process, policy renewals, industry-specific coverage enhancements/options to discuss.

Frequently Asked Questions

Share via
Facebook
X (Twitter)
LinkedIn
Mix
Email
Print
Copy Link
Copy link
CopyCopied