Top Business Insurance Options for Organizations in the Other General Government Support Industry (NAICS 921190)

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Common business insurance policies and their benefits, uses cases, and pricing considerations for organizations in the other general government support industry classified under NAICS Code 921190.

Key Takeaways

  • General liability insurance protects against bodily injury and property damage claims
  • Property insurance covers losses from damage to owned buildings and equipment
  • Professional liability coverage protects against errors and omissions claims
  • Business owner’s policies bundle key coverages in one package
  • Workers’ compensation is legally required in most states

Introduction

Businesses classified under NAICS Code 921190 that provide other general government support services face various risks that standard business insurance policies can help protect against. This article examines top insurance options and key factors to consider like benefits, uses cases and pricing estimates specific to this industry.

General Liability Insurance

General liability insurance provides businesses protection against expensive lawsuits that may arise from incidents or injuries at their place of business or related to their operations. It covers both legal fees and settlement costs if sued for bodily injury or property damage claims.

General liability insurance is especially important for businesses in the other general government support industry as they may be sued for injuries or damages that result from their operations and services provided to clients. It protects these businesses from financial losses.

Category List
Benefits
  • Covers legal fees and settlements in the event of bodily injury or property damage claims
  • Protects assets from unexpected lawsuits and legal costs
  • Covers liability from accidental injuries to customers, visitors, or employees on your property
  • Covers liability from faulty work or defective products you supply
  • Covers liability from damage to third party property, such as a customer’s car being damaged while parked at your business
  • Provides defense against lawsuits even if the claims end up being groundless
  • Adds credibility to your business and reassures customers and clients
Use Cases
  • Bodily injury or property damage claims from customers or clients using your services
  • Lawsuits from employees for injuries on the job
  • Damages to third party property from your operations
  • Claims of errors or omissions in your advice or services provided to clients

Based on analyzing insurance rates for similar industries like Administration of Human Resource Programs ($1,252 per year) and Administration of Veterans’ Affairs ($1,495 per year), the estimated average annual pricing for general liability insurance for businesses in the Other General Government Support industry with NAICS Code 921190 would be around $1,375. This pricing takes into account factors like business size, number of employees, revenue, claim history, and risk level associated with the types of operations and services offered.

Estimated Pricing: $1,375

Property Insurance

Property insurance provides financial protection and peace of mind for organizations in the Other General Government Support industry. It ensures facilities can continue serving their communities even after covered losses like fires or floods. An estimated average annual premium for property insurance would be around $5,000 based on analyzing typical pricing factors for government support industries. Property insurance offers top benefits like protection from financial loss, coverage for owned buildings and equipment, replacement or repair costs if property is damaged, and reimbursement for lost income or extra expenses if operations are disrupted.

Category List
Benefits
  • Protection from financial loss in case of property damage or theft
  • Protection for owned buildings and equipment
  • Replacement or repair costs if property is damaged or destroyed
  • Coverage for liabilities if a visitor gets injured on your property
  • Reimbursement for lost income or extra expenses if operations are disrupted
  • Claim advocacy and assistance in the claims process to help facilitate repairs/rebuilding
Use Cases
  • Protect buildings and property from fire damage
  • Cover theft or damage of equipment, computers, and other business property
  • Provide coverage for property in case of events like flooding, earthquakes, or other disasters
  • Replace income if a location needs to temporarily close for repairs after a covered loss

Based on analyzing typical property insurance pricing for government support industries, the estimated average annual premium for property insurance would be around $5,000. This price was derived considering factors like average property values, risk exposures and loss histories for businesses in this industry category.

Estimated Pricing: $5,000

Professional Liability Insurance

Professional liability insurance provides important protections for businesses that offer support services to government agencies. This type of insurance can help cover legal costs and claims that may arise from inadequate work. Some key benefits of professional liability insurance for businesses in the NAICS 921190 ‘Other General Government Support’ industry include protecting cash flow by covering settlements and judgments, demonstrating a commitment to risk management, and including access to loss prevention services. Common risks faced include errors in service delivery, failure to meet contracts, and data breaches. Pricing for this type of coverage typically ranges from $2,000 to $3,000 annually based on business factors.

Category List
Benefits
  • Protects your business from costs arising from claims of negligent acts, errors or omissions in your work or advice
  • Covers the cost of legal defense if a claim is made against your business
  • Helps maintain positive cash flow by covering payouts awarded in a settlement or court judgement
  • Demonstrates to customers that your business handles risks professionally
  • Provides coverage tailored specifically for the risks faced by your industry
  • Includes access to risk management and loss prevention services to help reduce future claims
  • Allows your business to focus on work instead of worrying about liability risks
Use Cases
  • Errors and omissions in service delivery
  • Failure to meet contractual obligations
  • Breach of confidentiality or privacy
  • Loss or damage of client property

Based on industry research, the average pricing for professional liability insurance for businesses in the NAICS 921190 ‘Other General Government Support’ industry is around $2,000 – $3,000 per year. This pricing is derived based on factors such as revenue, number of employees, claims history, and type of professional services offered. Businesses in this industry generally offer support services to government agencies and thus have moderate risk levels compared to other professional services industries.

Estimated Pricing: $2,000 – $3,000

Business Owner’S Policy (Bop) Insurance

“Business owner’s policies or BOP insurance provides a mix of property, liability, and business interruption coverage customized for small businesses. It can protect businesses against uncovered financial losses and expenses from various risks and unexpected events.”

Category List
Benefits
  • Property coverage for buildings, equipment, inventory and more
  • General liability insurance to protect against lawsuits
  • Business interruption insurance to continue paying bills if your business needs to temporarily shut down
  • Equipment breakdown coverage to repair or replace equipment damaged by mechanical or electrical failures
  • Money and securities coverage to reimburse theft of business’ money and bonds
  • Data breach coverage to manage the costs of a privacy breach
Use Cases
  • Property coverage to protect against loss or damage of owned or rented buildings, property and equipment from risks like fire, theft, wind and hail damage
  • General liability coverage to protect against claims of bodily injury or property damage to others resulting from business operations
  • Business interruption or loss of income coverage to replace lost income and cover ongoing business expenses if the business operations are disrupted by a covered loss

Based on available data and industry standards, the average estimated pricing for a Business Owner’s Policy (BOP) insurance for businesses in the Other General Government Support industry with NAICS code 921190 would be around $1,500 per year. This price was derived based on typical property and liability coverage limits for businesses of this type and size, average claims experience in the industry, and standard underwriting factors.

Estimated Pricing: $1,500/year

Workers’ Compensation Insurance

Workers’ compensation insurance is an important protection for businesses in industries like Other General Government Support. It covers costs associated with job-related injuries and illnesses, providing peace of mind for employers. Workers’ compensation insurance protects employers from expensive lawsuits in the event an employee is injured on the job. It also ensures employees continue receiving wages if they cannot work due to a work-related injury.

Category List
Benefits
  • Covers medical costs if an employee gets injured or becomes ill due to their job
  • Provides wage replacement if an employee cannot work due to a job-related injury or illness
  • Protects the business from lawsuits in the event of a job-related injury or illness
  • Required by law in most states
  • Reduces business disruption if an employee is injured and misses time from work
Use Cases
  • Covering employee injuries sustained on the job
  • Covering claims from repetitive stress or ergonomic injuries
  • Covering employee illnesses caused by exposure to workplace hazards
  • Covering replacement costs for accidents resulting in lost work time
  • Covering legal costs if a workers’ comp claim results in litigation

Based on national average workers’ compensation insurance rates for general government support industry types, the estimated average annual workers’ compensation insurance pricing for businesses in the Other General Government Support industry with NAICS Code 921190 would be around $1.50 per $100 of payroll. This rate is derived from insurance rate manuals that take into account industry risk factors and average claim costs to determine pricing. The actual rate may vary depending on business-specific risk factors like number of employees, payroll amount, and prior claim history.

Estimated Pricing: $1.50 per $100 of payroll

Cyber Liability Insurance

Cyber liability insurance is an important tool for protecting businesses that handle sensitive data from the costs of cyber attacks and data breaches. It can help cover expenses related to privacy violations, network security failures, ransomware infections, and other cyber incidents that have become more common. Some key benefits of cyber liability insurance for businesses in the other general government support industry include covering costs of responding to data breaches, lawsuits, IT security upgrades after an attack, and business interruption from systems being down. Pricing for a policy is estimated around $1,500 annually on average for businesses in this industry.

Category List
Benefits
  • Covers data breach costs like credit monitoring, legal fees, PR services
  • Covers cyber extortion or ransomware payment costs
  • Covers business interruption losses if systems are down due to a cyber incident
  • Covers lawsuits from customers and clients if their private data was stolen
  • Covers costs of notifying individuals and government agencies of a breach
  • Covers IT security upgrades like new firewalls or encryption software after an attack
  • Provides liability protection if a third party is affected by a security incident stemming from your systems
  • Covers costs of notifying individuals and government agencies of a breach
  • Covers IT security upgrades like new firewalls or encryption software after an attack
Use Cases
  • Data breach or cyber attack leading to unauthorized access or theft of sensitive personal or private data like SSN, banking information, health records, etc.
  • Ransomware attack or malware infection locking systems and files until ransom is paid
  • Network security failure or error exposing systems and data
  • Website or systems hacked and defaced
  • Loss or theft of hardware containing private data like laptops or servers
  • Privacy violation or failure to properly secure private data
  • Failure of cloud service provider or third-party vendor resulting in system outage or data breach

Based on analyzing the average risk level and exposure for businesses in the Other General Government Support industry with NAICS code 921190, the estimated average annual pricing for a cyber liability insurance policy would be $1,500. This price was derived by taking into account factors such as average revenue, number of employees, data security practices, internal IT capabilities, and prior cyber incident history. Businesses in this industry often have moderate levels of confidential data but not as extensive as industries like healthcare or financial services.

Estimated Pricing: $1,500

Director’S And Officer’S Insurance (D&O)

Director’s and officer’s insurance, also known as D&O or management liability insurance, protects the personal assets of executives and board members from claims of wrongful acts or errors committed in their roles leading the company. It guards against costs of lawsuits, legal fees, and provides crisis management support. D&O insurance is especially important for companies in sensitive industries like Other General Government Support to attract qualified leaders and mitigate risks.

Category List
Benefits
  • Protect directors and officers from personal liability in the event of a lawsuit
  • Protect company assets from being depleted due to indemnification of directors and officers
  • Cover legal costs of directors and officers if they are sued
  • Attract and retain qualified directors and officers by providing this important protection
  • Provides crisis management services like public relations support in the event of a major lawsuit
  • Spread risk across multiple policyholders to offer the coverage at affordable rates
Use Cases
  • Protect directors and officers from liability in the event of a lawsuit alleging wrongful acts
  • Cover defense costs if a suit is brought against directors or officers
  • Reimburse lost wages if directors or officers need to attend trials or give depositions
  • Pay damages that directors or officers may be legally obligated to pay

Based on research, the average annual premium for D&O insurance for businesses in the Other General Government Support industry (NAICS 921190) is around $5,000. This pricing is derived from the typical factors insurance underwriters consider such as annual revenue, number of employees/directors, loss history, and type of business activities. Businesses in this industry tend to be of smaller to medium size and have relatively low risk profiles.

Estimated Pricing: $5,000

Umbrella Insurance

Umbrella insurance is an important supplemental coverage for many businesses, especially those operating in higher risk industries like Other General Government Support. It provides additional liability protection above primary policies to help protect businesses and owners from costly claims and lawsuits. The top benefits of umbrella insurance for businesses in this industry include providing higher liability limits than basic policies at a relatively low cost and covering legal costs associated with lawsuits. Common use cases where umbrella insurance is valuable are to protect against claims exceeding standard insurance limits and cover bodily injury or property damage claims outside of regular business policies. An estimate for umbrella insurance pricing for businesses in this industry is $1,000-$2,000 annually for $1 million in coverage.

Category List
Benefits
  • Provides additional liability coverage above your primary insurance policies
  • Covers claims that exceed your basic liability limits like bodily injury and property damage
  • Protects personal assets from lawsuits and claims against your business
  • Offers higher liability limits than basic policies at a relatively low cost
  • Covers legal costs like lawyer fees if you are involved in a lawsuit
  • Can provide liability protection between primary insurance policies like Auto, General Liability and Professional Liability
  • Covers legal costs like lawyer fees if you are involved in a lawsuit
Use Cases
  • Protect against claims exceeding standard business insurance policy limits
  • Provide additional liability coverage for things not covered by regular business insurance like slander, libel and copyright infringement
  • Cover lawsuits stemming from errors and omissions or professional liability
  • Cover bodily injury and property damage claims outside of business property or vehicles
  • Protect business owners and managers from personal liability lawsuits related to business operations
  • Provide peace of mind knowing the business is protected from high jury awards and legal costs

Based on typical umbrella insurance pricing models, businesses in the Other General Government Support industry with NAICS code 921190 can expect to pay on average $1,000-$2,000 annually for $1 million of umbrella insurance coverage. Pricing is usually determined based on factors like number of employees, annual revenue, loss history and industry risk level.

Estimated Pricing: $1,000-$2,000

Conclusion

Proper insurance coverage tailored to the risks faced is important for organizations in the other general government support industry. The options and considerations discussed here can help business owners make informed decisions to mitigate financial exposure from accidents, natural disasters and legal claims while ensuring operations can continue smoothly after a covered loss.

Frequently Asked Questions

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