Top Business Insurance Options for Armored Car Services with NAICS Code 561613

Key Takeaways

General liability insurance protects from lawsuits if a customer or third party is injured
Commercial auto insurance covers vehicles transporting cash and valuables
Commercial property insurance protects buildings, vehicles and equipment
Commercial umbrella provides additional liability coverage for serious claims
Workers compensation covers medical costs if an employee gets injured on the job
Cyber liability insurance protects from data breaches and ransomware attacks

Introduction

As an armored car service business transporting large amounts of cash and valuables daily, it is critical to have adequate insurance coverage in place to protect the business operations and financial well-being. The high-risk nature of this industry means businesses often face liability risks from accidents, injuries, theft and cyber threats while performing secure transport services. Maintaining proper insurance can help cover costs, lower risks and provide peace of mind should an incident occur on the job.

General Liability Insurance

As an armored car service business, it is crucial to protect yourself from potential liabilities through adequate insurance coverage. General liability insurance helps safeguard your operations and financial well-being in case of accidents and lawsuits. Given the dangerous nature of transporting large sums of cash and valuables, general liability insurance is especially important for this industry to provide coverage in high risk situations that could result in costly claims. The reference information provides helpful details on the top benefits, use cases and estimated pricing of general liability insurance tailored specifically for armored car service businesses.

Category	List
Benefits	Protects your business from lawsuits if a customer, employee or third party is injured on your premises or by your operations Covers legal costs if you are sued for negligence, injury or property damage Helps retain customers and clients by demonstrating you have liability protection in place Replaces lost money, equipment or inventory if damaged during transportation Provides coverage if your vehicle is involved in an accident while transporting valuables Protects against claims for faulty equipment or faulty installation/maintenance of security systems
Use Cases	Protection against bodily injury or property damage claims from clients during transport of valuables Coverage for accidental damages caused to a client’s property during transport or storage Liability protection if an employee is injured on the job Defense coverage if the business is sued for negligence Protection against property damage claims if an armored vehicle is involved in an accident

Category

List

Benefits

Protects your business from lawsuits if a customer, employee or third party is injured on your premises or by your operations
Covers legal costs if you are sued for negligence, injury or property damage
Helps retain customers and clients by demonstrating you have liability protection in place
Replaces lost money, equipment or inventory if damaged during transportation
Provides coverage if your vehicle is involved in an accident while transporting valuables
Protects against claims for faulty equipment or faulty installation/maintenance of security systems

Use Cases

Protection against bodily injury or property damage claims from clients during transport of valuables
Coverage for accidental damages caused to a client’s property during transport or storage
Liability protection if an employee is injured on the job
Defense coverage if the business is sued for negligence
Protection against property damage claims if an armored vehicle is involved in an accident

Based on industry data, the estimated average annual pricing for general liability insurance for armored car services businesses with NAICS code 561613 is around $10,000-$15,000. This pricing is calculated based on factors such as the business’s annual revenue, number of vehicles used, safety record and protocols. Riskier aspects of the business such as transporting large amounts of cash would put the pricing towards the higher end of the range.

Estimated Pricing: $10,000-$15,000

Commercial Auto Insurance

As an armored car service business, commercial auto insurance provides key protection and peace of mind for your vehicles transporting large amounts of cash and valuables daily. It can help cover liability, physical damage, medical costs, and lost cargo from accidents or incidents on the job. Commercial auto insurance also offers deductible savings programs for implementing safety initiatives and uninsured/underinsured motorist coverage for hit-and-runs.

Category	List
Benefits	Liability Protection: Covers your business from lawsuits and legal claims if your vehicles are involved in an accident Physical Damage Coverage: Covers damage or theft to your business’ vehicles Medical Payments Coverage: Covers medical expenses for those injured in an accident involving your vehicles, regardless of fault Uninsured/Underinsured Motorist Coverage: Covers damage from hit-and-run accidents or other drivers without sufficient coverage Loss of Cargo Coverage: Reimburses your business for cash and valuables lost due to theft or damage while in transit Deductible Savings Programs: Options to lower deductible amounts in exchange for safety programs and record discounts
Use Cases	Liability protection in the event of an accident while transporting cash or valuables Collision coverage for vehicle repairs if the armored vehicle is damaged in an accident Comprehensive coverage for repairs from incidents like fire, theft or acts of nature Medical payments coverage in case anyone is injured from an incident involving the armored vehicle

Category

List

Benefits

Liability Protection: Covers your business from lawsuits and legal claims if your vehicles are involved in an accident
Physical Damage Coverage: Covers damage or theft to your business’ vehicles
Medical Payments Coverage: Covers medical expenses for those injured in an accident involving your vehicles, regardless of fault
Uninsured/Underinsured Motorist Coverage: Covers damage from hit-and-run accidents or other drivers without sufficient coverage
Loss of Cargo Coverage: Reimburses your business for cash and valuables lost due to theft or damage while in transit
Deductible Savings Programs: Options to lower deductible amounts in exchange for safety programs and record discounts

Use Cases

Liability protection in the event of an accident while transporting cash or valuables
Collision coverage for vehicle repairs if the armored vehicle is damaged in an accident
Comprehensive coverage for repairs from incidents like fire, theft or acts of nature
Medical payments coverage in case anyone is injured from an incident involving the armored vehicle

Based on industry research and statistical data, the estimated average annual pricing for commercial auto insurance for businesses in the armored car services industry with NAICS code 561613 is around $20,000-$30,000 per vehicle. This pricing range takes into account factors like the high-risk nature of the vehicles transporting cash and other valuables, required security features on vehicles, number of vehicles in the fleet, safety record and claims history of the business.

Estimated Pricing: $20,000-$30,000

Commercial Property Insurance

Armored car services companies transport large amounts of valuables like cash which necessitates proper insurance coverage. Commercial property insurance can help protect these businesses from financial losses by covering costs associated with vehicle repairs or replacements, liability lawsuits, business interruptions, equipment failures, and currency being transported. Estimated average annual premiums are in the range of $30,000-$50,000 depending on property values, number of vehicles/locations, loss history, and security measures.

Category	List
Benefits	Protection against financial loss if company vehicles or offices are damaged or destroyed Replacement cost coverage to repair or rebuild damaged property Liability coverage to protect against lawsuits if someone is injured on your property Business interruption insurance to cover lost income if operations are suspended Equipment breakdown coverage for mechanical failures of security systems, vaults or vehicles Coverage for currency and valuables being transported Deductible discounts for safety initiatives and loss control programs
Use Cases	Protect vehicles used for transporting cash and valuables from losses due to accidents, theft or damage Protect buildings and facilities like storage areas, headquarters and depots from losses due to fire, storms or other disasters Provide coverage for electronic equipment, security systems and other property inside vehicles and facilities Cover losses from burglary or robbery of cash, coins or other property being transported or stored on premises

Category

List

Benefits

Protection against financial loss if company vehicles or offices are damaged or destroyed
Replacement cost coverage to repair or rebuild damaged property
Liability coverage to protect against lawsuits if someone is injured on your property
Business interruption insurance to cover lost income if operations are suspended
Equipment breakdown coverage for mechanical failures of security systems, vaults or vehicles
Coverage for currency and valuables being transported
Deductible discounts for safety initiatives and loss control programs

Use Cases

Protect vehicles used for transporting cash and valuables from losses due to accidents, theft or damage
Protect buildings and facilities like storage areas, headquarters and depots from losses due to fire, storms or other disasters
Provide coverage for electronic equipment, security systems and other property inside vehicles and facilities
Cover losses from burglary or robbery of cash, coins or other property being transported or stored on premises

Based on typical commercial property insurance premium calculations considering factors like property values, number of vehicles/locations, liability exposures, loss history, security measures, and competitive market rates, the estimated average annual pricing would be around $30,000-$50,000. Higher values for property, vehicles, cash transported would increase the premium while strong loss control programs and security systems could help lower the rates.

Estimated Pricing: $30,000-$50,000

Commercial Umbrella Insurance

Commercial umbrella insurance provides additional liability protection for higher risk businesses like armored car services. It covers lawsuits and claims that exceed primary insurance limits, helping to protect both business assets and reputation from significant financial losses. Umbrella insurance is especially beneficial for armored car services due to the risks involved with transporting large sums of cash and valuables. It provides coverage for accidents, injuries, slip and fall incidents, and acts of negligence that could leave the business vulnerable to lawsuits exceeding initial coverage. With estimated premiums around $2,500 for $1 million in added liability protection, umbrella insurance is a smart investment for these businesses to safeguard their long term operations and financial stability.

Category	List
Benefits	Reduces overall insurance costs by covering risk above other insurance policies Provides additional liability coverage beyond required underlying policies like general liability, auto and workers comp Protects against lawsuits and serious claims that could exceed primary coverage limits Covers business owners for lawsuits brought against them personally Covers premises liability, product liability and other risks that a basic business policy may not cover Covers legal costs like attorney fees if a major lawsuit or claim is filed against the business Protects non-tangible assets like business reputation in cases of serious accidents or claims Provides continuity for risk management and loss prevention practices to help reduce liability over the long run
Use Cases	To provide additional liability coverage beyond the limits of the underlying commercial general liability (CGL) and auto liability policies To protect the business from large loss claims and lawsuits resulting from accidents involving vehicles during transport or cash in transit To protect directors and officers from personal liability exposures related to their responsibilities for the business operations To provide coverage for slip and fall accidents that occur on the business’s premises To protect the business from lawsuits related to allegations of negligent acts, errors, or omissions

Category

List

Benefits

Reduces overall insurance costs by covering risk above other insurance policies
Provides additional liability coverage beyond required underlying policies like general liability, auto and workers comp
Protects against lawsuits and serious claims that could exceed primary coverage limits
Covers business owners for lawsuits brought against them personally
Covers premises liability, product liability and other risks that a basic business policy may not cover
Covers legal costs like attorney fees if a major lawsuit or claim is filed against the business
Protects non-tangible assets like business reputation in cases of serious accidents or claims
Provides continuity for risk management and loss prevention practices to help reduce liability over the long run

Use Cases

To provide additional liability coverage beyond the limits of the underlying commercial general liability (CGL) and auto liability policies
To protect the business from large loss claims and lawsuits resulting from accidents involving vehicles during transport or cash in transit
To protect directors and officers from personal liability exposures related to their responsibilities for the business operations
To provide coverage for slip and fall accidents that occur on the business’s premises
To protect the business from lawsuits related to allegations of negligent acts, errors, or omissions

Based on typical pricing models and risk factors for the armored car services industry (NAICS Code: 561613), the estimated average annual premium for $1 million in commercial umbrella insurance coverage would be around $2,500. This price was derived based on analysis of financial data and loss histories of businesses in this industry, which involves higher risks due to transporting cash and valuables. The premium may vary slightly depending on individual business factors like annual revenues, claims history, and safety procedures.

Estimated Pricing: $2,500

Workers Compensation Insurance

Workers compensation insurance provides important coverage for businesses in the high-risk armored car services industry. As employees handle and transport large amounts of cash and valuables, they face dangers like armed robberies, assaults, vehicle accidents, injuries from heavy lifting, and psychological trauma. Maintaining workers comp coverage helps ensure employees receive support for any job-related injuries while protecting the company from large liability costs. The estimated average cost for workers comp insurance in this industry is approximately $3.50 per $100 of payroll, according to industry data.

Category	List
Benefits	Protects your business from liability costs if an employee is injured on the job Covers medical expenses, lost wages, and other costs related to workplace injuries Required by law in all states except Texas Lowers the risk of employee lawsuits against your business Ensures injured employees receive lost wage benefits to support themselves and their families during recovery Attracts quality employees by providing peace of mind in the dangerous armored car services role Demonstrates you take employee safety seriously to retain existing talent
Use Cases	Providing coverage for on-the-job injuries for employees transporting cash and other valuables Paying medical bills and lost wages if an employee is injured during an armed robbery or assault Covering costs associated with work-related vehicle accidents Covering hearing loss claims from long-term exposure to firearm noises Covering medical expenses and lost wages if an employee injures their back lifting heavy boxes of coins Covering claims if an employee suffers psychological trauma from witnessing a violent robbery

Category

List

Benefits

Protects your business from liability costs if an employee is injured on the job
Covers medical expenses, lost wages, and other costs related to workplace injuries
Required by law in all states except Texas
Lowers the risk of employee lawsuits against your business
Ensures injured employees receive lost wage benefits to support themselves and their families during recovery
Attracts quality employees by providing peace of mind in the dangerous armored car services role
Demonstrates you take employee safety seriously to retain existing talent

Use Cases

Providing coverage for on-the-job injuries for employees transporting cash and other valuables
Paying medical bills and lost wages if an employee is injured during an armed robbery or assault
Covering costs associated with work-related vehicle accidents
Covering hearing loss claims from long-term exposure to firearm noises
Covering medical expenses and lost wages if an employee injures their back lifting heavy boxes of coins
Covering claims if an employee suffers psychological trauma from witnessing a violent robbery

Based on industry data and risk factors, the estimated average pricing for workers compensation insurance for businesses in the armored car services industry is around $3.50 per $100 of payroll. This price was derived by looking at average claim histories, risk of injuries, and average payroll amounts for typical armored car companies. The work involves handling and transporting cash and other valuables, so there is risk of assaults and other incidents that could lead to injuries.

Estimated Pricing: $3.50/$100 of payroll

Cyber Liability Insurance

Cyber liability insurance is critical for armored car service companies due to the high risks they face from cyber attacks and data breaches considering the large amounts of cash and sensitive financial data they transport. Having this insurance in place provides protection from various costs involved with responding to cyber incidents and data breaches, in addition to covering legal exposures. It is an important investment for these businesses to make in order to protect themselves financially from the costly impacts of cyber threats.

Category	List
Benefits	Covers costs of responding to a data breach including notification costs, credit monitoring, forensics investigation and public relations services Pays for legal costs and penalties in the event of a data privacy lawsuit or regulatory proceeding Covers costs of restoring or replacing systems and recovering lost data in the event of a cyber attack or ransomware incident Coverage for business interruption losses if systems are offline due to a cyber incident Protects company reputation and brand in the event of adverse publicity from a cyber incident Provides access to cyber security experts and best practices to help reduce future risk of cyber incidents Covers payment of ransom demands if your systems are locked by ransomware As an armored car service company transporting cash and valuables, you are at a high risk of being targeted by cyber criminals.
Use Cases	Data breach or cyber attack resulting in loss of customer or employee data Ransomware attack or malware infection locking systems and demanding ransom Loss or theft of customer financial data while in transit Regulatory fines and legal fees from a data breach investigation network disruption causing loss of business

Category

List

Benefits

Covers costs of responding to a data breach including notification costs, credit monitoring, forensics investigation and public relations services
Pays for legal costs and penalties in the event of a data privacy lawsuit or regulatory proceeding
Covers costs of restoring or replacing systems and recovering lost data in the event of a cyber attack or ransomware incident
Coverage for business interruption losses if systems are offline due to a cyber incident
Protects company reputation and brand in the event of adverse publicity from a cyber incident
Provides access to cyber security experts and best practices to help reduce future risk of cyber incidents
Covers payment of ransom demands if your systems are locked by ransomware
As an armored car service company transporting cash and valuables, you are at a high risk of being targeted by cyber criminals.

Use Cases

Data breach or cyber attack resulting in loss of customer or employee data
Ransomware attack or malware infection locking systems and demanding ransom
Loss or theft of customer financial data while in transit
Regulatory fines and legal fees from a data breach investigation
network disruption causing loss of business

Based on typical pricing structures, businesses in the armored car services industry (NAICS Code: 561613) can expect to pay around $1,500 – $3,000 annually for basic cyber liability insurance coverage. Pricing is usually determined based on factors like annual revenue, number of employees, security measures in place, and claim history. For a mid-sized armored car company with $5-10M in annual revenue and 50 employees, an estimated annual premium would be around $2,250.

Estimated Pricing: $2,250 annually

Conclusion

In summary, general liability, commercial auto, commercial property, commercial umbrella, workers compensation and cyber liability insurance are all important policies for armored car services businesses to consider based on the inherent risks involved with transporting cash and valuables between locations. Having the right insurance coverage is essential to protect both the short and long term viability of these businesses financially and operationally.

Top Business Insurance Options for Armored Car Services with NAICS Code 561613

Key Takeaways

Introduction

General Liability Insurance

Commercial Auto Insurance

Commercial Property Insurance

Commercial Umbrella Insurance

Workers Compensation Insurance

Cyber Liability Insurance

Conclusion

Frequently Asked Questions

Resources

Company

Contact Us