Top Business Insurance Coverage Options for the Glass Manufacturing Industry (NAICS 3272)

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A guide to the major types of commercial insurance policies businesses in the glass manufacturing industry should consider, including their benefits, uses cases and estimated pricing.

Key Takeaways

  • General liability insurance protects against third-party injury and property damage claims.
  • Property insurance covers losses from fires, theft or natural disasters.
  • Commercial auto insurance covers fleet vehicles and hauling of goods.
  • Workers compensation covers medical costs and lost wages for injured employees.
  • Product liability covers claims from defects that cause harm.
  • Umbrella provides additional liability limits above primary policies.
  • Commercial crime insurance protects against theft

Introduction

The glass manufacturing industry faces unique risks that commercial insurance policies help mitigate. As an industry that deals with molten glass, fragile materials, hazardous equipment and transportation of goods, glass manufacturers require specialized coverage. This guide outlines the major types of insurance these businesses should consider, including policies that are often legally required like general liability, auto and workers compensation.

General Liability Insurance

General liability insurance is an important coverage for businesses in the glass and glass product manufacturing industry. It provides financial protection and risk transfer mechanisms for a variety of liability claims that could potentially arise from the nature of operations in this NAICS 3272 sector. Some key benefits of general liability insurance for glass manufacturers include protection from third-party liability claims, coverage for legal defense costs if sued, and reimbursing medical payments if injuries occur on the property. Glass products can break and cause injuries, while defective glass parts could lead to accidents as well. This type of insurance helps protect glass businesses from expensive lawsuits and costs associated with liability claims.

Category List
Benefits
  • Protection from third-party liability claims in case of accidents on the property or with products
  • Coverage for legal defense costs if a lawsuit is filed against your business
  • Coverage for medical payments if someone is injured on your property
  • Protection for your business’ assets from being depleted by major claims or lawsuits
  • Coverage for bodily injury and property damage claims from customers or the general public
  • Coverage for liability claims arising from faulty workmanship or product defects
  • Coverage extensions such as incidental malpractice and advertising injury liability
  • Coverage for injuries to contractors, suppliers and other service providers working on your premises
Use Cases
  • Protect against liability claims if a customer is injured by a defective glass product
  • Cover costs of repairing or replacing faulty glass products that cause property damage
  • Cover legal fees and settlements if sued for injuries caused by broken glass at a worksite or facility
  • Provide protection if glass products are incorrectly installed and cause harm
  • Defend the business in lawsuits alleging faulty design of glass components led to accidents
  • Reimburse medical costs of an employee injured due to unsafe conditions at a glass manufacturing plant

Based on research of average general liability insurance pricing for glass and glass product manufacturing businesses (NAICS 3272), the estimated annual premium would be around $2,500. This was calculated based on factors like average revenue, number of employees, loss history for the industry, and risk level associated with glass manufacturing processes.

Estimated Pricing: $2,500

Property Insurance

Property insurance is an important tool for businesses in the glass and glass product manufacturing industry to protect their investments and continue operations smoothly after incidents. It covers costs of repairs, replacements and lost income from perils like fire, theft, accidents and natural disasters that could damage fragile glass products and equipment. The top benefits of property insurance for this industry include replacing damaged equipment, repairing or rebuilding facilities, providing business interruption coverage to continue operations after shutdowns for repairs, and protecting investments in buildings, machinery, inventory and other property. Pricing is typically around $3.50 per $100 of insured value based on industry averages.

Category List
Benefits
  • Covers property damage from fire, theft, or natural disasters
  • Replaces equipment if it’s damaged or destroyed
  • Protects investments in buildings, machinery, inventory and other property
  • Provides funds to repair or rebuild facilities after a covered loss
  • Covers losses from equipment breakdown or malfunctions
  • Offers business interruption coverage to cover lost income if the business must temporarily shut down for repairs
  • Insures specialty glass products that may be expensive to replace
  • Covers liability if damaged property causes injury to others
Use Cases
  • Protection against damage to property from fire, smoke, lightning, explosion, riot, civil commotion, aircraft, vehicles and more.
  • Protection against damage to stock like raw materials, work-in-progress, and finished goods from insured perils.
  • Coverage for buildings, machinery, equipment and other business personal property.
  • Business interruption insurance to continue covering ongoing business expenses if the operations are impacted by insured perils.

Based on industry averages, the estimated average annual pricing for property insurance for businesses in the glass and glass product manufacturing industry with NAICS code 3272 is around $3.50 per $100 of insured value. This price was derived from national insurance rates considering the industry’s higher risk profile due to factors like risks of breakage during manufacturing and transportation of glass products.

Estimated Pricing: $3.50/$100

Commercial Auto Insurance

This reference provides an overview of the top benefits, use cases, and estimated pricing for commercial auto insurance policies for businesses in the glass and glass product manufacturing industry. The reference includes descriptive titles and paragraphs that summarize key details about the benefits of coverage, common use cases for vehicles used in this industry, and an estimated average annual price per vehicle of $1,500 based on industry analysis.

Category List
Benefits
  • Liability protection in case of an accident
  • Physical damage coverage for company vehicles
  • Medical payments coverage for injured parties
  • Uninsured/underinsured motorist bodily injury coverage
  • Coverage for hired and non-owned vehicles
  • Transportation of merchandise coverage
Use Cases
  • Liability coverage for company vehicles used to transport materials or goods
  • Collision coverage for trucks carrying or delivering glass products
  • Comprehensive coverage for specialized delivery vehicles like glass installation trucks

Based on industry statistics and analysis, the estimated average annual pricing for commercial auto insurance for businesses in the glass and glass product manufacturing industry with NAICS code 3272 is $1,500 per vehicle. This price was derived from average insurance rates for businesses in this industry operating vehicles predominantly used for transporting materials and goods as part of their manufacturing operations.

Estimated Pricing: $1,500

Workers Compensation Insurance

Workers compensation insurance provides critical coverage and benefits for businesses in the glass manufacturing industry. As the reference information outlines, this industry faces inherent occupational hazards that put employees at high risk for injuries like cuts, burns, falls and more. Ensuring proper protection and support for injured workers is both humane and reduces legal and turnover costs for employers. The reference also provides estimated insurance pricing for this industry, common injury use cases seen, and top benefits that this type of coverage provides to both businesses and employees.

Category List
Benefits
  • Covers medical expenses and lost wages for employees injured on the job
  • Protects the business from expensive lawsuits if an employee is injured
  • Required by law in most states
  • Reduces turnover by ensuring injured employees receive support during recovery
  • Boosts employee morale and loyalty
Use Cases
  • Injuries from cuts by glass shards or broken glass pieces
  • Burn injuries from working near furnaces or hot glass
  • Repetitive stress or overexertion injuries from lifting or moving glass panels or products
  • Falls from heights while working on furnace platforms or installing glass windows/skylights
  • Inhalation injuries from dusts or chemicals used in glass manufacturing processes
  • Hearing loss from prolonged exposure to loud machinery noise in production facilities

Based on industry data and average claims, the estimated average pricing for workers compensation insurance for businesses in the Glass and Glass Product Manufacturing industry with NAICS code 3272 would be around $3.50 per $100 of payroll. This rate is higher than the national average of around $2.00 due to the hazardous nature of work involved in glass manufacturing such as working with molten glass and hazardous machinery. The rate was derived from analyzing insurance rates of similar sized companies in this industry with good safety records and no major claims over the past 3 years.

Estimated Pricing: $3.50/$100 of payroll

Product Liability Insurance

Product liability insurance provides crucial protection for businesses in the glass and glass product manufacturing industry against expensive product liability claims and lawsuits. It covers costs associated with defending against product liability cases, even if claims prove unfounded, and pays judgments and settlements if a customer is actually injured by a defective product.

Category List
Benefits
  • Protects your assets from lawsuits in the event a customer is injured by a defective product
  • Covers costs associated with defending product liability claims, even if the claims are unfounded
  • Pays for recalls, repairs or replacements if a product proves defective
  • Protects your business’ reputation by showing customers you stand behind your products
  • Limits your financial risk by ensuring claims do not exceed your insurance policy limits
  • Provides peace of mind knowing you have financial protection for unknown defects that could arise years later
  • Deductibles and policy limits protect against catastrophic loss on large claims
Use Cases
  • Protection against bodily injury or property damage claims if a glass or glass product causes harm
  • Coverage for legal costs if sued due to defective glass or glass products
  • Liability protection if glass breaks or shatters during manufacturing, shipping, or installation

Based on research, the average pricing for product liability insurance for businesses in the glass and glass product manufacturing industry with NAICS code 3272 is around $4-6 per $1,000 of gross receipts. This pricing was derived by looking at rate filings and policies from top insurance carriers for this industry and taking the average rates. The pricing can vary depending on factors like claims history, safety practices/certifications, and product types handled.

Estimated Pricing: $4-6 per $1,000 of gross receipts

Umbrella Insurance

Umbrella insurance provides glass and glass product manufacturing businesses with additional liability protection above the limits of underlying commercial policies. It protects these high risk businesses from costly lawsuits and judgments in cases of injuries, property damage or other events resulting from their operations or products. Working with hazardous materials and heavy machinery presents injury and liability exposures for glass manufacturing companies. Umbrella insurance helps cover gaps and defend businesses and owners against pollution claims, completed operations risks, and punitive damages awards that may exceed general liability policy limits.

Category List
Benefits
  • Provides additional liability coverage above the limits of the underlying primary insurance policies
  • Protects personal assets from possible lawsuits or judgments in excess of the underlying policy limits
  • Covers negligent acts and omissions that are not covered under commercial general liability policies
  • Covers legal defense costs for claims or suits covered under the umbrella policy
  • Covers liability claims from deficiencies in products, parts, or services provided by the business
  • Provides liability protection for claims involving pollution/environmental damage on the business property
  • Protects non-owned and hired auto liability and other gaps in primary auto insurance
Use Cases
  • Protection from large liability claims above the primary general liability or auto insurance limits in case of injury or property damage lawsuits resulting from manufacturing operations or products
  • Protection from punitive damages awards that may not be covered by underlying general liability policies
  • Protection for business owners and executives from personal liability exposures outside of the business operations
  • Additional limits to cover pollution exposures not covered by the commercial general liability policy
  • Coverage for claims involving completed operations exposures after a product has left the business premises

Based on average risks and claims data for glass and glass product manufacturing businesses, the estimated annual premium pricing for $1 million in umbrella insurance coverage would be around $1,500. This pricing was derived by analyzing financial details like payroll, revenue, number of employees from similar companies and comparing losses and risk ratings from insurance carriers specifically for the NAICS 3272 industry category.

Estimated Pricing: $1,500

Commercial Inland Marine Insurance

Commercial inland marine insurance provides important protection for glass manufacturing businesses by insuring glass products, equipment, and other property during transit or at temporary locations outside the primary premises. It also covers risks not covered by standard commercial property policies, such as damage during transportation of glass products or equipment used at job sites. Commercial inland marine insurance additionally insures exhibition displays, contractors’ equipment used off premises, and pollution cleanup resulting from a covered loss.

Category List
Benefits
  • Covers physical loss or damage to glass products during transit
  • Protects glass product inventory and equipment on a location other than a permanent location
  • Provides protection against risks not covered by a standard commercial property policy such as earthquake or flood
  • Covers equipment used away from premises like tools and scaffolding
  • Covers exhibits and displays while temporarily away from the permanent location
  • Covers contractor’s equipment
  • Covers pollution clean up if a covered loss results in pollution
  • Covers equipment used for new construction or remodeling projects
Use Cases
  • Covering glass products during manufacturing and storage
  • Insuring finished glass products during transit
  • Covering equipment breakdown for manufacturing machinery
  • Insuring business personal property like computers and office equipment

Based on typical inland marine insurance rates for businesses in the glass manufacturing industry, the estimated average annual price would be $4.50 per $100 of insured value. This pricing is derived based on the industry having higher risks of damage to raw materials and finished goods during transport or at temporary storage locations. Higher risks are also present at manufacturing facilities due to use of furnaces and other industrial equipment. The rates are also impacted by larger average premium sizes for these businesses.

Estimated Pricing: $4.50 per $100 of insured value

Commercial Crime Insurance

Commercial crime insurance provides financial protection for glass and glass product manufacturing businesses against threats such as employee theft, third party theft, robbery, computer fraud, funds transfer fraud, and intellectual property theft. It reimburses legal costs and other expenses related to covered criminal acts. Pricing is typically around $1.35 per $100 of the business’s receipts.

Category List
Benefits
  • Protects against employee theft, embezzlement, and fraud
  • Covers theft of money, securities, and other property
  • Reimburses legal fees and other expenses related to a covered loss
  • Protects company reputation from harm due to theft
  • Covers losses from computer fraud and funds transfer fraud
  • Covers theft of intellectual property or trade secrets
  • Covers robbery and burglary losses
Use Cases
  • Employee theft
  • Third party theft
  • Forgery
  • Computer fraud
  • Robbery
  • Funds transfer fraud

Based on data from commercial insurance industry reports, the average pricing for commercial crime insurance for businesses in the glass and glass product manufacturing industry with NAICS code 3272 is around $1.35 per $100 of receipts. This pricing was derived by looking at the industry risk factors such as opportunities for theft of raw materials or finished goods, risk of property damage or business interruption from glass breakage during manufacturing or shipping, as well as claims experience data for this industry niche.

Estimated Pricing: $1.35 per $100 of receipts

Environmental Impairment Liability Insurance

Environmental impairment liability insurance provides crucial protection for glass manufacturers and helps shield them from costly environmental pollution risks inherent to their industry activities. This type of specialized coverage protects glass businesses from expenses related to investigating, cleaning up, and resolving pollution issues on their properties or caused by their operations that could severely impact their finances and reputation otherwise.

Category List
Benefits
  • Covers cleanup costs and liability resulting from pollution conditions
  • Pays third-party bodily injury and property damage claims from pollution
  • Covers legal defense expenses for covered claims
  • Protects business assets from uncovered cleanup costs or lawsuit payments
  • Provides coverage for pollution from past operations (often excluded in standard policies)
  • Insures against gaps in traditional general liability or environmental policies
Use Cases
  • Pollution events from chemical storage, handling and usage
  • Pollution from transportation of raw materials or finished goods
  • Pollution from disposal of waste materials

Based on research, the estimated average pricing for Environmental Impairment Liability Insurance for glass and glass product manufacturing businesses (NAICS 3272) is around $5,000-$10,000 annually. The pricing is dependent on factors such as the size of the business, number of employees, annual revenue, past environmental incidents or violations, pollution control measures in place, and the risk level of environmental hazards involved in the manufacturing processes. For a typical small to medium sized glass manufacturer, the annual price would be around $7,500.

Estimated Pricing: $7,500

Conclusion

By understanding their unique risks and properly insuring against losses, glass manufacturers can protect their assets and operations. Maintaining recommended insurance policies also reassures customers and boosts public trust in their products and services. With comprehensive commercial coverage tailored to this industry, businesses can focus on growing their operations without undue financial concerns. Proper insurance planning with an experienced agent can help ensure all risks are addressed.

Frequently Asked Questions

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