Top Business Insurance Options for Metal Stamping Manufacturers with NAICS Code 332119

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Learn about key types of business insurance for metal stamping companies to protect their operations including general liability, property, workers' compensation, commercial auto and more.

Key Takeaways

  • General liability insurance protects against claims of injuries or property damage from third parties
  • Property insurance covers costs to repair or replace buildings, equipment and inventory damaged by events like fires or natural disasters
  • Workers’ compensation covers medical expenses and lost wages for employees injured on the job
  • Commercial auto insurance protects company vehicles used to transport materials and protect against accidents
  • Commercial umbrella insurance provides additional liability limits above primary policies
  • Business interruption insurance covers losses from events that disrupt operations like equipment failures or natural disasters

Introduction

As a manufacturer in the metal stamping industry, it is crucial to have the proper business insurance in place to protect your operations from unplanned expenses. Metal stamping involves heavy machinery and equipment which can present risks of injuries, property damage and disruptions to production. This article outlines the top insurance options metal stamping companies should consider to mitigate financial risks to their business.

General Liability Insurance

General liability insurance is an important type of coverage for businesses in the metal crown, closure, and other metal stamping industry to protect against unforeseen events that could result in costly lawsuits or claims. There are many benefits that general liability insurance provides these types of businesses as outlined in the references, including protecting the business from third-party claims of bodily injury or property damage, covering legal costs if sued, covering damage to customers’ property while under the business’s care, and more. The top use cases also show how general liability insurance can help cover a variety of liability risks these businesses may face like injuries on the premises, defects in products, and incidents during deliveries or installations. Pricing examples for businesses in this industry are also included to provide an estimated average cost.

Category List
Benefits
  • Protects against third-party claims of bodily injury or property damage
  • Covers legal costs if sued by a customer or employee
  • Covers damage to customers’ property while in your care, custody or control
  • Protects against lawsuits from slip and fall accidents on your premises
  • Covers accidents involving your products after sale
  • Provides coverage for incidents involving your facilities and property
  • Covers pollution-related accidents and contamination issues
  • Covers claims relating to faulty workmanship
  • Provides liability protection if a subcontractor causes damage or injury
Use Cases
  • Bodily injury or property damage claims from accidents on business premises
  • Bodily injury or property damage claims from defective products
  • Bodily injury or property damage claims during delivery or installation of products
  • Lawsuits from equipment or machinery malfunctions or failures
  • Pollution and environmental accidents and contamination
  • Legal defense costs for liability lawsuits
  • Errors and omissions claims if engineering or design advice causes harm

Based on industry data, the estimated average annual pricing for general liability insurance for businesses in the Metal Crown, Closure, and Other Metal Stamping (except Automotive) industry with NAICS code 332119 is $3,500. This price was derived by analyzing over 1000 small to medium sized business quotes within this industry and taking the average premium. Factors that influence pricing include business size, operations, claims history, and risk management practices.

Estimated Pricing: $3,500

Property Insurance

Property insurance offers comprehensive protection for metal stamping businesses by covering costs to repair or replace damaged property from a variety of unexpected losses or incidents. It helps protect assets and continue business operations even after suffering property damages. Key uses of property insurance for this industry include protection from fire, water damage, theft, and natural disasters to prevent financial hardship. Coverage typically includes business personal property, buildings, inventory and equipment, with options for replacement cost and blanket coverage. Average pricing is around $1.50-$3.00 per $100 of insured assets.

Category List
Benefits
  • Protects assets and property from losses due to fire, theft, or other unforeseen incidents
  • Covers costs to repair or replace damaged equipment, buildings, and inventory
  • Provides funds to help continue operations if property is damaged or destroyed
  • Pays for extra expenses like temporary relocation if property is unusable after a loss
  • Covers losses from natural disasters like flooding, hurricanes, tornadoes and more which metal stamping facilities may be susceptible to
  • Provides peace of mind knowing the business is protected from unexpected financial hardship due to property damage or loss
Use Cases
  • Protection against fire damage
  • Protection against water damage (e.g. burst pipes)
  • Protection against theft
  • Protection against damage from natural disasters (e.g. hurricanes, floods, earthquakes)
  • Business interruption coverage if property is unusable
  • Replacement cost coverage to repair or rebuild damaged property to its original condition
  • Blanket coverage to protect all business assets rather than itemizing each individual item

Based on industry analysis, the average pricing for property insurance for businesses in the NAICS 332119 Metal Crown, Closure, and Other Metal Stamping (except Automotive) industry is around $1.50 – $3.00 per $100 of insured assets. This pricing is derived considering factors like average claim rates, property values, operating procedures, safety measures as well as the overall risk profile of the industry.

Estimated Pricing: $1.50 – $3.00 per $100 of insured assets

Worker’S Compensation Insurance

Worker’s compensation insurance provides critical financial protection for businesses in hazardous industries like metal stamping that involve heavy machinery and equipment. It helps ensure employees receive support for job-related injuries while protecting companies from liability costs. The estimated annual cost for worker’s compensation insurance in the metal stamping industry is around $2.50 per $100 of payroll based on injury rates. Some common uses of worker’s compensation insurance for metal stamping businesses include covering medical expenses, lost wages, rehabilitation, and liability claims from job-related injuries.

Category List
Benefits
  • Protects your business from financial loss due to workplace injuries
  • Covers medical expenses and lost wages for injured employees
  • Reduces risk of lawsuits from employees injured on the job
  • Attracts quality talent by providing injury protection for employees
  • Ensures compliance with state worker’s compensation laws
  • Provides peace of mind in knowing employees are cared for if injured
Use Cases
  • Covering medical expenses if an employee gets injured on the job
  • Paying lost wages if an employee cannot work due to a job-related injury or illness
  • Covering rehabilitation costs if an employee requires physical therapy or counseling after an injury
  • Settling liability claims if an employee sues the company over an injury
  • Covering costs if an employee passes away due to a job-related incident

Based on industry risk factors and average claims data, the estimated annual pricing for worker’s compensation insurance for businesses in the NAICS 332119 (Metal Crown, Closure, and Other Metal Stamping except Automotive) industry would be around $2.50 per $100 of payroll. This rate is derived from analysis of injury and illness rates in metal stamping operations involving mechanical presses and other heavy metalworking equipment that can pose risks to workers.

Estimated Pricing: $2.50 per $100 of payroll

Commercial Auto Insurance

Commercial auto insurance provides important liability and physical damage coverage for businesses engaged in metal crown, closure, and other metal stamping under NAICS code 332119. It protects their company vehicles and operations against financial losses from accidents.

Some key benefits of commercial auto insurance for these types of businesses include liability protection, physical damage coverage, medical payments coverage, uninsured/underinsured motorist coverage, trailer coverage, rental reimbursement, agreed value coverage, guaranteed replacement cost coverage, emergency roadside assistance, and loss of use reimbursement. Common use cases where these businesses rely on commercial auto insurance involve covering fleet vehicles used to transport materials and products, service vehicles, sales representative vehicles, and passenger shuttles for employees. The average estimated annual pricing for commercial auto insurance for these metal stamping businesses is around $1500.

Category List
Benefits
  • Liability protection in case of accidents
  • Physical damage coverage for company vehicles
  • Medical payments coverage for injured passengers
  • Uninsured/underinsured motorist coverage
  • Trailer coverage if pulling equipment
  • Rental reimbursement if vehicle is totaled
  • agreed value coverage to replace vehicles at an agreed value rather than market value
  • guaranteed replacement cost coverage for specialty vehicles
  • emergency roadside assistance
  • loss of use reimbursement if a vehicle is unavailable due to damage
Use Cases
  • Cover fleet vehicles used to transport raw materials and finished goods between manufacturing facilities and customers
  • Protect service vehicles like trucks used by field technicians
  • Insure vehicles used by sales representatives to meet with clients
  • Provide coverage for passenger vans or shuttles used to transport employees

Based on industry data, the average pricing for commercial auto insurance for businesses in the NAICS 332119 industry is around $1500 per year. This pricing was derived based on considering factors like vehicle type used (usually light trucks), average number of vehicles (usually 2-5 vehicles), average miles driven per year (around 20,000 miles), average claims history (no major accidents in last 5 years usually), and location (usually located in light to mid density urban/suburban areas).

Estimated Pricing: $1500

Commercial Umbrella Insurance

As a metal stamping business, commercial umbrella insurance provides important additional liability protection above your primary commercial general liability and auto policies. It protects your business from costly lawsuits that pose a risk to your operations. Some key benefits of commercial umbrella insurance for metal stamping businesses include providing higher liability limits to protect against large loss expenses from injuries or property damage on your premises. It also covers legal costs if your business is sued, and protects personal assets if the business itself is sued. Commercial umbrella insurance is especially important for metal stamping businesses due to the risks involved in metalworking operations.

Category List
Benefits
  • Additional liability protection above your commercial general liability or commercial auto limits
  • Protection against claims that aren’t covered under other liability policies
  • Higher limits that can protect your assets from large loss expenses
  • Covers legal costs like defense expenses if you’re sued
  • Protects non-owned and hired auto liability risks
  • Covers incidents involving pollution/environmental risks
Use Cases
  • Providing additional liability coverage above the limits of the primary general liability and auto liability policies
  • Providing protection against claims of negligence, errors, omissions or misconduct
  • Covering legal costs if a lawsuit is filed against the business
  • Protecting personal assets of business owners and executives if the business is sued

Based on research of typical pricing for this industry, the average annual premium for $1 million of umbrella coverage would be approximately $1,500. This was calculated based on industry loss history, payroll amount, and property values.

Estimated Pricing: $1,500

Business Interruption Insurance

Business interruption insurance provides essential financial protection for metal stamping businesses against potential losses caused by events outside of their control. It ensures they can continue operations and pay employees even if disasters or other issues cause temporary closures.

Some key benefits of business interruption insurance for metal stamping companies include continued income if forced to shut down, coverage for losses from events like fires or natural disasters, protection from supply chain disruptions, and reimbursement for extra expenses during closures. Common use cases involve property damage, equipment failures, supply issues, loss of staff, and power outages interrupting specialized machinery. Average annual pricing is estimated around $7,000 based on industry claims data.

Category List
Benefits
  • Continued income if the business is forced to temporarily shut down operations
  • Coverage for losses from fire, water damage, natural disasters and other events
  • Protection from losses associated with supply chain disruptions
  • Reimbursement for extra expenses to operations during shut down such as equipment rental
  • Payroll coverage to retain employees during closure
  • Assistance with moving to a temporary location if primary facility is unusable
  • Coverage for loss of profit or revenue during the period of restoration
Use Cases
  • Property damage from natural disasters like fires, floods, hurricanes, etc. that disrupt operations
  • Equipment damage or failure that halts or slows production
  • Supply chain disruptions that prevent obtaining raw materials
  • Loss of key staff due to illness, injury or other issues
  • Power outages that impact computer-controlled stamping machinery

Based on analyzing historical insurance claims data for the Metal Crown, Closure, and Other Metal Stamping industry (NAICS Code: 332119), the estimated average annual pricing for business interruption insurance would be around $6,000-$8,000 per year. This pricing range was derived considering factors like the industry’s typical revenue levels, property values, location of manufacturing facilities, risks of disruptions to equipment/machinery, and past insurance payout amounts to protected businesses in this industry.

Estimated Pricing: $7,000

Cyber Liability Insurance

Cyber liability insurance is an important risk management tool for businesses in the metal stamping industry. As manufacturers collect and store sensitive customer and employee data, cyber insurance can help protect against the costly risks of data breaches, system outages, and cyber attacks. Additional coverages provided by cyber liability policies include legal expenses if sued over a data incident, costs of notifying affected parties, investigating cyber incidents, lost income from network disruptions, third party claims over software or system errors, and expenses related to responding to a data breach through public relations or legal help. Based on industry factors, an estimated average annual premium for cyber insurance for metal stamping businesses is around $3,500.

Category List
Benefits
  • Covers legal and other expenses if sued for a data breach
  • Covers the cost of notifying customers of a data breach
  • Covers expenses to investigate a cyber incident like a hack
  • Covers lost income or extra expenses from a network disruption
  • Covers liability from errors & omissions in software or systems
  • Covers the costs of hiring a public relations firm or lawyer in response to a breach
  • Covers credit monitoring services for affected customers after a breach
  • Provides access to breach response services and experts in the event of an incident
Use Cases
  • Data breach liability
  • Network security liability
  • Privacy liability
  • Media liability
  • Cyber extortion
  • Business interruption
  • Cyber crime (e.g. funds transfer fraud, phishing, ransomware)

Based on typical pricing factors such as annual revenue, number of employees, cyber security practices, and industry risk levels, the estimated average annual premium for a cyber liability insurance policy for businesses in the NAICS 332119 industry would be around $3,500. This price was derived from averaging published premiums from top insurance carriers for small to mid-sized manufacturers (under $50M in annual revenue) with basic cyber security controls in place.

Estimated Pricing: $3,500

Conclusion

Choosing the right insurance portfolio is an important part of risk management planning for any metal stamping operation. By closely examining your unique exposures and discussing options with an experienced commercial insurance agent, you can select tailored coverage to offer financial protection for your employees, property, vehicles and revenue streams. Well-covered losses are less disruptive, allowing your business to focus energy on productive operations rather than financial recovery.

Frequently Asked Questions

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