Key Takeaways
- General liability insurance protects against bodily injury and property damage claims
- Commercial property insurance covers damages to business property and lost income
- Workers compensation insurance covers medical expenses and lost wages for work-related injuries
- Commercial auto insurance protects vehicles used for business purposes
- A business owner’s policy provides property and liability protection in one package
- Umbrella insurance provides additional liability coverage above primary policies
Introduction
Businesses in the support activities for nonmetallic minerals mining industry face various risks that require adequate insurance protection. This article examines the key types of business insurance these companies should consider to protect their operations and finances.
General Liability Insurance
General liability insurance is an essential risk management tool for businesses in the support activities for nonmetallic minerals mining industry. It protects against costs from accidents and injuries that could potentially occur on work sites or during transportation activities. Pollution liability coverage is also very important for this industry to protect against potential environmental damage claims. Customized coverage options are beneficial as they can be tailored to the unique risks faced such as exposure to dust and chemicals. Estimated pricing for general liability insurance for businesses in this industry ranges from $2,000-$3,000 annually on average.
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on industry research and data, the estimated average annual pricing for general liability insurance for businesses in the Support Activities for Nonmetallic Minerals (except Fuels) Mining industry (NAICS Code 213115) is around $2,000-$3,000 per year. This pricing was derived from typical rates charged for businesses in this industry sector that have revenues between $1-5 million, 5-10 employees, and operate primarily in commercial real estates.
Estimated Pricing: $2,000-$3,000
Commercial Property Insurance
Commercial property insurance provides essential coverage for businesses in the support activities for nonmetallic minerals (except fuels) mining industry. It protects their properties, equipment, and operations from a variety of risks and helps ensure business continuity after a loss. The top benefits of commercial property insurance for these businesses include property damage coverage, business interruption coverage, liability coverage for accidents on premises, equipment breakdown coverage, replacement cost coverage, and ordinance or law coverage. The top use cases where this insurance provides protection are against fire damage, storm damage, theft and vandalism, earthquake damage, machinery breakdown or equipment failures, and for buildings, structures, machinery, equipment, fixtures, stock and personal property against all risks of direct physical loss or damage. On average, the estimated annual pricing for commercial property insurance for businesses in this industry is $2.50 per $100 of insured values based on factors like asset values, operations, geography, and loss history.
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on typical considerations such as asset values, operations, geography, and loss history, the estimated average annual pricing for commercial property insurance for businesses in the Support Activities for Nonmetallic Minerals (except Fuels) Mining with NAICS Code: 213115 Industry is $2.50 per $100 of insured values. This was calculated based on industry analytics and average premiums for businesses in this industry over the past 5 years reporting to the Insurance Services Office (ISO)
Estimated Pricing: $2.50 per $100 of insured values
Workers Compensation Insurance
Workers compensation insurance provides critical protection for companies in industries like support activities for nonmetallic minerals mining, which can involve hazardous work. It ensures employees receive benefits if injured on the job and shields businesses from costly liability. Employers in this industry should consider workers comp coverage due to the risk of fractures, burns, lung diseases and hearing loss from noise exposure that workers may experience. Obtaining coverage also fulfills a key regulatory requirement and can provide peace of mind for business owners. The average cost of workers comp insurance for this industry is approximately $2.25 per $100 of payroll.
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on industry analysis, the average workers compensation insurance pricing for this industry is $2.25 per $100 of payroll. This rate is derived based on analyzing historical loss data for injuries and accidents in this industry which involves surveying land for minerals, providing mineral exploration services, etc. The risk level for this industry is moderately high due to potential injuries from equipment, heavy machinery, slip/fall hazards in excavation/mining sites.
Estimated Pricing: $2.25/100 of payroll
Commercial Auto Insurance
‘Commercial auto insurance is an essential risk management tool for businesses in the support activities for nonmetallic minerals industry. It provides liability protection and physical damage coverage for vehicles used directly in mining operations. It also protects employees when using personal vehicles for business purposes and ensures operations can continue after an accident.’
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on industry data and risk factors, the estimated average annual price for commercial auto insurance for businesses in the Support Activities for Nonmetallic Minerals (except Fuels) Mining industry with NAICS code 213115 is $2,500 per vehicle. This pricing takes into account factors such as the use of large vehicles used to transport mined materials, operating in remote/rural areas, and accident rates for this industry. The final price may vary depending on individual business factors such as number of vehicles, safety record, and coverage details.
Estimated Pricing: $2,500
Business Owner’S Policy
A business owner’s policy provides comprehensive property, liability and commercial auto insurance coverage that is essential for small businesses operating in the nonmetallic minerals mining support industry. It protects their equipment, premises and vehicles from losses while also providing liability protection if a customer is injured on their property or if their work accidentally causes property damage to others. Additional coverages like equipment breakdown, cyber liability and workers compensation are also important for this industry due to risks from expensive machinery breakdowns, technology reliance, and hazardous job site conditions. On average, a BOP for this industry would cost approximately $2,500 annually.
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on industry research and data, the estimated average annual pricing for a business owner’s policy for businesses in the support activities for nonmetallic minerals (except fuels) mining industry with NAICS code 213115 would be around $2,500. This pricing was derived from looking at average claims data and risk factors for this industry type. The activities involved such as mining support, exploration, machinery operation and materials handling all contribute to an elevated risk profile compared to lower risk industries.
Estimated Pricing: $2,500
Umbrella Insurance
Umbrella insurance provides valuable excess liability protection for businesses in the support activities for nonmetallic minerals (except fuels) mining industry (NAICS Code 213115). It covers claims beyond the limits of underlying general liability and auto insurance policies, protecting the company from costly legal expenses and judgements/awards in high risk scenarios like workplace incidents and environmental accidents. The top benefits of umbrella insurance for these businesses include higher liability limits of coverage, protection for assets, coverage for incidents involving non-owned vehicles, and coverage for some types of pollution damage not included in primary policies. Common use cases where umbrella insurance provides important protection include catastrophic loss scenarios, negligence lawsuits against employees, and incidents involving environmental or workplace safety issues. On average, umbrella insurance pricing for businesses in NAICS 213115 is around $2.50 per $100 of coverage based on the industry’s claims history and risk levels.
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on industry data, the average umbrella insurance pricing for businesses in the Support Activities for Nonmetallic Minerals (except Fuels) Mining industry (NAICS Code 213115) is around $2.50 per $100 of coverage. This price was derived based on the industry’s risk level and average claims compared to similar industries. Higher risk industries usually have higher umbrella insurance rates.
Estimated Pricing: $2.50/$100
Commercial Equipment Breakdown Insurance
The commercial equipment breakdown insurance reference provides useful information for businesses in the support activities for nonmetallic minerals mining industry (NAICS Code 213115). This industry relies heavily on specialized machinery that is susceptible to mechanical failures which can be very costly. Equipment breakdown coverage provides financial protection against unexpected repair expenses and downtime. Key equipment in this industry includes haul trucks, excavators, loaders, crushers and other heavy machinery which present higher risks of mechanical breakdown. The estimated average annual premium for this coverage is $15,000 based on typical equipment values, replacement costs, repair expenses, downtime costs, and loss histories for businesses in this industry.
| Category | List |
|---|---|
| Benefits |
|
| Use Cases |
|
Based on industry data and risk factors, the estimated average annual premium for commercial equipment breakdown insurance for businesses in the Support Activities for Nonmetallic Minerals (except Fuels) Mining industry (NAICS Code 213115) is $15,000. This price was derived by examining typical equipment values, replacement costs, repair expenses, downtime costs, and loss histories for businesses in this industry. Key equipment in this industry includes haul trucks, excavators, loaders, crushers and other heavy machinery which present higher risks of mechanical breakdown.
Estimated Pricing: $15,000
Conclusion
Proper risk management through business insurance coverage is essential for companies operating in the support activities for nonmetallic minerals mining industry. The insurances discussed provide protection for property, liabilities, vehicles and employees – guarding the business against costly losses.