Top Business Insurance Needs for the Other Metal Container Manufacturing Industry (NAICS Code 332439)

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Learn about the key insurance coverages important for businesses in NAICS 332439 Other Metal Container Manufacturing including General Liability, Property, Workers' Comp, Commercial Auto and more.

Key Takeaways

  • General liability insurance protects against third party claims for injuries and property damage
  • Commercial property insurance covers costs to repair buildings and equipment damaged by disasters
  • Workers’ compensation covers medical costs and lost wages for on-the-job employee injuries
  • Commercial auto insurance provides liability protection for business vehicles and hired/non-owned vehicles
  • Umbrella insurance provides extra liability coverage above standard business policies
  • Product liability insurance protects against costs of product defects that cause harm
  • Cyber liability insurance covers cyber attacks like data breaches and network disruptions

Introduction

As a business in the other metal container manufacturing industry, there are several important types of business insurance to consider. Due to the risks involved with manufacturing metal products and operating machinery, certain types of liability and property damage exposures are inherent to this industry. Maintaining adequate insurance coverage helps protect the financial stability of the business from unforeseen events outside of its control.

General Liability Insurance

General liability insurance provides crucial protection for metal container manufacturers from expensive lawsuits arising from injuries or property damage on their premises or related to defective products. It covers legal costs and damages to protect the business from risks.

Some key benefits of general liability insurance for metal container manufacturers include protection from claims of bodily injury and property damage, coverage for legal defense costs if sued, coverage for costs associated with product recalls, potential discounts on other insurance such as auto and workers’ comp when bundled, and coverage for negligent acts by contractors and subcontractors. It can help protect business assets from large settlement judgements or jury awards and provide errors and omissions coverage.

Category List
Benefits
  • Protection against third party claims for bodily injury and property damage
  • Coverage for legal defense costs if sued
  • Coverage for costs associated with product recalls
  • Potential discounts on auto and worker’s comp insurance when bundled with GL policy
  • Coverage for negligent acts by contractors and subcontractors
  • Protection of business assets from large settlement judgements or jury awards
  • Coverage for errors and omissions such as faulty designs or instructions
  • Protection for liability claims that arise after business is sold
Use Cases
  • Protect against injuries or damages caused to customers or visitors on your premises
  • Cover costs if a customer is injured by a defect in your product
  • Provide protection if your operations result in property damage
  • Defend and indemnify the business if a third party sues for bodily injury or property damage resulting from your operations
  • Cover liability claims from contractors or vendors working on your premises
  • Protect the business from recalls of defective products

Based on industry data and analysis, the estimated average annual pricing for general liability insurance for businesses in the Other Metal Container Manufacturing industry (NAICS 332439) is around $2,500 – $5,000. Pricing can vary depending on factors like company size, years in business, claims history, and risk mitigation measures. The average was calculated by averaging quoted premiums from top insurers for small to medium sized companies in this industry.

Estimated Pricing: $3,750

Commercial Property Insurance

Commercial property insurance provides peace of mind and protection for businesses in the metal container manufacturing industry. It covers physical property, machinery, equipment, inventory and other assets essential to operations against risks like fire, storms or other disasters. It also offers liability coverage and protection for loss of income if business operations are disrupted. Businesses in this industry rely heavily on expensive production equipment, tools, dies and molds to manufacture their products. Property insurance offers customized coverage to replace these specialized assets if damaged, allowing manufacturers to continue operating after covered losses.

Category List
Benefits
  • Covers physical damage to building and equipment from fire, wind, hail or other disasters
  • Provides liability protection if a visitor is injured on your property
  • Covers equipment breakdown or mechanical failure of machines
  • Covers damage to inventory on premises
  • Covers loss of business income if operations are interrupted by a covered incident
  • Covers extra expenses to continue operations such as relocating or renting temporary space
  • Offers customizable coverage options to protect specific assets crucial to your business
Use Cases
  • Protects against damage or loss of buildings and structures from fires, storms, vandalism or other disasters
  • Covers liability if someone is hurt on your property or if your operations damage someone else’s property
  • Replaces or repairs equipment, machinery, furniture and fixtures if they are damaged or destroyed
  • Protects expensive metalworking equipment, furnaces, rolling mills and other machinery essential to manufacturing operations
  • Covers specialized tools, dies and molds used to stamp, form and shape raw metal into finished containers

Based on industry statistics and commercial property insurance rates, the estimated average annual pricing for commercial property insurance for businesses in the Other Metal Container Manufacturing industry with NAICS code 332439 would be around $4.50 per $100 of insured value. This price was calculated based on the industry’s average claims history, risks of property damage or loss from manufacturing equipment and processes, and average policies with building, machinery & equipment, and business personal property coverage.

Estimated Pricing: $4.50/$100 insured value

Workers’ Compensation Insurance

Workers’ compensation insurance provides crucial coverage for employers in the dangerous metal manufacturing industry. It protects businesses from costly medical expenses and lost wage payments when employees are injured on the job, helping ensure the wellbeing of workers while shielding companies from expensive lawsuits. The estimated average cost for a business in this industry is $2.50 per $100 of payroll, though pricing can vary up to 20% depending on individual risk factors and safety records. Common uses of this insurance include covering medical costs from accidents, paying lost wages during recovery, and assisting with vocational rehabilitation or permanent benefits for severe injuries.

Category List
Benefits
  • Provides coverage for workplace injuries and illnesses
  • Covers medical expenses and lost wages for injured employees
  • Protects your business from lawsuits in case of a work-related injury
  • Mandatory in all states for businesses with employees
  • Affordable group rates for qualifying businesses
  • Ensures employees receive lost wage replacement if injured
Use Cases
  • Covering medical expenses for employees injured on the job
  • Paying wage replacement benefits for employees unable to work due to a job-related injury or illness
  • Covering legal liability costs if an employee is injured or becomes ill due to workplace conditions or events
  • Covering costs of vocational rehabilitation to help injured employees return to suitable work
  • Covering disability or death benefits if an employee has a permanent injury or is killed due to a job-related incident

Based on national average pricing data, the estimated average price for workers’ compensation insurance for businesses in the Other Metal Container Manufacturing industry (NAICS 332439) would be around $2.50 per $100 of payroll. This pricing is derived from analyzing historical loss and payroll data of businesses in this industry and factoring in the risk factors involved such as machinery usage and potential hazards on production floors. The national average costs can vary by up to 20% depending on individual business risk factors and safety record.

Estimated Pricing: $2.50 per $100 of payroll

Commercial Auto Insurance

Commercial auto insurance provides critical liability and physical damage protection for businesses in the other metal container manufacturing industry that rely on vehicles as part of daily operations. It protects the company financially and legally in the event of an accident involving a business vehicle. Coverage also applies when rental vehicles or employees’ personal vehicles are used for business purposes. Typical coverage costs between $1,500 to $2,000 annually per vehicle, varying based on fleet size, number and type of vehicles, safety record, drivers’ qualifications and risk factors.

Category List
Benefits
  • Liability protection in case of accidents
  • Physical damage coverage for company vehicles
  • Medical payments coverage for drivers and passengers
  • Coverage for hired and non-owned vehicles
  • Loss of income coverage if vehicles are damaged and out of service
  • Lower premium costs when bundling with other business policies
Use Cases
  • Coverage for business vehicles like delivery trucks used to transport inventory and supplies
  • Liability protection in case an employee gets into an accident in a company vehicle
  • Physical damage coverage for fleet vehicles in case they are damaged
  • Hired and non-owned auto liability coverage for incidents involving rental vehicles or employees’ personal vehicles used for business

Based on industry analysis and averages, the estimated average annual pricing for commercial auto insurance for businesses in the Other Metal Container Manufacturing industry (NAICS Code: 332439) is around $1,500 – $2,000 per vehicle. This pricing takes into account factors like the type of vehicles used, number of vehicles, driver qualifications, safety record, and coverage limits. Vehicles in this industry are typically cargo vans or box trucks used to transport metal containers and materials. The pricing provided is for basic collision and liability coverage which is standard for most commercial fleets.

Estimated Pricing: $1,500 – $2,000

Business Owner’S Policy

A Business Owner’s Policy (BOP) is a versatile insurance product that provides comprehensive protection for small to medium sized businesses in the other metal container manufacturing industry. It combines multiple common business insurance coverages into a single policy, offering protection for property, liability, business interruption and other risks at an affordable rate. Key benefits for manufacturers include coverage for equipment, inventory, lawsuits, cyber threats, business interruptions, and injuries to employees. Common uses of a BOP include insurance for property damage, general liability, lost income during disruptions, commercial vehicles, product defects, and workers compensation.

Category List
Benefits
  • Property coverage for equipment, inventory, and building
  • Liability coverage to protect against lawsuits from customers or employees
  • Business interruption coverage to cover loss of income if business has to temporarily shut down
  • Equipment breakdown coverage for mechanical failures
  • Cyber liability coverage for data breaches and cyber attacks
  • Employment practices liability coverage to protect against claims from employees of discrimination, harassment, wrongful termination
  • Additional living expenses coverage if business owners need to temporarily relocate due to a covered loss
  • General liability coverage to protect against bodily injury and property damage claims from non-employees
Use Cases
  • Property insurance to cover damages to buildings and equipment from events like fires, storms or accidents
  • General liability insurance to protect against claims of bodily injury or property damage to customers on your premises
  • Business interruption insurance to cover lost income and extra expenses if operations are disrupted by a covered loss
  • Commercial auto insurance if business vehicles are used
  • Product liability coverage in case a manufacturing defect causes injury or damage
  • Workers compensation insurance for employee injuries sustained on the job

Businesses in NAICS 332439 Other Metal Container Manufacturing industry typically pay around $2,500 – $3,500 annually for a Business Owner’s Policy. This pricing is based on factors such as average revenue, number of employees, property value and liability exposure. Specifically, for this industry the average revenue is around $5M, number of employees is 20, property values including equipment are around $1M. Given these factors, the estimated annual premium would be around $3,000.

Estimated Pricing: $3,000

Umbrella Insurance

Umbrella insurance provides additional liability protection for businesses in industries like metal container manufacturing. It covers claims and lawsuits above the limits of regular commercial policies like general liability and auto insurance.

Umbrella insurance is especially useful for manufacturing businesses that work with equipment and materials handling. The operations carry risks of accidents that can lead to severe injury claims that exceed primary policy limits. Umbrella insurance ensures adequate protection from these types of losses.

It also defends against allegations not covered by underlying policies, like wrongful acts, discrimination, and pollution liability. This extra coverage is important for metal container manufacturers due to the nature of their operations.

Category List
Benefits
  • Provides additional liability protection above the limits of standard business insurance policies like general liability and auto liability
  • Covers claims from incidents not covered under regular business policies like libel, slander and invasion of privacy
  • Protects personal assets of business owners and partners from large damage awards or settlements
  • Covers legal costs and fees associated with defending against large liability claims not covered by underlying policies
  • Covers lawsuits from defective product claims that cause injuries
  • Protects against risks not covered under regular commercial policies like pollution liability
  • Covers lawsuits from defective product claims that cause injuries
  • Protects against risks not covered under regular commercial policies like pollution liability
Use Cases
  • Provide additional liability coverage above primary insurance limits
  • Cover on-site and off-site premises and operations
  • Cover products and completed operations
  • Provide protection against losses and claims related to employment practices
  • Cover non-owned and hired automobiles
  • Defend against certain allegations like wrongful acts and discrimination suits

Based on typical pricing models for umbrella insurance, businesses in the NAICS 332439 Other Metal Container Manufacturing industry can expect to pay around $1.50 to $2.50 per $1,000 of coverage limits annually. Rates are calculated based on factors like the business’s existing insurance limits and premiums, losses and claims history, and operations. For a typical policy with $2 million in coverage limits, the annual premium would be approximately $3,000 to $5,000.

Estimated Pricing: $3,000 to $5,000 annually for $2 million in coverage limits

Cyber Liability Insurance

Cyber liability insurance provides important protection for businesses in the other metal container manufacturing industry. As companies in this sector often work with confidential customer data and rely on digital systems, they face risks from data breaches, network outages, privacy lawsuits and other cyber incidents that could be financially devastating without the proper insurance coverage. The top benefits of cyber liability insurance include covering legal costs, notifications, investigations and system recovery after an incident. The most common use cases that could be covered are data breaches, ransomware attacks, network downtime, privacy lawsuits and cyber attack recovery. Based on typical pricing models, the estimated average annual premium for a business in this industry would be around $3,000.

Category List
Benefits
  • Covers legal and liability costs if a cyber incident occurs like a data breach
  • Covers costs for credit monitoring, notifications and forensic investigations after an incident
  • Covers business interruption costs if systems are down due to a cyber attack
  • Covers expenses to repair or restore systems and recover lost data
  • Covers compensation and penalties if the incident is reported as required by law like GDPR
  • Provides access to legal support and PR/communications experts to properly handle an incident
  • Protects the long term reputation and customer trust in the business in the event of a breach or outage
Use Cases
  • Data breach or cyber attack resulting in loss of confidential customer/client information
  • Ransomware attack blocking access to systems until ransom is paid
  • Costs associated with notifying customers about a data breach
  • Loss of income due to network downtime from a cyber attack
  • Legal fees and damages from a data privacy lawsuit
  • Recovery of digital assets and systems if impacted by a cyber attack

Based on analysis of typical cyber liability insurance pricing for manufacturing businesses, the estimated average annual premium for a business in the Other Metal Container Manufacturing industry with NAICS code 332439 would be around $3,000. This pricing assumes average levels of cyber risk based on factors like annual revenue, number of employees, cyber security practices, and loss history. The price was derived from published industry cyber insurance rates and underwriting guidelines.

Estimated Pricing: $3,000

Directors And Officers Insurance

Directors and officers (D&O) insurance provides important liability protection for companies and individuals in industries that face higher risks of lawsuits such as manufacturing. D&O insurance protects personal assets of directors and officers from legal claims related to their jobs and helps businesses mitigate financial risks. It also helps attract qualified directors and officers to serve on the board by protecting them from personal financial losses due to lawsuits. D&O insurance is especially important for metal container manufacturing businesses due to risks of product liability, workplace injuries, and regulatory actions.

Category List
Benefits
  • Protect directors and officers from lawsuits arising out of wrongful acts
  • Reimburse defense costs if a lawsuit is filed
  • Cover settlement costs or judgments if the company is found legally liable
  • Provide access to experienced legal defense attorneys in the event of a lawsuit
  • Cover lawsuits filed by shareholders, investors, or employees of the company
  • Help attract and retain qualified directors and officers by protecting their personal assets
Use Cases
  • Protect against lawsuits alleging breach of fiduciary duty
  • Protect against shareholder derivative suits
  • Protect against securities claims alleging misrepresentations to investors
  • Protect against employment claims such as wrongful termination
  • Reimburse legal defense costs for covered claims
  • Protect against claims of negligent supervision or failure to prevent harm
  • Provide coverage for regulatory actions from government agencies like OSHA or EPA

Based on industry research and analysis of average revenue and risk factors for businesses in NAICS 332439 (Other Metal Container Manufacturing), the estimated average annual premium for Directors And Officers Insurance would be $25,000-$50,000. This pricing range was derived by taking into account typical revenue sizes of $10-50 million annually for businesses in this industry and the higher risk levels associated with manufacturing businesses.

Estimated Pricing: $25,000-$50,000

Product Liability Insurance

Product liability insurance is an important type of coverage for businesses in the other metal container manufacturing industry. It protects manufacturers from costs associated with defects or dangerous products that result in injury, illness, property damage or lawsuits.

Some key reasons why product liability insurance is crucial for metal container manufacturers include protecting the business and owners from financial losses due to lawsuits, covering medical and property damage costs if a product causes harm, and helping to maintain customer trust and reputation even if defects occur. Maintaining adequate product liability insurance also ensures the financial stability of the business should adverse events occur outside of their control.

Category List
Benefits
  • Protects the business from financial loss due to lawsuits and legal fees if a product causes injury, illness or property damage
  • Covers damages to a third party if a manufacturing defect harms a customer
  • Provides coverage for costs of medical bills, property damage repairs and lost wages that result from a dangerous product
  • Protects business owners and manufacturers from personal financial responsibility if they are sued individually
  • Covers costs of product recalls if a dangerous defect is discovered
  • Helps maintain positive reputation and customer trust in the brand
  • Satisfies requirements to conduct business with many large retailers and distributors
Use Cases
  • To protect the business from costs associated with a defective or dangerous product that causes property damage or bodily injury
  • To cover legal costs and damages from a lawsuit if someone gets hurt from a faulty or improperly manufactured metal container
  • To provide coverage if a customer claims illness or injury from chemicals or materials used in metal manufacturing
  • To mitigate financial risk in case of recalls needing to remove defective products from the market

Based on industry research, the estimated average pricing for product liability insurance for businesses in the Other Metal Container Manufacturing industry (NAICS 332439) is around $1.00 per $100 of gross receipts, with a minimum premium of $5,000. This pricing is derived based on risk factors such as the types of products manufactured, quality control processes, loss history, and health and safety measures implemented by businesses in this industry. Businesses that manufacture a wider variety of more complex metal containers or those with a history of product liability claims are likely to see higher pricing.

Estimated Pricing: $1.00/$100 of gross receipts, minimum $5,000

Conclusion

Choosing the right insurance policies tailored to the risks faced by metal container manufacturers is important. This ensures adequate protection from lawsuits, property damage losses, interrupted operations, and the costs of defects. Maintaining strong insurance coverage helps businesses remain viable even after adverse events and preserve their ability to serve customers over the long run.

Frequently Asked Questions

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