Key Takeaways
- General liability insurance protects against lawsuits from injuries on your premises or from defective products
- Property insurance reimburses costs to repair property damage and covers lost income during shutdowns
- Workers’ comp covers medical costs and lost wages for employee injuries on the job
- Commercial auto insures vehicles used for business
- Product liability protects against claims over defective products hurting customers
- Cyber liability covers costs of data breaches and network disruptions
- EPLI protects against expensive employee lawsuits
- Umbrella policy provides additional liability coverage above primary policies
Introduction
As a glass product manufacturer, it is crucial to have the proper insurance policies in place to protect your business operations from a wide range of risks. Done correctly, a comprehensive insurance plan helps shield your finances, employees and reputation from losses while also promoting a safer work environment. This article examines the top 8 insurances all glass manufacturers should strongly consider.
General Liability Insurance
“General liability insurance is an important coverage for glass product manufacturers to mitigate risks and protect their business from costly lawsuits and claims. It covers bodily injury, property damage, personal injury and advertising injury claims that may arise from the manufacturer’s operations or defective products.”
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Based on data from insurers who provide coverage for glass product manufacturing businesses with NAICS code 327215, the estimated average annual pricing for general liability insurance is around $5,000 per year. This price was derived by taking into account factors like company size, annual revenue, number of employees, risk level of the industry, and average claim sizes and frequencies for this industry. The price also assumes standard policy limits and coverages are included.
Estimated Pricing: $5,000
Property Insurance
Property insurance provides valuable protection for glass product manufacturing businesses. It can help cover costs from unexpected property losses and ensure business continuity after covered incidents. Additional sections on specific benefits, use cases and estimated pricing provide useful context on how property insurance supports this industry.
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Based on typical pricing factors like property value, location, loss history and manufacturing processes, the average annual price for property insurance for businesses in the glass product manufacturing made of purchased glass industry with NAICS code 327215 is estimated to be around $4.50 per $100 of insured property value. This price was derived from insurance rate filings and average premiums paid by glass manufacturers of a similar size and scope of operations.
Estimated Pricing: $4.50 per $100 of insured property value
Workers’ Compensation Insurance
Workers’ compensation insurance provides critical support and protection for both employees and employers in the glass product manufacturing industry. It ensures employees receive medical help and lost wages for injuries on the job, while also shielding businesses from costly lawsuits. Issues like lacerations, burns, hearing loss and other injuries are common risks for employees working with glass cutting, grinding and assembly. Maintaining workers’ comp coverage helps promote workplace safety and get injured staff back to productive work. National industry stats estimate the average annual premium is around $2.50 per $100 of payroll for businesses in this sector.
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Based on industry analysis, the estimated average price for workers’ compensation insurance for businesses in the Glass Product Manufacturing Made of Purchased Glass with NAICS Code: 327215 industry is around $2.50 per $100 of payroll. This pricing is derived from national industry averages and considers risk factors like work hazards and injury rates that are typical for this type of manufacturing work. The final price can vary slightly based on company-specific factors like safety record and number of employees.
Estimated Pricing: $2.50 per $100 of payroll
Commercial Auto Insurance
Commercial auto insurance is an essential risk management tool for glass product manufacturers to protect their business operations. It covers vehicles used for transporting materials and products, delivering goods to customers, and providing service in the field. The average annual premium for a glass manufacturer is around $1500 according to industry data, and key coverage includes liability protection, vehicle replacement, rental reimbursement, and cargo insurance when transporting hazardous materials.
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Based on industry data, the average pricing for commercial auto insurance for businesses in the glass product manufacturing made of purchased glass industry with NAICS code 327215 is around $1500 per year. This pricing is derived based on the typical number of vehicles used, average miles driven, coverage limits, safety record of the industry, and risk factors inherent to transporting glass products.
Estimated Pricing: $1500
Product Liability Insurance
Product liability insurance is an essential coverage for glass manufacturing businesses to protect against financial losses from injuries, damages, recalls, and lawsuits that may occur due to defective products. It helps shield the company from costly legal battles and compensation payouts that could potentially bankrupt the business if left uninsured. Additionally, product liability insurance can cover costs associated with product recalls, legal fees and claim settlements, temporary business interruptions, and loss of income during shutdowns related to product defects. Having this coverage demonstrates to customers that the company stands behind the safety and quality of its glass products and mitigates risks that could severely impact the business’s finances.
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Based on market research and industry analyses, the estimated average annual pricing for product liability insurance for businesses in the glass product manufacturing made of purchased glass industry with NAICS code 327215 is around $1.50 per $100 of revenue. This price was derived from averaging quotes from multiple insurers for typical risks and operations in this industry, factoring in variables like company size, years in business, product lines, sales volumes, loss history, and risk management practices.
Estimated Pricing: $1.50 per $100 of revenue
Cyber Liability Insurance
Cyber liability insurance is an important tool for businesses in the glass product manufacturing industry. It provides coverage for risks related to data breaches, cyber attacks, network failures, and other technology issues that are increasingly common. The reference provides an overview of the key benefits, use cases, and estimated pricing of cyber liability insurance for companies in this industry.
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Based on the industry profile and average risk level, the estimated annual pricing for cyber liability insurance would be around $5,000 – $10,000. This price range was derived by looking at typical premiums for manufacturing businesses of similar size and IT infrastructure. Larger businesses with more complex IT systems may pay higher amounts closer to $10,000 while smaller operations with less dependency on technology could pay closer to $5,000.
Estimated Pricing: $5,000 – $10,000
Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) provides important protection for glass product manufacturers to shield them from costly litigation related to employee claims. It helps businesses avoid disruptions from lawsuits concerning discrimination, harassment, wrongful termination, wage violations and other employment-related issues that are common risks for the industry. EPLI also demonstrates a company’s commitment to fairness and legal compliance, which can improve employee retention and satisfaction. The estimated annual cost of $5,000 for EPLI coverage provides affordable protection against existential financial risks for glass manufacturers.
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Based on typical industry risk factors and average claim histories, the estimated annual pricing for Employment Practices Liability Insurance for glass product manufacturing businesses made of purchased glass with NAICS code 327215 would be around $5,000. This pricing takes into account factors like company size (usually smaller operations), type of work (potential risks from manufacturing environment), and average payroll (typically moderate). The price was derived from published insurance rates and experience in quoting similar businesses.
Estimated Pricing: $5,000
Business Interruption Insurance
Business interruption insurance provides crucial coverage for glass product manufacturers whose specialty operations are vulnerable to disruptions from property damage or other losses. It helps ensure business continuity and financial stability during recovery periods. Some key benefits of business interruption insurance for glass product manufacturers include maintaining cash flow to cover expenses like payroll and rent during shutdowns, as well as costs associated with minimizing further losses and restoring operations. Common causes of business interruptions for these businesses include utility failures, equipment issues, fires or natural disasters damaging facilities. Pricing usually ranges from 0.5-1% of total insurable values, or $25,000-$100,000 annually for glass manufacturers.
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Based on typical pricing models for this industry (NAICS Code: 327215), business interruption insurance is usually priced around 0.5-1% of the total insurable value of the location insured. Given the insurable values are usually between $5-10M for these types of glass manufacturing businesses, a reasonable estimated annual pricing would be $25,000-$100,000 per year.
Estimated Pricing: $25,000 – $100,000
Commercial Umbrella Insurance
Commercial umbrella insurance provides an additional layer of liability protection above a company’s primary commercial policies. It helps protect against claims exceeding primary policy limits and provides coverage for risks not covered under other policies.
Glass product manufacturing involves risks such as injuries from heavy machinery, sharp glass, and accidents during transportation. Umbrella insurance provides important liability coverage to protect against substantial claims from these risks.
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Based on an average payroll of $3 million and property values of $5 million for businesses in this industry, the estimated annual premium for a $1 million commercial umbrella insurance policy would be around $3,500. This price was derived using industry standard pricing models that take into account factors like payroll, property values, claims history, and risk level of the specific industry.
Estimated Pricing: $3,500
Conclusion
Maintaining the right business insurance coverage gives glass product manufacturing companies robust protection against losses that could severely damage operations or bankrupt the business. It also provides peace of mind knowing that your company’s finances, staff, property and customers are safeguarded from risks inherent to operating in this industry. Committing to a comprehensive insurance strategy should be a top priority for any glass manufacturer.