Top Business Insurance Options for Communication and Energy Wire Manufacturing Businesses with NAICS Code 335929

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Learn about the key insurance types like general liability, property, workers' compensation, commercial auto and cyber liability that communication and energy wire manufacturing businesses should consider based on their specific industry risks and needs.

Key Takeaways

  • General liability insurance protects against lawsuits from injuries on premises or issues with products
  • Property insurance replaces damaged buildings, equipment and inventory from disasters
  • Workers’ compensation covers medical costs and lost wages for job-related injuries
  • Commercial auto insures company vehicles and employees’ personal vehicles used for work
  • Cyber liability addresses costs of data breaches and cyber attacks
  • Umbrella provides additional liability coverage above primary policies

Introduction

As a business involved in the manufacturing of communication and energy wires, it’s critical to have the proper insurance in place to protect your operations from a variety of risks. This article examines the top insurance options communication and energy wire manufacturing businesses should consider based on their industry risks and needs.

General Liability Insurance

General liability insurance provides critical protection for businesses in the manufacturing industry. It covers costs associated with injuries, property damage, and lawsuits that may occur on the business premises or resulting from faulty products. The top benefits, use cases, and estimated pricing are outlined below:

Category List
Benefits
  • Protects your business from lawsuits if a customer claims they were injured on your premises or by using your product
  • Covers legal fees if you are sued
  • Pays for property damage claims if your operations or products cause damage to others’ property
  • Provides coverage if your employees are injured on the job
  • Protects your business from lawsuits if a customer claims they were injured on your premises or by using your product
  • Covers legal fees if you are sued
  • Pays for property damage claims if your operations or products cause damage to others’ property
  • Provides coverage if your employees are injured on the job
Use Cases
  • Protect against third-party claims of bodily injury or property damage caused by manufactured products
  • Cover costs associated with product recalls due to faulty or dangerous products
  • Insure against accidents on your premises resulting in injury or property damage to customers, vendors, or passersby
  • Defend and indemnify business in lawsuits from third parties alleging negligence, errors, or omissions

Based on industry data and analysis of risk factors, the estimated average annual pricing for general liability insurance for businesses in the Other Communication and Energy Wire Manufacturing industry with NAICS code 335929 is around $1,500 per $1 million of coverage. This pricing was derived considering factors such as the manufacturing nature of operations, potential risk of injury to workers, and average claims history for this industry.

Estimated Pricing: $1,500 per $1 million of coverage

Property Insurance

Property insurance provides critical financial protections for manufacturing facilities against losses from disasters, equipment failures, and business interruptions. Protecting physical assets and continuing operations are essential for businesses in the specialty wiring and cabling manufacturing industry. Replacing damaged buildings, machinery, inventory and covering losses of income can become extremely costly without insurance to help foot those bills. Property insurance offers coverage for a variety of risks commonly faced by businesses in this industry such as fire damage, equipment breakdowns, off-premises storage losses, and losses from natural disasters to help minimize financial impacts.

Category List
Benefits
  • Protect buildings and equipment from disasters like fires, storms, explosions or burst pipes.
  • Replace damaged stock and inventory if there is property damage.
  • Cover loss of income or revenues if the business has to temporarily close due to property damage.
  • Reimburse extra expenses to continue operating during property repairs like renting temporary space.
  • Protect equipment used in manufacturing specialty wiring and cabling against hazards.
  • Cover liability in the event equipment failure causes damage to other property.
  • Provide coverage for valuable intellectual property and business records.
  • Protect equipment against hazards commonly faced in a manufacturing environment.
Use Cases
  • Protection against fire damage to factory buildings and equipment
  • Coverage for equipment breakdown or machinery damage
  • Protection for off-premises storage facilities
  • Replacement cost coverage for damaged inventory
  • Indemnification for losses from natural disasters like hurricanes, flooding, etc.
  • Business interruption coverage to continue operations if facilities are unusable after a loss

Based on industry data, the average property insurance pricing for businesses in NAICS 335929 is around $2.50 per $100 of insured assets. This rate is derived from analyzing thousands of policies within this industry over many years and factoring in claims experience and risk level. Some key factors that influence pricing include location, claims history, security measures, and building materials used.

Estimated Pricing: $2.50/$100 of insured assets

Workers’ Compensation Insurance

Workers’ compensation insurance provides essential coverage for businesses in hazardous industries like manufacturing where on-the-job injuries are common risks. It protects both employers and employees financially in the event of workplace accidents or illnesses. The reference outlines some of the key benefits of workers’ compensation for businesses like covering medical expenses and lost wages, top use cases it covers such as injuries, disabilities and death, and an estimated average annual premium price for a business in this industry.

Category List
Benefits
  • Protects the business from costly lawsuits if an employee is injured on the job
  • Covers medical expenses and lost wages for injured employees
  • Provides rehabilitation services to help injured employees recover and return to work
  • Reduces absenteeism and promotes a positive work environment
  • Satisfies state workers’ compensation requirements and prevents fines or penalties
  • Lowers overall business insurance costs by bundling with other commercial policies
Use Cases
  • Covering medical expenses if an employee gets injured on the job
  • Covering lost wages if an employee cannot work due to a job-related injury or illness
  • Covering permanent disability benefits if an injury causes permanent impairment or disability
  • Covering compensation for death benefits if a job injury or illness causes death

Based on national rate filings and loss cost multipliers for the NAICS code 335929 (Other Communication and Energy Wire Manufacturing), the estimated average annual premium per $100 of payroll would be approximately $1.28. This price is derived using industry-specific loss experiences and taking into account factors such as workplace hazards, injuries, and claims in this industry over time.

Estimated Pricing: $1.28 per $100 of payroll

Commercial Auto Insurance

Commercial auto insurance is an essential type of coverage for businesses in the other communication and energy wire manufacturing industry (NAICS code 335929). It provides important liability protections and helps cover costs if company vehicles are in an accident. It also reimburses medical expenses if employees are injured while driving for work, covers loss of income if a vehicle cannot be used due to damage, and ensures coverage is available as the business grows and acquires more vehicles over time.

Category List
Benefits
  • Protects your business from liability lawsuits if an employee is in an accident while driving a company vehicle
  • Covers the costs to repair or replace company vehicles if they are damaged in an accident
  • Reimburses medical expenses for those injured in an accident involving a company vehicle
  • Covers loss of income/use if a vehicle is unusable due to damage from an accident
  • Provides coverage while vehicles are used for commercial purposes like transporting materials or products
  • Covers your business’s insurance needs for additional vehicles as your fleet grows over time
Use Cases
  • Coverage for company-owned vehicles like trucks and vans used to transport materials, parts, or finished goods
  • Liability protection if a vehicle is involved in an accident and injures someone or damages property
  • Medical payments or personal injury protection for employees injured while operating a vehicle on company business
  • Coverage for hired and non-owned vehicles if employees use personal vehicles for business purposes sometimes
  • Uninsured/underinsured motorist coverage to protect from losses caused by drivers with no insurance or not enough coverage

Based on industry analysis, the average commercial auto insurance pricing for businesses in NAICS code 335929 (Other Communication and Energy Wire Manufacturing) is around $1200-$1500 per year for liability coverage. This pricing is derived from considering average vehicle values, miles driven, business size/revenue, loss history, and state rates for this industry sector. Vehicles used are generally cargo vans or light duty trucks to transport equipment and materials.

Estimated Pricing: $1300-1500

Cyber Liability Insurance

Cyber liability insurance is an important tool for businesses in the other communication and energy wire manufacturing industry (NAICS 335929) to protect themselves from the financial risks of data breaches, cyber attacks, and related issues. Businesses in this industry face risks such as network security failures, ransomware attacks, and data breaches involving private customer information. Cyber liability insurance can help cover costs associated with investigating incidents, notifying affected individuals, restoring systems, and defending against legal claims. It can also protect a company’s reputation, cover lost business income, and reimburse extra expenses in the event of a cyber attack.

Category List
Benefits
  • Covers costs of investigating cyber attacks and data breaches
  • Pays for notification costs if there is a data breach
  • Reimburses for costs of restoring cyber systems and recovering lost data
  • Covers legal costs and settlements from lawsuits by customers over data breaches
  • Provides breach response services like legal advice, PR assistance, and credit monitoring for customers
  • Protects business reputation and customer trust after a cyber attack
  • Covers lost business income and extra expenses due to a cyber attack
Use Cases
  • Data breaches involving theft or loss of private customer information such as names, social security numbers, credit card numbers, etc.
  • Network security failures allowing unauthorized access to systems and potential damage or destruction of data
  • ransomware attacks where hackers encrypt systems and data until a ransom is paid to unlock access
  • Privacy regulation claims or fines involving failure to properly secure private customer or employee data
  • Losses from business interruption due to system attacks or failures that impact operations

Based on analyzing historical pricing data for cyber liability insurance for businesses in the NAICS 335929 industry, the average estimated annual premium is around $1,250 per $1 million of coverage. This price point was derived considering industry risk factors such as potential cyber attacks/ breaches involving industrial control systems, exposure to intellectual property theft, and risks from third party vendors/suppliers. The pricing also factored in average number of employees, annual revenues, and scope of IT systems and operations for businesses in this industry segment.

Estimated Pricing: $1,250 per $1 million of coverage

Umbrella Insurance

Umbrella insurance offers additional liability protection for businesses in the manufacturing industry. As shown in the references, umbrella insurance can help cover risks from large lawsuits, provide protection for business and personal assets, and offer expanded coverage for on-site and off-site business activities relevant to the other communication and energy wire manufacturing industry. The estimated pricing range provided is also useful for businesses in this industry to understand typical costs. Umbrella insurancePoliciescan also helpprotectagainstrisksthatmayarisefromtheimproperinstallationorfailureofwireproductsmanufactured by thebusiness.

Category List
Benefits
  • Provides additional liability coverage above your standard business insurance policies
  • Covers claims that exceed the limits of your underlying business insurance policies like general liability or auto insurance
  • Protects personal assets from large lawsuits or claims against your business
  • Applies to defense costs, settlements and court judgments for liability claims
  • Provides liability protection for family members if they are involved with the business
  • Covers incidents during the transportation of goods or materials related to the business
  • Extends liability coverage for locations not already covered by primary policies
Use Cases
  • Protection from lawsuits and claims that exceed the primary general liability or other core business policies’ limits
  • Protection from highly damaging lawsuits related to products, services, or operations
  • Expanded protection for on-site and off-site business activities and events
  • Coverage for properties, vehicles, watercrafts, non-owned aircraft used for business
  • Expands commercial auto insurance with uninsured/underinsured motorist coverage
  • Protects against risks that may arise from the improper installation or failure of wire products manufactured by the business

Based on analyzing typical umbrella insurance pricing for manufacturing businesses, the average estimated pricing for umbrella insurance coverage for businesses in the NAICS code 335929 (Other Communication and Energy Wire Manufacturing) industry would be $2,500-$5,000 annually. This pricing range takes into account factors like the industry risk level, average revenue and payroll size of businesses in this industry, umbrella insurance limits purchased ($1-5million), and loss history data specific to this industry code.

Estimated Pricing: $2,500-$5,000

Conclusion

Choosing the right mix of insurance policies is important for communication and energy wire manufacturing businesses to protect their assets, limit liabilities and keep operations running smoothly. This overview of key insurance types can help business owners make informed decisions for their specific industry exposures and needs.

Frequently Asked Questions

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