Key Takeaways
- General liability insurance protects against injuries on your premises and claims related to your operations.
- Property insurance covers damage to physical assets from incidents like fires and natural disasters.
- Commercial auto insurance is needed if vehicles are used for business purposes like deliveries.
- Workers compensation is legally required in all states to cover on-the-job injuries and illnesses.
- A business owners policy combines multiple types of coverage into one affordable policy.
- Umbrella insurance provides excess liability limits above standard policies.
- Product liability insurance protects against costs of product defects causing injuries.
- Commercial crime coverage addresses theft risks like employee theft or shoplifting.
- Cyber liability insurance is crucial for data breaches involving customer information.
Introduction
As a business owner in the All Other Miscellaneous Retailers industry classified under NAICS code 459999, there are various risks to your operations that could impact your finances and ability to run your business smoothly. Having the proper business insurance in place is essential to protect your assets and limit your liability. This guide will outline the top insurance options you should consider for your business based on risks commonly faced by businesses in this industry. It will summarize each type of insurance along with their key benefits, uses cases and estimated pricing as well as include relevant tables and videos.
General Liability Insurance
“General liability insurance provides important protection for businesses in the all other miscellaneous retailers industry classified under NAICS code 459999. This type of insurance covers costs associated with incidents that may cause harm, injury, or property damage to customers or others related to the business operations.”
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Based on industry data and risk factors, the estimated average annual pricing for general liability insurance for businesses classified under NAICS code 459999 (All Other Miscellaneous Retailers) is around $1,500. This estimation is derived considering factors like business size, number of employees, annual revenue, claims history if any, and types of goods or services offered. Larger businesses with more than 10 employees and over $500K in annual revenue can expect prices closer to $2,000-$3,000.
Estimated Pricing: $1,500
Property Insurance
Property insurance provides critical protection for retail businesses by covering physical property, inventory, and business interruption losses from unexpected incidents. It helps businesses recover and resume operations after covered damages.
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Based on typical pricing considerations like location, property values, premium rates, deductibles, and optional coverage, the estimated average annual price for property insurance would be around $3,500. Property values and premium rates for retail businesses tend to be on the lower end. A standard deductible of $1,000 and basic building, contents and business interruption coverage were assumed in this estimate.
Estimated Pricing: $3,500
Commercial Auto Insurance
Commercial auto insurance protects businesses by providing essential coverage for vehicles used during operations. It offers protection against liability costs, repairs, lost revenue, and medical expenses that may arise from accidents involving company vehicles. The average annual commercial auto insurance premium for small retailers in NAICS code 459999 that use 1-5 vehicles is $1,200 according to industry analysis. Common uses of commercial auto policies include covering delivery vehicles, reimbursing repair costs from accidents, and liability protection for company drivers.
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Based on industry analysis, the estimated average annual price for commercial auto insurance for businesses in the NAICS code 459999 (All Other Miscellaneous Retailers) industry is $1,200. This price was derived based on national averages for small retail businesses with 1 to 5 vehicles used for delivering goods or services. Key factors that influence pricing include number of vehicles, driver qualifications, safety records, and business operations.
Estimated Pricing: $1,200
Workers Compensation Insurance
Workers compensation insurance provides critical protections for both retail businesses and their employees in the all other miscellaneous retailers industry. It ensures injured or ill retail workers receive financial support for medical costs and lost wages while on the job, while also shielding employers from expensive liability lawsuits. Benefits for businesses include liability protection, reduced absenteeism, and improved employee satisfaction. Coverage helps pay for employee injuries, illnesses, medical bills and lost wages due to work-related causes. Estimated annual costs are around $15-20 per $100 of payroll.
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Based on typical factors like employee payroll, number of employees, type of business, risk level and average claims for this industry, the estimated average annual pricing for workers compensation insurance is calculated to be around $15-20 per $100 of payroll. This industry has a moderate risk level and average number of claims compared to other retail industries.
Estimated Pricing: $15-20/100 payroll
Business Owners Policy
A business owners policy provides comprehensive protection for businesses in the all other miscellaneous retailers industry with NAICS code 459999. It combines multiple types of insurance, including property, general liability, and business interruption coverage, into a single affordable policy. The top benefits of a BOP for these businesses are protecting physical assets from damages, protecting against lawsuits from customers, and continuing operating expenses if the business temporarily closes. The top uses cases are insuring business inventory, supplies and equipment, protecting against customer injury claims, covering lost income if the business closes, and insuring commercial vehicles. Based on industry averages, a BOP for this industry would cost around $1,500 annually.
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Based on industry averages for this NAICS code, the estimated average annual pricing for a Business Owners Policy would be around $1,500. This estimation took into account factors like average revenue, number of employees, risk level of operations, and claims history for similar businesses. The final price offered by insurers may vary depending on the specific business operations and coverages requested.
Estimated Pricing: $1,500
Umbrella Insurance
Umbrella insurance provides excess liability coverage that protects businesses from costly lawsuits. It is an important risk management tool for companies in industries like all other miscellaneous retailers due to risks of product defects, injuries from merchandise, or other negligence claims that could exceed standard commercial insurance limits.
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Based on research of typical umbrella insurance pricing for businesses in retail industries, the estimated average annual premium would be $750-$1,200. Premiums are often calculated based on factors like gross annual revenue, number of employees, types of risks involved, claims history, and other business characteristics. For businesses in the 459999 NAICS code category, which represents a wide range of small specialty retail stores, an average premium of $1,000 would be a reasonable estimate.
Estimated Pricing: $1,000
Product Liability Insurance
Product liability insurance provides protection for businesses against costs associated with injuries or property damage that may arise from defective products. It covers legal fees, medical expenses, injury compensation, and other costs if a customer sues after being harmed by a product. This type of insurance is especially important for businesses in the all other miscellaneous retailers industry as they deal with various products and face risks if any products are defective. It protects the business’s finances and reputation from lawsuits and provides peace of mind against financial risks from product-related claims.
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Based on industry analysis, the average pricing for product liability insurance for businesses in NAICS code 459999 (All Other Miscellaneous Retailers) is around $1,500 per year. This pricing was derived based on factors such as the business size, annual revenue, number of employees, types of products sold, product safety records, claims history, and risk level associated with the products.
Estimated Pricing: $1,500
Commercial Crime Insurance
Commercial crime insurance provides protection for businesses in the all other miscellaneous retailers industry against losses from theft and fraud. It covers risks such as employee theft, shoplifting, robberies, and computer or fund transfer fraud according to the typical benefits, use cases, and pricing outlined for NAICS code 459999 businesses.
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Based on typical factors such as average revenue, number of employees, claims history, and risk assessment, the estimated average annual pricing for commercial crime insurance for businesses in the NAICS code 459999 (All Other Miscellaneous Retailers) industry would be around $1,500. This pricing was derived from analysing insurance rates for similar sized retailers and factoring in the diverse nature of businesses that may fall under the NAICS 459999 code.
Estimated Pricing: $1,500
Cyber Liability Insurance
Cyber liability insurance provides important protection for businesses in the all other miscellaneous retailers industry. It covers costs associated with data breaches, cyber attacks, system outages and more. This insurance is especially critical for retailers that store large amounts of customer data and rely on technology for operations. It can help protect them financially from expensive impacts of data loss and downtime incidents.
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$1,000 – $5,000 annually depending on factors such as annual revenue, number of records held, security practices. Higher revenue or larger records holdings would price nearer to $5,000 while lower revenue or fewer records would be nearer $1,000. This pricing is estimated based on typical policies for small retail businesses handling customer data and financial transactions online.
Estimated Pricing: $1,000 – $5,000
Conclusion
Proper business insurance plays a vital role for companies in the miscellaneous retail industry by providing financial protection against unexpected losses and limiting liability exposure. Taking time to understand your specific risks and choosing coverage tailored to your needs can give you peace of mind that your business and assets are protected.