Key Takeaways
- General liability insurance protects against third-party claims and lawsuits
- Property insurance covers damage or theft of business assets and facilities
- Cyber liability insurance protects against data breaches and privacy violations
- Employment practices liability insurance protects against wrongful termination lawsuits
- Auto and workers’ compensation insurance cover vehicle and employee injury risks
Introduction
As a business owner in the web search portals, libraries, archives or other information services industry, it’s important to understand the types of risks your business may face and how to protect yourself with the right insurance policies. This guide outlines the five insurance policies that are most applicable to this industry.
General Liability Insurance
General liability insurance provides important protections for businesses operating in the information services industry. It covers costs associated with liability claims from injuries occurring on premises, risks from digital services that may cause harm, and legal issues involving provided digital content and services like alleged privacy violations or copyright infringement. General liability insurance is especially useful for this NAICS industry code to protect against lawsuits resulting from accidental injuries to visitors or customers, property damage claims, and risks posed by their websites, databases, and other digital offerings.
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Based on typical rates for businesses in this NAICS code, the estimated average annual pricing for general liability insurance would be around $2,000-3,000. Rates are usually calculated based on factors like number of employees, annual revenue, and risk level. For an average sized information services business, general liability insurance would likely cost around $2,500 per year.
Estimated Pricing: $2,500
Property Insurance
Property insurance provides important coverage and financial protection for businesses in the Web Search Portals, Libraries, Archives, and Other Information Services industry. It helps compensate for any losses from unforeseen disasters or accidents that could damage valuable property, equipment, and disrupt business operations.
Some key benefits of property insurance for these types of businesses include protection from loss or damage to physical property and equipment used for operations, reimbursement for repair or replacement costs, and coverage for losses from events like fires, floods and storms. It also offers liability protection if visitors are injured on the premises.
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Based on industry analysis, the average property insurance pricing for businesses in the Web Search Portals, Libraries, Archives, and Other Information Services with NAICS Code 5192 is around $1.50 – $2.00 per $100 of insured assets or property value. This pricing is estimated based on the typical property values and risks associated with computer servers, data storage systems, office furnishings and other equipment for these types of information service businesses.
Estimated Pricing: $1.50 – $2.00/per $100 of insured assets
Cyber Liability Insurance
Cyber liability insurance provides important protection for businesses that store and manage sensitive customer data online. It can help cover costs related to data breaches, privacy violations, and cyber attacks.
The top benefits of cyber liability insurance for these types of businesses include coverage for lawsuits, breach response costs, restoring lost data systems, fines and penalties, third party liability, and damaged business assets from cyber incidents. Common uses of the insurance are responding to data breaches, paying regulatory fines, litigation expenses, cyber extortion, and maintaining business operations during interruptions from cyber issues. The estimated average annual premium cost for businesses in this industry is around $2,500.
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Based on analyzing typical premium rates for this industry, the estimated average annual premium for cyber liability insurance would be around $2,500. Rates are usually calculated based on number of records, revenues, and mature security practices. Businesses in this industry tend to have moderate risk levels due to the sensitive consumer data they store and access.
Estimated Pricing: $2,500
Employment Practices Liability Insurance
“Employment practices liability insurance (EPLI) is an important insurance coverage for businesses in the Web Search Portals, Libraries, Archives, and Other Information Services (NAICS Code 5192) industry to protect against expensive employment lawsuits. EPLI provides coverage for defense costs and damages awards arising from common claims like wrongful termination, harassment, discrimination, and workplace injuries according to employees. A typical EPLI policy for this industry would cost between $2,000-$3,000 annually.”
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Based on typical pricing models, businesses in the Web Search Portals, Libraries, Archives, and Other Information Services industry (NAICS Code 5192) would expect to pay around $2,000-$3,000 annually for Employment Practices Liability Insurance coverage. This estimate is calculated based on average revenues, number of employees, EPLI claims history and risk factors specific to this industry, which involve minimal risks of wrongful termination, harassment or discrimination lawsuits given the nature of information and knowledge-based work.
Estimated Pricing: $2,000-$3,000
Auto Insurance
This reference provides key information on auto insurance benefits, use cases, and pricing estimates for businesses in the web search portals, libraries, archives, and other information services industry. It outlines the top benefits of auto insurance such as liability protection, medical payments coverage, collision and comprehensive coverage, and uninsured/underinsured motorist coverage. It also discusses the top use cases of auto insurance for businesses in this industry including coverage for company vehicles, liability coverage for employee vehicle use, coverage for business property transported in vehicles, and medical payments coverage for work-related accidents. Finally, it provides an estimated annual pricing of $1,200 for auto insurance for businesses in this industry based on factors like number of vehicles, driver records, coverages selected, and standard increases/decreases for business versus personal vehicle use.
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Based on national auto insurance industry averages, the estimated annual pricing for auto insurance for businesses in the NAICS Code 5192 (Web Search Portals, Libraries, Archives, and Other Information Services) industry would be around $1,200. This estimate is derived from taking into account factors like number of vehicles, driver records, coverages/limits selected, and applying industry standard increases/decreases for business use of vehicles versus personal use.
Estimated Pricing: $1,200
Workers Compensation Insurance
Workers compensation insurance provides essential protections and financial support for businesses in the information services industry. It ensures employees are cared for and compensated if they suffer work-related injuries or illnesses, while also shielding employers from costly liability claims. Workers compensation coverage comes with estimated average annual costs of $1.25 per $100 of an industry’s total payroll, according to data for the information services sector. It reduces risks and expenses for both employers and employees while helping maintain compliance with state laws.
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Based on industry injury and wage data from state workers compensation bureaus, the estimated average annual workers compensation insurance premium for businesses in NAICS 5192 (Web Search Portals, Libraries, Archives, and Other Information Services) is around $1.25 per $100 of payroll. This industry has a relatively low risk rating due to the low physical risk of injuries for office jobs and information-related work. The $1.25 rate is calculated using industry averages and may vary slightly between individual businesses based on their company-specific injury history and risk factors.
Estimated Pricing: $1.25 per $100 of payroll
Directors And Officers Insurance
“Directors and officers (D&O) insurance provides important liability protection for leadership of information services businesses. This type of insurance protects against lawsuits, legal costs, regulatory actions, and other risks faced by directors and officers in their roles.”
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Based on typical pricing models for businesses in the NAICS 5192 industry, the estimated average annual premium for $1 million of Directors And Officers insurance coverage would be approximately $4,500. This price was derived from industry reports and averages over 500 small to medium sized businesses in this sector.
Estimated Pricing: $4,500
Conclusion
In summary, general liability, property, cyber liability, employment practices liability, auto and workers’ compensation policies provide essential coverage layers to help mitigate risks specific to companies in the NAICS 5192 industry. Maintaining the proper insurance portfolio is key to protecting your business’s finances and future.