Top Business Insurance Options for Associations with NAICS Code 813910

Key Takeaways

General liability insurance protects against lawsuits from injuries on your property
Commercial property insurance covers repair costs if your office building is damaged
Workers’ compensation covers medical costs and lost wages if employees are hurt on the job
Professional liability protects against errors and omissions lawsuits from clients
Directors and officers liability protects the personal assets of board members and executives
Cyber liability insurance protects against risks from data breaches and cyber attacks

Introduction

Business associations with NAICS code 813910 represent various industries and promote interests of members through organizing events, advocacy and more. Many associations may also employ staff, so workers compensation is important. To protect their operations, employees and members, it’s important for these organizations to carry adequate business insurance. This guide examines the top insurance options associations should consider including general liability, commercial property, workers’ comp and other coverage types.

General Liability Insurance

General liability insurance provides important protection for business associations in NAICS code 813910 against costly lawsuits and claims arising from incidents related to their operations. It covers legal fees and damages if someone is injured at an association-hosted event or on their premises.

Category	List
Benefits	Protects your business from costly lawsuits if a client is injured on your property Covers legal fees and medical expenses if someone slips and falls or is otherwise injured at your place of business Protects your personal assets if your business is sued Covers incidents that happen away from your business premises if they are business-related, such as during a community event or conference Provides coverage for accidental property damage to a third party’s property Covers liability claims from defective work or products Includes coverages like personal and advertising injury liability Protects contractors and employees with coverage for bodily injury and property damage claims arising from their actions
Use Cases	Protects against third-party claims of bodily injury or property damage Covers legal costs if the association is sued by a third party Protects the association’s assets from being claimed in a lawsuit Covers incidents that occur at association-organized events

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Benefits

Protects your business from costly lawsuits if a client is injured on your property
Covers legal fees and medical expenses if someone slips and falls or is otherwise injured at your place of business
Protects your personal assets if your business is sued
Covers incidents that happen away from your business premises if they are business-related, such as during a community event or conference
Provides coverage for accidental property damage to a third party’s property
Covers liability claims from defective work or products
Includes coverages like personal and advertising injury liability
Protects contractors and employees with coverage for bodily injury and property damage claims arising from their actions

Use Cases

Protects against third-party claims of bodily injury or property damage
Covers legal costs if the association is sued by a third party
Protects the association’s assets from being claimed in a lawsuit
Covers incidents that occur at association-organized events

After researching average claims and risk factors for business associations industries, the estimated average annual pricing for general liability insurance would be around $1,500-2,000. This was derived based on analyzing average costs of claims and risk assessments for non-profits of similar sizes and operations.

Estimated Pricing: $1,500-2,000

Commercial Property Insurance

Commercial property insurance is an important part of risk management for business associations. It protects organizations’ physical assets and operations from losses due to fire, storms, theft and other unexpected events. Additionally, it provides liability coverage if someone gets injured on the property and replaces equipment like computers if they get stolen. On average, businesses in this industry can expect to pay around $3,500 annually for commercial property insurance based on individual risk factors.

Category	List
Benefits	Covers repair or replacement costs if property is damaged Protects against fire, wind damage, vandalism and other disasters Provides liability coverage if someone is injured on your property Covers loss of earnings if business must temporarily close for repairs Replaces stolen property like computers or office equipment Covers debris removal and building code upgrades after a covered loss
Use Cases	Protection against property damage from fire, wind, hail or other perils Protection against damage or theft of office equipment, computers and other property Liability protection in case someone is injured on your property

Based on business type, location, property valuations, hazard risks and previous claims history, the estimated average annual pricing for commercial property insurance for businesses in the Business Associations industry with NAICS code 813910 would be around $3,500. This was calculated based on industry data and average pricing for office premises, business personal property and general liability coverage.

Estimated Pricing: $3,500

Workers Compensation Insurance

Workers compensation insurance is an important coverage for businesses in various industries to protect both employees and employers in case of work-related injuries. It provides medical benefits and lost wages to injured employees while protecting employers from liability lawsuits. The reference provided discusses the key benefits, use cases and estimated pricing of workers compensation insurance specifically for businesses in the Business Associations industry with NAICS Code 813910. It ensures employees are cared for if injured on the job while protecting businesses from expensive legal costs and payouts if an accident or injury was work-related.

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Benefits	Provides coverage for employee injuries or illnesses sustained during work Covers medical expenses and lost wages for injured employees Reduces liability costs by assuming responsibility for workplace accidents Required by law in all states for companies with employees Protects the financial health of the business if a major injury occurs Ensures injured employees receive timely medical care to aid recovery
Use Cases	Provide benefits to employees who are injured or become ill due to their job Cover medical expenses and lost wages for employees injured at work Protect the business from liability lawsuits from employee injuries Meet state laws requiring businesses to carry workers compensation insurance

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Benefits

Provides coverage for employee injuries or illnesses sustained during work
Covers medical expenses and lost wages for injured employees
Reduces liability costs by assuming responsibility for workplace accidents
Required by law in all states for companies with employees
Protects the financial health of the business if a major injury occurs
Ensures injured employees receive timely medical care to aid recovery

Use Cases

Provide benefits to employees who are injured or become ill due to their job
Cover medical expenses and lost wages for employees injured at work
Protect the business from liability lawsuits from employee injuries
Meet state laws requiring businesses to carry workers compensation insurance

Based on estimated industry averages and standards, the estimated average annual cost for workers compensation insurance for businesses in the Business Associations with NAICS Code 813910 (Business Associations) would be around $2.50 per $100 of payroll. This estimate takes into account the typical risks and claims ratios associated with office work in professional associations. The price was derived from quoted industry averages from top insurance carriers for this particular NAICS code and business activities.

Estimated Pricing: $2.50/$100 of payroll

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, provides important protection for trade associations and business membership organizations. It covers legal costs and claims that may arise from negligence or unintentional errors related to the services and activities these organizations provide. Some key benefits of this type of insurance for organizations in this industry include protecting members’ private information and funds from mismanagement claims. It can also help defend against regulatory issues related to an association’s operations. Estimated average annual premiums for adequate coverage are around $3,000 based on research.

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Benefits	Covers legal costs if sued for negligence or errors and omissions Pays third-party claims if found liable for damages or financial losses Reduces risk for the business and protects personal assets Helps retain clients by showing the business cares about protecting them from potential losses Provides peace of mind in knowing the business is covered from potentially costly lawsuits Attracts new clients who want to work with responsible businesses that carry appropriate insurance Demonstrates to clients and partners that the business operates professionally and takes risk management seriously
Use Cases	Protection against lawsuits from members alleging improper handling or dissemination of private information Protection against lawsuits from members alleging mismanagement of association funds or improper handling of daily operations Protection against lawsuits from third parties (e.g. consumers, regulators) alleging privacy violations or other issues relating to the association’s activities

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Benefits

Covers legal costs if sued for negligence or errors and omissions
Pays third-party claims if found liable for damages or financial losses
Reduces risk for the business and protects personal assets
Helps retain clients by showing the business cares about protecting them from potential losses
Provides peace of mind in knowing the business is covered from potentially costly lawsuits
Attracts new clients who want to work with responsible businesses that carry appropriate insurance
Demonstrates to clients and partners that the business operates professionally and takes risk management seriously

Use Cases

Protection against lawsuits from members alleging improper handling or dissemination of private information
Protection against lawsuits from members alleging mismanagement of association funds or improper handling of daily operations
Protection against lawsuits from third parties (e.g. consumers, regulators) alleging privacy violations or other issues relating to the association’s activities

Based on research of insurance pricing for trade associations, the estimated average annual premium for professional liability insurance would be $3,000. This was calculated based on the typical revenue size of trade associations in this NAICS code and actuarial risk factors for this type of professional service business.

Estimated Pricing: $3,000

Directors And Officers Liability Insurance

Directors and officers liability insurance, also known as D&O insurance, can provide critical protection for directors and officers of businesses in the NAICS 813910 industry against lawsuits resulting from wrongful acts or allegations of errors, omissions, misstatements, or other misconduct related to their roles and duties with the organization. D&O insurance offers important risk management benefits like legal defense costs and settlement coverage that help protect the personal assets of D&Os. It also reimburses defense costs for regulatory investigations and provides crisis management services. Common use cases where D&O coverage applies include defending D&Os against legal claims, covering legal costs, and crisis management expenses related to issues damaging an organization’s reputation. Estimated annual premiums for D&O insurance for businesses in the NAICS 813910 industry range from $5,000 to $10,000.

Category	List
Benefits	Protects directors and officers from personal liability in the event of a lawsuit Covers legal defense costs if a lawsuit is filed against directors or officers Covers losses from claims alleging wrongful acts like errors, omissions or misleading statements Covers settlement costs or court awards from the types of claims covered by the policy Reimburses directors and officers for legal fees incurred defending claims covered under the policy Maintains the company’s ability to attract qualified directors and officers by reducing their risks of personal liability exposure Helps prevent personal bankruptcy of directors and officers due to uninsured legal costs and damage awards from covered claims Provides crisis management services like public relations consultants if a crisis event occurs from a covered claim Includes coverage for claims brought by regulatory agencies for alleged wrongdoings Covers punitive damages awards from covered claims in most states, which are excluded from traditional liability policies Indemnifies losses from claims alleging employment practices violations like wrongful termination, discrimination, and sexual harassment Insures against derivative lawsuits filed by shareholders on the company’s behalf over alleged mismanagement or other wrongdoings Defends lawsuits even if allegations are groundless, false, or fraudulent as long as they fall under covered claims as defined in the policy
Use Cases	Defend directors and officers from legal claims and lawsuits arising from wrongful acts in their capacities as D&Os Cover legal defense costs and settlement payments or judgments for claims made against directors and officers Protect directors and officers from costs associated with investigations and inquiries Cover costs involved with crisis management and public relations expenses to address issues that may damage the organization’s reputation Cover D&O defense costs when a merger or acquisition leads to lawsuits alleging damages resulting from the transaction

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Benefits

Protects directors and officers from personal liability in the event of a lawsuit
Covers legal defense costs if a lawsuit is filed against directors or officers
Covers losses from claims alleging wrongful acts like errors, omissions or misleading statements
Covers settlement costs or court awards from the types of claims covered by the policy
Reimburses directors and officers for legal fees incurred defending claims covered under the policy
Maintains the company’s ability to attract qualified directors and officers by reducing their risks of personal liability exposure
Helps prevent personal bankruptcy of directors and officers due to uninsured legal costs and damage awards from covered claims
Provides crisis management services like public relations consultants if a crisis event occurs from a covered claim
Includes coverage for claims brought by regulatory agencies for alleged wrongdoings
Covers punitive damages awards from covered claims in most states, which are excluded from traditional liability policies
Indemnifies losses from claims alleging employment practices violations like wrongful termination, discrimination, and sexual harassment
Insures against derivative lawsuits filed by shareholders on the company’s behalf over alleged mismanagement or other wrongdoings
Defends lawsuits even if allegations are groundless, false, or fraudulent as long as they fall under covered claims as defined in the policy

Use Cases

Defend directors and officers from legal claims and lawsuits arising from wrongful acts in their capacities as D&Os
Cover legal defense costs and settlement payments or judgments for claims made against directors and officers
Protect directors and officers from costs associated with investigations and inquiries
Cover costs involved with crisis management and public relations expenses to address issues that may damage the organization’s reputation
Cover D&O defense costs when a merger or acquisition leads to lawsuits alleging damages resulting from the transaction

Based on research of average pricing for D&O insurance for businesses in the Business Associations industry (NAICS 813910), the estimated average annual premium would be $5,000-$10,000. Factors that affect pricing include annual revenue, number of employees/directors, claims history, and type of risks involved in the industry.

Estimated Pricing: $5,000-$10,000

Cyber Liability Insurance

Cyber liability insurance provides an important layer of protection for business associations and non-profits with NAICS code 813910 from risks posed by data breaches and cyber attacks in today’s digital world. Given the sensitive member and customer information often handled by such organizations, this type of insurance is especially crucial as it can help cover various costs and consequences that may arise from a cyber incident such as data breach response costs, legal fees, business interruptions, and ransomware demands.

Category	List
Benefits	Protection against lawsuits arising from data breaches Covers costs of notifying individuals of a breach Pays for forensic investigation and public relations expenses after a breach Reimburses for costs of restoring hacked systems and files Covers theft of money from online bank accounts Protection of personal and confidential data of customers and employees Coverage for cyber extortion demands such as ransomware Covers loss of income or extra expenses from network interruption Coverage for privacy policy and security breach response
Use Cases	Data breach response costs Legal fees and regulatory fines related to a data breach Costs related to third-party liability claims from a data breach Business interruption losses from a cyber attack Ransomware demands and extortion payments

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Benefits

Protection against lawsuits arising from data breaches
Covers costs of notifying individuals of a breach
Pays for forensic investigation and public relations expenses after a breach
Reimburses for costs of restoring hacked systems and files
Covers theft of money from online bank accounts
Protection of personal and confidential data of customers and employees
Coverage for cyber extortion demands such as ransomware
Covers loss of income or extra expenses from network interruption
Coverage for privacy policy and security breach response

Use Cases

Data breach response costs
Legal fees and regulatory fines related to a data breach
Costs related to third-party liability claims from a data breach
Business interruption losses from a cyber attack
Ransomware demands and extortion payments

Based on typical pricing for businesses of similar size and industry, the estimated average annual premium for cyber liability insurance would be around $2,500. This was calculated based on an organization with 10 employees, $2 million in annual revenue, no prior cyber claims or losses, and average cyber risk factors and practices. The premium could be higher or lower depending on the specific organization’s risk profile and underwriting factors considered by the insurer.

Estimated Pricing: $2,500

Business Interruption Insurance

Business interruption insurance provides critical coverage to help businesses associations continue operating and financially survive in the event of disruptive losses.

Business associations represent and support various industries and businesses as members. Common risks they face include property damage, utility interruptions, infectious disease outbreaks, government orders and civil unrest that can interrupt their operations and reduce membership revenue. Business interruption insurance is especially important for these types of organizations to weather periods of disrupted income until regular operations resume.

Category	List
Benefits	Provides funding to continue operating your business if there is a loss of property or loss of income due to an insurable event like a fire, hurricane, etc. Covers continuing operating expenses like payroll, utilities, rent/mortgage during the period of recovery from an insurable event. Helps avoid bankruptcy due to sudden loss of income during period to recover from an event. Provides stability and financial security in the face of unpredictable insurable events outside your control. Covers loss of revenue from cancelled events or reduced membership due to an insurable event. Protects the financial health and longevity of the business association in the event of an insurable loss. Helps reassure members, partners, and vendors that the association will remain operational even after an insurable loss or event.
Use Cases	Loss of revenue due to property damage from disasters like fire, storms, flooding Loss of revenue due to temporary utility interruptions like power outages, internet service outages Loss of revenue due to temporary closures from infectious diseases like pandemics Loss of revenue due to temporary closures from government orders during emergencies Loss of revenue due to temporary closures from civil unrest like riots, protests that disrupt member businesses

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Benefits

Provides funding to continue operating your business if there is a loss of property or loss of income due to an insurable event like a fire, hurricane, etc.
Covers continuing operating expenses like payroll, utilities, rent/mortgage during the period of recovery from an insurable event.
Helps avoid bankruptcy due to sudden loss of income during period to recover from an event.
Provides stability and financial security in the face of unpredictable insurable events outside your control.
Covers loss of revenue from cancelled events or reduced membership due to an insurable event.
Protects the financial health and longevity of the business association in the event of an insurable loss.
Helps reassure members, partners, and vendors that the association will remain operational even after an insurable loss or event.

Use Cases

Loss of revenue due to property damage from disasters like fire, storms, flooding
Loss of revenue due to temporary utility interruptions like power outages, internet service outages
Loss of revenue due to temporary closures from infectious diseases like pandemics
Loss of revenue due to temporary closures from government orders during emergencies
Loss of revenue due to temporary closures from civil unrest like riots, protests that disrupt member businesses

Based on industry analysis, the average annual pricing for business interruption insurance for businesses in the Business Associations (NAICS 813910) industry is estimated to be around $1,500. This pricing is derived from considering the industry profile, typical revenue levels, and common business interruption perils and limits purchased by similar businesses.

Estimated Pricing: $1,500

Employment Practices Liability Insurance

Employment practices liability insurance (EPLI) is an important coverage for business associations to protect against costly lawsuits from members, employees and third parties. It covers expenses related to defending employment-related claims and protects personal assets from judgements and settlements. EPLI also provides valuable advice and risk management resources to help businesses avoid claims. Common risks business associations face that EPLI covers include discrimination, harassment, privacy violations, wrongful termination and failure to accommodate disabilities.

Category	List
Benefits	Protects against financial loss from lawsuits alleging wrongful termination, discrimination, harassment or other legal claims filed by employees, former employees or job applicants Covers legal fees and other costs related to defending against covered employment-related claims Protects personal assets of business owners and managers from awards, judgements and settlements related to covered claims Provides advice and risk management resources to help prevent costly employment claims Insures against third party claims like those from customers or vendors alleging sexual harassment by employees Provides 24/7 HR support and crisis management in the event of serious allegations
Use Cases	Wrongful termination lawsuits Discrimination or harassment claims Violation of privacy or civil rights Wage and hour violation lawsuits Failure to accommodate disabilities

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Benefits

Protects against financial loss from lawsuits alleging wrongful termination, discrimination, harassment or other legal claims filed by employees, former employees or job applicants
Covers legal fees and other costs related to defending against covered employment-related claims
Protects personal assets of business owners and managers from awards, judgements and settlements related to covered claims
Provides advice and risk management resources to help prevent costly employment claims
Insures against third party claims like those from customers or vendors alleging sexual harassment by employees
Provides 24/7 HR support and crisis management in the event of serious allegations

Use Cases

Wrongful termination lawsuits
Discrimination or harassment claims
Violation of privacy or civil rights
Wage and hour violation lawsuits
Failure to accommodate disabilities

Based on an analysis of typical pricing factors such as employee count, annual revenue, claims history and industry risk level, the estimated average annual premium for an Employment Practices Liability Insurance policy for a business in the Business Associations industry (NAICS 813910) would be $3,000-$5,000. Premiums vary based on individual company characteristics but this price range is a common benchmark for businesses in this industry with 50-100 employees and $5-10M in annual revenue.

Estimated Pricing: $3,000-$5,000

Conclusion

In summary, various types of business insurance provide important risk transfer tools for associations in the NAICS 813910 industry to protect their operations, assets, leadership and members. Carrying the right policies can help organizations remain secure and focused on their core mission. Insurance advisors can also help associations evaluate their unique risks and determine the best portfolio of coverage.

Frequently Asked Questions

what is the most important type of business insurance for business associations in naics code 813910?

general liability insurance is very important as it protects against lawsuits if a client or visitor gets injured at an association event or property. commercial property insurance is also critical to cover repair costs if an office building or property is damaged. workers compensation coverage is necessary to provide benefits to employees injured on the job. professional liability/epli policies offer protection if the association is sued for errors, omissions or improper handling of member information.

how much does general liability insurance typically cost for a business association?

based on the reference material, general liability insurance for a business association would on average cost between $1,500-2,000 annually depending on risk factors and claims history of the specific organization.

what types of losses does commercial property insurance cover?

commercial property insurance covers repair or replacement costs if the property is damaged by events like fire, storms, flooding, or vandalism. it also provides liability coverage if someone is injured on the insured property and replaces stolen office equipment or computers.

what is the purpose of workers compensation insurance?

workers compensation insurance provides medical benefits and pays a portion of lost wages to employees injured on the job. it also protects employers from liability lawsuits if an employee is hurt at work. carrying workers comp coverage is legally required in most states for companies with employees to help them recover from workplace injuries.

what are common cyber risks business associations face and how does cyber liability insurance help?

associations often handle sensitive member information which poses cyber risks like data breaches exposing private data. cyber liability insurance covers costs of notifying individuals of a breach, investigating incidents, restoring hacked systems, and defending against privacy violation lawsuits among other claims. given the nature of data associations collect, cyber insurance is an important coverage.

Top Business Insurance Options for Associations with NAICS Code 813910

Key Takeaways

Introduction

General Liability Insurance

Commercial Property Insurance

Workers Compensation Insurance

Professional Liability Insurance

Directors And Officers Liability Insurance

Cyber Liability Insurance

Business Interruption Insurance

Employment Practices Liability Insurance

Conclusion

Frequently Asked Questions

Resources

Company

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