Key Takeaways
- General liability insurance protects against lawsuits from client injuries on premises.
- Commercial property insurance covers costs of repairs after disasters like fires or floods.
- Professional liability covers legal fees if sued for mistakes like errors in economic impact assessments.
- Workers’ compensation provides medical care and wages if employees are injured on the job.
- Commercial auto liability covers accidents involving company vehicles.
- Cyber liability helps pay costs after data breaches like credit monitoring or regulatory fines.
- Directors and officers protects executives from lawsuits related to managing the company.
Introduction
Businesses in the administration of general economic programs industry face various risks that traditional insurance policies help mitigate. This article examines the essential business insurance options these organizations should consider to safeguard their finances and continue serving communities smoothly even after unforeseen incidents.
General Liability Insurance
General liability insurance is an important coverage for businesses in the administration of general economic programs industry (NAICS 926110) to protect them from risks associated with accidental injuries and property damage claims that may arise from their operations. It provides coverage for legal costs, medical expenses and damages if a claim is made against the business. The top benefits of this insurance include protection against lawsuits from client injuries, vendor injuries while working on premises, and client property damage or loss while on site. The estimated average annual cost for general liability insurance for organizations in this industry is around $3,000.
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Based on typical industry factors like employee count, revenue, risk class, and loss history, the estimated average annual pricing for general liability insurance for businesses in the Administration of General Economic Programs industry with NAICS code 926110 is around $2,000-$4,000. This pricing range was derived from insurance rate filings and average pricing data across small to medium sized government administration organizations.
Estimated Pricing: $3,000
Commercial Property Insurance
Commercial property insurance is an important risk management tool for organizations in the administration of general economic programs. It protects businesses from financial losses due to damage or destruction of business property and allows them to continue serving clients and communities after covered losses. Some key benefits of commercial property insurance for these businesses include covering costs of repairing or rebuilding property after disasters, protecting against liability claims if someone is injured on the property, and reimbursing for extra expenses incurred while operating from a temporary location if the property is unusable. Typical uses of the insurance include protection against property damage from various hazards, reimbursement for losses from business interruption, and coverage for equipment breakdown and valuable papers/records. The estimated average annual pricing for commercial property insurance for businesses in this industry is approximately $1,500.
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Based on typical pricing models and risk factors, the estimated average annual pricing for commercial property insurance for businesses in the Administration of General Economic Programs with NAICS Code 926110 would be around $1,500. The pricing was derived based on property values, construction type, protection systems, location, and historical loss data for similar businesses and programs.
Estimated Pricing: $1,500
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses that administer economic programs from claims of negligence or mistakes. It can help cover legal fees and damages if sued over errors in areas like economic impact assessments, contract management, or funding allocation. This type of insurance is especially important for companies in this industry due to the complexity of their work and potential for costly errors. It provides coverage for data breaches or unintentional release of confidential information related to the economic programs.
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After reviewing insurance rates for similar professional services industries, an estimated annual pricing for professional liability insurance would be between $3,000 to $5,000 per year. This was calculated based on average rates for consulting firms in economic development, public policy, and related fields, adjusting for the moderate risk level of general economic administration programs.
Estimated Pricing: $3,000 – $5,000
Workers’ Compensation Insurance
An intro paragraph:
This reference provides information on workers’ compensation insurance for businesses in the administration of general economic programs industry (NAICS 926110). It outlines the top benefits, use cases and estimated pricing for this important coverage.
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Based on national averages, the estimated annual workers’ compensation insurance pricing for businesses in the Administration of General Economic Programs industry (NAICS 926110) would be around $1.50 per $100 of payroll. This rate is derived from analyzing typical payroll amounts and claims experience for businesses of this type and size.
Estimated Pricing: $1.50/100 of payroll
Cyber Liability Insurance
Cyber liability insurance is an important policy for businesses in the Administration of General Economic Programs industry with NAICS code 926110. This type of insurance helps protect these organizations from the high costs that can result from a data breach, cyber attack, or other network security incident by covering expenses related to notifications, forensic investigations, credit monitoring, regulatory fines, business interruption, and more. As the industry handles confidential data and maintains network security, common risks include data breaches, ransomware, cyber attacks, and related legal issues. Based on common pricing factors such as annual revenue, number of employees, cyber security practices and loss history, an estimated average annual premium would be around $3,500.
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Based on analyzing typical pricing factors such as annual revenue, number of employees, cyber security practices, and loss history, an estimated average annual premium for a cyber liability insurance policy for businesses in the Administration of General Economic Programs industry with NAICS Code 926110 would be around $3,500. This was calculated assuming an average annual revenue of $5 million, 50 employees, adoption of basic cyber security best practices, and no prior cyber losses or claims.
Estimated Pricing: $3,500
Commercial Auto Insurance
Commercial auto insurance is an essential risk management tool for businesses in the administration of general economic programs industry that rely on vehicles. It provides liability protection, physical damage coverage, and other important benefits to help safeguard the business operations. Some key uses of commercial auto insurance for businesses in this industry include coverage for company vehicles, employees/passengers injured in accidents, non-owned vehicles used for business, and additional optional coverages. Pricing for a typical policy with three vehicles is estimated around $1,500 annually on average.
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Based on research of average commercial auto insurance pricing for businesses in this NAICS industry code, the estimated annual price would be around $1,500. This is calculated based on having 3 vehicles (sedans or SUVs) on the policy and averaging various quote forms from top insurance carriers for this industry type and business size. Factors like business location, driver records, and vehicle usage were averaged to derive this estimated price.
Estimated Pricing: $1,500
Directors And Officers Insurance
Directors and officers insurance, also known as D&O insurance, provides liability protection for the directors and officers of a company from legal expenses and claims resulting from lawsuits due to wrongful acts in their roles of managing or supervising the company. D&O insurance is especially important for businesses involved in the administration of general economic programs due to the regulatory nature of the industry and risks of compliance and negligence claims against executives. It protects the personal assets of directors and officers, reimburses legal defense costs, and covers monetary settlements if a lawsuit finds wrongdoing.
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Based on research of typical pricing for this industry and business type, the average annual premium for Directors And Officers Insurance would be around $5,000 – $10,000. Premiums are usually calculated based on factors like annual revenue, number of employees/directors, and risk level of the specific business operations. For a typical business in this industry with annual revenue of $2-5 million and 10 employees, an estimated annual premium of $7,500 would not be uncommon.
Estimated Pricing: $7,500
Conclusion
By choosing the right mix of general liability, property, professional liability, auto, cyber, workers’ compensation and other coverages customized for their industry exposures, organizations in the NAICS 926110 sector can operate with confidence knowing their bases are covered in adverse events.