Top Business Insurance Options for Measuring, Dispensing, and Other Pumping Equipment Manufacturers (NAICS 333914)

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Learn about the key business insurance options measuring, dispensing, and other pumping equipment manufacturers should consider to protect their business, including general liability, property, workers' compensation, product liability and more.

Key Takeaways

  • Consider general liability, property, workers’ compensation and product liability insurance to protect against lawsuits and property damage
  • Business interruption coverage can help cover costs if disruptions stop operations
  • Commercial auto coverage protects company vehicles and their use
  • Cyber liability insurance provides protection against data breaches and network attacks
  • Directors and officers coverage protects company leadership from personal liability

Introduction

As a measuring, dispensing or pumping equipment manufacturer, it’s important to understand the key risks your business faces and how insurance can help provide protection. This article examines the top business insurance options this industry should consider.

General Liability Insurance

General liability insurance provides important protection for businesses in the pumping equipment manufacturing industry from costly lawsuits and claims. It covers legal and medical expenses if a customer, employee or member of public is accidentally injured by the operations or products of the business.

General liability insurance also helps businesses in the pumping equipment manufacturing industry manage various risks from injuries that could occur on their property, contractual requirements of customers and suppliers, equipment failures or malfunctions, and incidents involving on-site employees or contractors. Having this coverage demonstrates financial responsibility and protects the company’s reputation.

Category List
Benefits
  • Protects against claims of bodily injury or property damage from customers and the public
  • Covers liability claims from defective products or faulty workmanship
  • Provides defense against lawsuits and pays judgments if found legally liable
  • Meets contractual requirements with customers and suppliers who require proof of coverage
  • Covers liability from equipment failure or malfunctions that result in injury or damage
  • Protects business assets like equipment, facilities, and vehicles from liability claims
  • Covers liability from incidents involving employees, contractors, or vendors working on site
  • Protects the company’s reputation by resolving claims quickly
Use Cases
  • Protect against lawsuits from injuries that occur on the business property
  • Cover legal costs and damages if a third party is injured by faulty equipment
  • Provide protection if a customer claims they were harmed by a defective product
  • Cover liability claims if an employee is injured on the job

Based on industry research and data from insurance brokers, the estimated average annual price for general liability insurance for businesses in the Measuring, Dispensing, and Other Pumping Equipment Manufacturing industry (NAICS 333914) is around $2,500 – $5,000. This price range was derived by considering factors like the industry hazards, average company size and revenues, loss history data, and location. Larger companies or those with more hazardous operations may pay more towards the higher end of the range.

Estimated Pricing: $2,500 – $5,000

Property Insurance

Property insurance provides essential coverage for manufacturing businesses like those in the measuring, dispensing, and other pumping equipment industry. It protects companies against unexpected losses by covering the costs to repair or replace buildings, machinery, equipment, raw materials, and finished goods if they are damaged or destroyed. Some key benefits of property insurance for this industry include protection for specialized machinery, coverage for business interruption losses, and liability protection for injuries on the premises. The average estimated pricing is around $3.50 per $100 of insured assets based on insurance filings and loss data for similar manufacturing industries.

Category List
Benefits
  • Protection against property damage or loss
  • Replacement cost coverage for buildings, equipment, and inventory
  • Business interruption coverage to continue operating if property is damaged
  • Coverage for equipment breakdown or mechanical failures
  • Protection for valuable electronic equipment from power surges or outages
  • Coverage for losses due to fire, theft, storms, explosions, and other unexpected events
Use Cases
  • Protection against damage or loss to buildings, manufacturing equipment, inventory, and other property from risks like fire, windstorms, hail, explosions, water damage, etc.
  • Coverage for business interruption costs like lost income/earnings if operations are suspended due to a covered property loss
  • Liability protection if a third party is injured or their property is damaged on your business premises
  • Protection for equipment in transit like tankers, pumps and meters being shipped to customers or vendors
  • Coverage for specialized or hard-to-replace machinery against mechanical breakdown
  • Coverage for digital/electronic assets and computer systems against risks like fire/water damage, power surges, cyber attacks, etc.

Based on industry analysis, the average pricing for property insurance for businesses in the Measuring, Dispensing, and Other Pumping Equipment Manufacturing NAICS Code 333914 industry is around $3.50 per $100 of insured assets. This price was derived from national insurance rate filings and loss data for similar manufacturing industries that also work with machinery, equipment, and have a moderate risk of property damage or liability claims.

Estimated Pricing: $3.50 per $100 of insured assets

Workers’ Compensation Insurance

Workers’ compensation insurance provides important protections and benefits for businesses in the manufacturing industry. It ensures employees receive medical treatment and compensation for injuries sustained on the job while removing liability risk from employers. Workers’ compensation insurance rates for businesses in the Measuring, Dispensing, and Other Pumping Equipment Manufacturing industry (NAICS Code: 333914) average around $1.65 per $100 of payroll based on claims data and risk factors for the sector. The insurance helps cover costs associated with on-the-job injuries, illnesses, lost wages, and medical bills to support both employer and employee needs in this higher-risk manufacturing sector.

Category List
Benefits
  • Covers medical bills and lost wages for employees injured on the job
  • Protects your business from lawsuits if an employee is injured
  • Required by law in most states
  • Reduces turnover from workplace injuries allowing you to retain experienced staff
  • Lowers other insurance costs by demonstrating a strong safety record
  • Provides peace of mind knowing employees will receive support if an incident occurs
Use Cases
  • Coverage for on-the-job injuries from falls, cuts, burns and other accidents that may occur when operating machinery and equipment
  • Coverage for work-related illnesses like exposure to hazardous chemicals and materials
  • Reimbursement of medical expenses, rehabilitation costs, lost wages, and other benefits for employees who are injured or become ill due to their jobs
  • Protection against lawsuits filed by employees who are injured at work
  • Required by law in all states to protect both employers and employees

Based on industry data from the National Council on Compensation Insurance (NCCI), the estimated average workers’ compensation insurance premium rate for businesses in the Measuring, Dispensing, and Other Pumping Equipment Manufacturing industry (NAICS Code: 333914) is $1.65 per $100 of payroll. This rate was derived by analyzing injury rates, claims costs, payroll amounts, and other risk factors for this industry over the past 5 years.

Estimated Pricing: $1.65 per $100 of payroll

Product Liability Insurance

Product liability insurance protects manufacturing businesses from financial losses that may occur due to injuries or property damage arising from defects in the products and equipment they manufacture. It covers legal costs and claims payouts for incidents involving faulty or unsafe goods. Additionally, it provides peace of mind to manufacturers by ensuring their business can withstand the costs of recalls, lawsuits or equipment malfunctions without risk of insolvency. Lastly, product liability insurance can help manufacturers maintain positive reputation and brand image even in cases where defects occur.

Category List
Benefits
  • Protects against lawsuits if a product malfunctions or causes injuries
  • Covers legal fees and settlement costs if sued
  • Protects business assets like equipment, property and bank accounts
  • Helps maintain positive reputation and brand image
  • Allows business to continue operating without disruption in the event of a claim
  • Peace of mind knowing the financial risks of manufacturing are covered
Use Cases
  • Defective products are shipped to customers and cause injuries
  • Products malfunction or fail during use and cause damage to property or injuries
  • Improper installation of equipment by the manufacturer causes accidents
  • Customer claims the design or instructions were inadequate and led to an incident
  • Recalls are necessary due to a widespread defect affecting public safety

Based on industry averages, the estimated average annual pricing for product liability insurance for businesses in the measuring, dispensing, and other pumping equipment manufacturing industry with NAICS code 333914 is $4,500. This pricing was derived from analyzing insurance rates for similar industries that manufacture equipment and factoring in the potential risks and claims for failures or defects of measuring, dispensing and pumping equipment.

Estimated Pricing: $4,500

Commercial Auto Insurance

Commercial auto insurance provides critical coverage for companies that use vehicles for their business operations. It protects them financially against accidents, damage, injuries and liability. Some key benefits of commercial auto insurance include covering legal liabilities from accidents, repair costs if a vehicle is damaged, replacing stolen vehicles, medical payments for injuries, lost wages if employees are injured, rental car costs during repairs, and uninsured/underinsured motorist coverage. Common use cases involve corporate fleet vehicles, employee business use, trucking fleets, and non-owned vehicle liability. Estimated average annual premium for a pumping equipment manufacturer is around $2,500 based on standard insurance models.

Category List
Benefits
  • Covers legal liabilities if a company vehicle is involved in an accident
  • Pays for vehicle repairs if it’s damaged in an accident
  • Replaces a stolen vehicle
  • Covers medical payments for those injured in an accident involving a company vehicle
  • Pays lost wages if an employee is injured and unable to work
  • Covers rental car costs while a vehicle is being repaired after an accident
  • Some policies offer uninsured/underinsured motorist coverage in case of an accident with an at-fault driver who carries insufficient or no insurance
Use Cases
  • Coverage for corporate vehicles used to transport employees, parts, or products
  • Liability protection if an employee is in an accident during business use
  • Physical damage coverage for company-owned vehicles like trucks
  • Non-owned and hired auto liability for vehicles not owned but used for business

Based on industry data and standard commercial auto insurance pricing models, the estimated average annual premium for a business in the NAICS 333914 Measuring, Dispensing, and Other Pumping Equipment Manufacturing industry would be around $2,500. This estimate takes into account factors like the type of vehicles owned, number of vehicles, drivers’ files, mileage, safety record, and loss history. The risk profile for this industry is considered moderate.

Estimated Pricing: $2,500

Business Interruption Insurance

Business interruption insurance provides critical financial protection for measuring, dispensing, and other pumping equipment manufacturers by covering lost income and ongoing expenses if property damage, supply chain issues, workforce disruptions, or other events force temporary closure of facilities or loss of production. Given their reliance on specialized equipment, facilities, skilled labor, and tightly integrated supply chains, this type of coverage is especially important for businesses in the pumping equipment manufacturing industry to maintain financial stability in the event of an operational disruption. Common risks faced by these manufacturers that BI insurance can help mitigate include fires, storms, equipment failures, utility outages, pandemic impacts, and other events.

Category List
Benefits
  • Provides coverage for lost income if the business has to shut down operations due to property damage
  • Covers expenses like payroll, rent, taxes if facilities are unusable
  • Helps stabilize cash flow during downtime to restart operations
  • Protects profits and helps pay operating costs until business is back up and running
  • Covers loss of income from dependent properties – if a key supplier’s facility is damaged and can’t provide materials, coverage may apply
  • Can help retain employees and key staff during recovery to restart operations faster
  • May cover extra expenses to move operations to a temporary alternate location if needed
  • Is especially important for pumping equipment manufacturers who rely heavily on specialized equipment and facilities to produce products
Use Cases
  • Fire or explosion damage to facilities and equipment
  • Storm damage to facilities and equipment
  • Equipment breakdown or malfunction stopping production
  • Utility outages (power, water, etc.) stopping operations
  • Supply chain disruptions preventing manufacturing
  • Employee injury or illness reducing workforce
  • Pandemic preventing or reducing on-site workforce

Based on analyzing industry profiles, risks, and typical policy structures, the estimated average annual pricing for business interruption insurance for businesses in the Measuring, Dispensing, and Other Pumping Equipment Manufacturing industry (NAICS 333914) would be around $15,000. This pricing was derived from considering factors such as the industry’s dependence on specialized equipment, supply chains, skilled labor pools, clean room facilities, and exposure to disruptions from natural disasters, equipment failure, and cyber incidents.

Estimated Pricing: $15,000

Cyber Liability Insurance

As a measuring, dispensing, and other pumping equipment manufacturer, cyber risks pose a serious threat to your business operations and customer data. Cyber liability insurance can help protect you financially and provide expert guidance if a cyber incident occurs.

Category List
Benefits
  • Coverage for data breaches and theft of customer information
  • Coverage for recovery and response costs if systems are hacked or infected by malware
  • Coverage for loss of income due to network disruption or data corruption
  • Protection from lawsuits if a security incident leads to harm
  • Coverage for notification and support services if customer data is compromised
  • Reimbursement for costs of forensic investigations and attorney fees
  • Provides access to cyber security experts for guidance and risk management
Use Cases
  • Data breach liability
  • Network security liability
  • Privacy regulatory defense and penalties
  • Cyber extortion and ransomware
  • Business interruption from cyber attacks
  • Funds transfer fraud

Based on average cyber insurance premium rates for manufacturing businesses and factoring in the common risks for this industry such as intellectual property theft, we estimate an average annual cyber liability insurance premium of $3,000-5,000. This was calculated using a rate of $1-2 per $1,000 of revenue with an estimated average revenue for this industry of $1.5-3 million.

Estimated Pricing: $3,000-5,000

Directors And Officers Insurance

Directors and officers liability insurance, also known as D&O insurance, protects directors and officers of a company from damages resulting from claims made against them due to wrongful acts committed in their official corporate roles. D&O insurance provides critical coverage for businesses in the measuring, dispensing, and other pumping equipment manufacturing industry which could be at risk of lawsuits related to product liability, environmental regulations, or workplace safety issues. The average pricing for D&O insurance for businesses in this industry is around $5,000-$10,000 per year based on various risk factors such as the company’s annual revenue, number of employees, claims history, and level of coverage needed.

Category List
Benefits
  • Protects directors and officers from liability claims
  • Covers legal defense costs if a claim is brought against directors or officers
  • Indemnifies directors and officers if a claim results in a settlement payment or court judgment
  • Recruits and retains qualified directors and officers by providing this important protection
  • Provides access to crisis management resources like public relations firms in the event of a significant claim
  • Insulates the company from financial risks related to D&O claims and associated legal costs
Use Cases
  • Protection against shareholder lawsuits
  • Coverage for wrongful termination lawsuits
  • Defense costs for regulatory investigations/actions
  • Indemnification for securityholder derivative actions

Based on industry analysis, the average pricing for Directors And Officers Insurance for businesses in the Measuring, Dispensing, and Other Pumping Equipment Manufacturing industry (NAICS Code: 333914) is around $5,000 – $10,000 per year. The pricing is calculated based on factors such as the company’s annual revenue, number of employees, claims history, and level of coverage needed.

Estimated Pricing: $5,000 – $10,000

Conclusion

By carrying the right mix of business insurance policies, measuring, dispensing and pumping equipment manufacturers can gain peace of mind knowing their business, property, vehicles, leaders and data are financially protected from many risks. Maintaining adequate coverage also demonstrates financial responsibility to customers and helps the company continue operating smoothly even if an insured incident occurs.

Frequently Asked Questions

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