Top Business Insurance for Businesses in Other Support Activities for Road Transportation (NAICS 488490)

Key Takeaways

General liability insurance covers bodily injury and property damage claims
Commercial auto insurance protects vehicles used for business
Commercial property insurance covers buildings, equipment and inventory
Workers’ compensation provides benefits for injured employees
Commercial umbrella offers additional liability protection
Cyber liability covers costs of data breaches and cyber attacks

Introduction

Businesses in the other support activities for road transportation industry often rely on vehicles and equipment to provide services that support road transportation operations. As with any business, it is important to protect your assets and operations from unforeseen events through adequate insurance coverage. This article discusses the top business insurances that companies in NAICS code 488490 should consider.

General Liability Insurance

General liability insurance provides important protection for businesses in the Other Support Activities for Road Transportation (NAICS 488490) industry. It covers costs from lawsuits and claims if customers or third parties are injured on their property or during business operations. This type of insurance also covers bodily injury, property damage, medical payments and other liability claims that could arise from vehicle accidents, cargo handling, premises issues and pollution related to business activities. The average estimated annual cost for general liability insurance for businesses in this industry is around $1,500.

Category	List
Benefits	Protection from lawsuits and legal claims if a customer or third party is injured on your property Covers bodily injury and property damage claims from accidents Provides protection if you are held responsible for damage to a customer’s property Covers medical payments regardless of fault for injuries sustained on your property Protection against costly lawsuit payouts, legal fees, lost wages or other damages Covers claims arising from the operation of your business premises
Use Cases	Bodily injury or property damage claims from accidents involving company vehicles Liability claims from accidents or injuries occurring on company property Lawsuits from improper/negligent services leading to harm Claims or lawsuits from improper handling or storage of cargo Pollution liability coverage for environmental damage from operations

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Benefits

Protection from lawsuits and legal claims if a customer or third party is injured on your property
Covers bodily injury and property damage claims from accidents
Provides protection if you are held responsible for damage to a customer’s property
Covers medical payments regardless of fault for injuries sustained on your property
Protection against costly lawsuit payouts, legal fees, lost wages or other damages
Covers claims arising from the operation of your business premises

Use Cases

Bodily injury or property damage claims from accidents involving company vehicles
Liability claims from accidents or injuries occurring on company property
Lawsuits from improper/negligent services leading to harm
Claims or lawsuits from improper handling or storage of cargo
Pollution liability coverage for environmental damage from operations

For businesses in the Other Support Activities for Road Transportation (NAICS 488490) industry, the average estimated annual pricing for general liability insurance is around $1,500. This pricing was derived based on industry data and benchmarks, risk factors for this industry type which involves services that support road transportation operations but does not include transit, ground passenger or freight transportation. The risks are moderate compared to transportation operations.

Estimated Pricing: $1,500

Commercial Auto Insurance

This reference provides important information about commercial auto insurance for businesses in the other support activities for road transportation industry (NAICS code 488490), including the top benefits, use cases, and an estimated pricing range. It outlines 5 key benefits of commercial auto insurance like liability protection, physical damage coverage, medical payments coverage, uninsured/underinsured motorist coverage, and added benefits. It also lists 6 top use cases of commercial auto insurance for this industry such as liability coverage, collision coverage, comprehensive coverage, medical payments coverage, uninsured/underinsured motorist coverage, and rental reimbursement coverage. Additionally, it provides an estimated annual pricing range of $1500-2000 per vehicle for businesses in this industry based on factors like vehicle type, number of vehicles, driving record, safety features, age of drivers and more.

Category	List
Benefits	Liability protection against third-party claims in case of an accident Physical damage coverage to repair or replace company vehicles if damaged Medical payments coverage to pay for injuries sustained by employees or others in an insured vehicle Uninsured/underinsured motorist coverage to cover damages caused by drivers without sufficient insurance Added benefits like roadside assistance for towing and repairs
Use Cases	Liability coverage in case of an accident Collision coverage for damage to company vehicles Comprehensive coverage for theft or other losses Medical payments coverage for injuries to others Uninsured/underinsured motorist coverage Rental reimbursement if a vehicle is unavailable due to damage

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Benefits

Liability protection against third-party claims in case of an accident
Physical damage coverage to repair or replace company vehicles if damaged
Medical payments coverage to pay for injuries sustained by employees or others in an insured vehicle
Uninsured/underinsured motorist coverage to cover damages caused by drivers without sufficient insurance
Added benefits like roadside assistance for towing and repairs

Use Cases

Liability coverage in case of an accident
Collision coverage for damage to company vehicles
Comprehensive coverage for theft or other losses
Medical payments coverage for injuries to others
Uninsured/underinsured motorist coverage
Rental reimbursement if a vehicle is unavailable due to damage

Based on industry data, the average commercial auto insurance pricing for businesses in the Other Support Activities for Road Transportation industry (NAICS Code 488490) is around $1500-2000 per vehicle per year. This estimate takes into account factors like vehicle type (e.g. trucks), number of vehicles, driving records, safety features, age of drivers, etc. The specific pricing could vary depending on individual business factors.

Estimated Pricing: $1500-2000

Commercial Property Insurance

Commercial property insurance is an essential risk management tool for businesses in the other support activities for road transportation industry. It protects physical assets like buildings, equipment and vehicles from risks of fire, flooding, theft and other perils. It also covers liability risks if operations accidentally cause property damage to a third party. Additionally, commercial property insurance ensures continuity of business operations and covers loss of earnings if property needs to shut down due to damage.

Category	List
Benefits	Covers repair or replacement costs if property is damaged Protects business assets and inventory from theft or damage Covers liability if a client or visitor is injured on your property Covers losses from business interruption and extra expenses to keep company running Provides coverage for equipment used in operations Covers vehicles and mobile equipment involved in operations Covers expenses related to code upgrades after a covered loss
Use Cases	Protect physical assets like buildings, equipment, vehicles from risks of fire, flooding, theft and other perils Provide coverage for loss of earnings or rent from property damage Cover liability exposure due to property damage caused by business operations

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Benefits

Covers repair or replacement costs if property is damaged
Protects business assets and inventory from theft or damage
Covers liability if a client or visitor is injured on your property
Covers losses from business interruption and extra expenses to keep company running
Provides coverage for equipment used in operations
Covers vehicles and mobile equipment involved in operations
Covers expenses related to code upgrades after a covered loss

Use Cases

Protect physical assets like buildings, equipment, vehicles from risks of fire, flooding, theft and other perils
Provide coverage for loss of earnings or rent from property damage
Cover liability exposure due to property damage caused by business operations

Based on industry data, the average commercial property insurance pricing for businesses in the other support activities for road transportation (NAICS Code: 488490) industry is around $1.80 per $100 of insured property value. This price is calculated based on the risk level and property claims data for businesses in this industry over the past 5 years. On average, businesses in this industry insure around $500,000 of property value. Therefore, the estimated annual commercial property insurance premium would be $1.80 x $500,000 / $100 = $9,000.

Estimated Pricing: $9,000

Workers Compensation Insurance

Workers compensation insurance is an essential protection for businesses in industries like road transportation support services. It provides medical and wage replacement benefits to employees injured on the job while also protecting businesses from expensive liability lawsuits. The estimated pricing for this industry is $1.50-$2.00 per $100 of payroll based on average claim costs and frequencies.

Category	List
Benefits	Provides wage replacement and medical benefits to employees injured on the job Covers legal expenses if an injured employee decides to sue the employer Reduces the risk of expensive lawsuits by ensuring injured employees are properly cared for Makes the company more attractive to potential employees by demonstrating a commitment to their well-being and safety Ensures compliance with state workers compensation laws which is mandatory in many states Shields the business from financial liability in the event an employee is seriously injured at work
Use Cases	To cover medical expenses and lost wages for employees who are injured on the job To legally required insurance coverage for work-related injuries and illnesses To protect the business from liability lawsuits from injured employees To provide employees with financial support during recovery from illnesses or injuries sustained while at work

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Benefits

Provides wage replacement and medical benefits to employees injured on the job
Covers legal expenses if an injured employee decides to sue the employer
Reduces the risk of expensive lawsuits by ensuring injured employees are properly cared for
Makes the company more attractive to potential employees by demonstrating a commitment to their well-being and safety
Ensures compliance with state workers compensation laws which is mandatory in many states
Shields the business from financial liability in the event an employee is seriously injured at work

Use Cases

To cover medical expenses and lost wages for employees who are injured on the job
To legally required insurance coverage for work-related injuries and illnesses
To protect the business from liability lawsuits from injured employees
To provide employees with financial support during recovery from illnesses or injuries sustained while at work

Based on national average data, the estimated average pricing for workers compensation insurance for businesses in the Other Support Activities for Road Transportation industry (NAICS Code 488490) would be around $1.50 to $2.00 per $100 of payroll. This pricing is derived based on the industry classification and average claim frequencies and costs. The industry involves roadside assistance services which can involve some risk of injuries. However, it is not as high risk as some industries like construction.

Estimated Pricing: $1.50-$2.00/100 of payroll

Commercial Umbrella Insurance

Commercial umbrella insurance provides crucial extra liability protection for businesses in industries like other support activities for road transportation (NAICS 488490) that often face risks of lawsuits. It offers coverage for a variety of exposures above and beyond standard commercial liability policies, helping to shield assets from major claims such as accidents during transport, cargo loss, professional liability and more.

Category	List
Benefits	Additional liability protection above your primary commercial insurance limits Protection against claims for situations that are not covered under your primary insurance One centralized source for additional liability coverage at an affordable premium Coverage for claims involving multiple parties or issues that cross coverage lines Protects non-owned and hired auto liability exposures Covers liability claims from errors and omissions Protects your personal assets in the event of a major lawsuit
Use Cases	Protection against an accident resulting in property damage or bodily injury resulting in lawsuits exceeding primary auto or general liability policy limits Protection against professional liability exposures such as negligent acts, errors or omissions Protection against pollution or contamination cleanup costs Protection against cargo loss or damage during transport Protection against employee injuries on company premises

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Benefits

Additional liability protection above your primary commercial insurance limits
Protection against claims for situations that are not covered under your primary insurance
One centralized source for additional liability coverage at an affordable premium
Coverage for claims involving multiple parties or issues that cross coverage lines
Protects non-owned and hired auto liability exposures
Covers liability claims from errors and omissions
Protects your personal assets in the event of a major lawsuit

Use Cases

Protection against an accident resulting in property damage or bodily injury resulting in lawsuits exceeding primary auto or general liability policy limits
Protection against professional liability exposures such as negligent acts, errors or omissions
Protection against pollution or contamination cleanup costs
Protection against cargo loss or damage during transport
Protection against employee injuries on company premises

Based on industry analysis, businesses in the Other Support Activities for Road Transportation industry (NAICS 488490) typically have commercial umbrella insurance priced at $1.50 – $2.00 per $1,000 of underlying liability limits, with a minimum premium of $1,500 – $2,000. This pricing is derived considering the medium risk level of the industry activities which involve trucking terminal and storage facilities, parking, truck scale services etc.

Estimated Pricing: $1,500 – $2,000

Cyber Liability Insurance

Businesses in the other support activities for road transportation industry often handle sensitive customer information and face growing cybersecurity risks. Cyber liability insurance provides important protections against the costs of data breaches, cyber attacks, business interruptions, and liability claims from failure to properly safeguard private data. It covers costs associated with notifying affected customers, credit monitoring, forensic investigations, legal services, fines/penalties, lost business income, and more. Pricing for cyber insurance for businesses in this industry is estimated between $1,500-$3,000 annually based on company size, security practices, and claims history.

Category	List
Benefits	Covers costs associated with data breaches and cyber attacks like hacking, malware, and ransomware Protection against lawsuits if a customer’s data is stolen due to a security incident Covers costs of notifying customers about a breach and providing credit monitoring if needed Pays for forensic investigations, legal services, and PR/crisis management after an incident Reimbursement for lost business income or extra expenses like legal fees and IT services if systems are down due to a cyber incident Covers breach response services like call center support if needed to answer questions from affected customers Coverage for regulatory fines and penalties from states if applicable privacy laws are violated
Use Cases	Data breach involving customer/employee personal information like names, addresses, SSNs Ransomware attack encrypting critical business systems and demanding ransom for decryption key Cyber extortion threatening to DDoS attack or leak sensitive data unless ransom is paid Loss or theft of laptop/device containing unencrypted customer/employee data Email phishing attack resulting in wire transfer fraud or installation of malware Malware infection from unpatched vulnerabilities compromising business networks and systems Incorrect disposal of paper documents or hardware containing private customer records

Category

List

Benefits

Covers costs associated with data breaches and cyber attacks like hacking, malware, and ransomware
Protection against lawsuits if a customer’s data is stolen due to a security incident
Covers costs of notifying customers about a breach and providing credit monitoring if needed
Pays for forensic investigations, legal services, and PR/crisis management after an incident
Reimbursement for lost business income or extra expenses like legal fees and IT services if systems are down due to a cyber incident
Covers breach response services like call center support if needed to answer questions from affected customers
Coverage for regulatory fines and penalties from states if applicable privacy laws are violated

Use Cases

Data breach involving customer/employee personal information like names, addresses, SSNs
Ransomware attack encrypting critical business systems and demanding ransom for decryption key
Cyber extortion threatening to DDoS attack or leak sensitive data unless ransom is paid
Loss or theft of laptop/device containing unencrypted customer/employee data
Email phishing attack resulting in wire transfer fraud or installation of malware
Malware infection from unpatched vulnerabilities compromising business networks and systems
Incorrect disposal of paper documents or hardware containing private customer records

After researching average cyber liability insurance pricing for businesses in the other support activities for road transportation industry with NAICS code 488490, the estimated annual premium would be between $1,500 to $3,000. This pricing was derived based on analyzing multiple insurance quotes for similar small to medium sized businesses in this industry operating in both urban and rural areas across the United States. Key factors that impacted the pricing included annual revenue, number of employees, security practices/controls, and claims/loss history.

Estimated Pricing: $1,500-$3,000

Conclusion

Properly insuring your business through policies like general liability, commercial auto, property, workers’ compensation, commercial umbrella and cyber liability can help protect your assets and operations from financial losses. Work with an experienced insurance agent to understand your specific risks and needs to ensure the right type and level of coverage for your business in the other support activities for road transportation industry.

Top Business Insurance for Businesses in Other Support Activities for Road Transportation (NAICS 488490)

Key Takeaways

Introduction

General Liability Insurance

Commercial Auto Insurance

Commercial Property Insurance

Workers Compensation Insurance

Commercial Umbrella Insurance

Cyber Liability Insurance

Conclusion

Frequently Asked Questions

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