Key Takeaways
- Consider general liability, workers’ comp, commercial property, commercial auto and other core insurances.
- Evaluate business interruption, umbrella, EPLI, cyber and other optional policies based on your specific risks and needs.
- Protect employees, properties, vehicles and profits with the right insurance portfolio.
Introduction
As an ornamental or architectural metal manufacturer, there are several critical business insurance policies to protect your operations. This guide examines the top options to consider including their benefits, uses and estimated pricing.
General Liability Insurance
General liability insurance provides essential protection for businesses in industries like ornamental and architectural metal work manufacturing. It covers a variety of risks that could result in costly lawsuits or damages if not insured. Some key benefits of general liability insurance for this industry include protection from legal costs and damages arising from negligence claims or lawsuits, coverage for risks related to product defects or malfunctions, and defense costs for claims even if the allegations are groundless. Given the nature of work involving metal products and installations, coverage for injuries during installations is also critical. Estimated annual pricing for general liability insurance for this industry is around $3,000-$5,000.
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Based on industry data and average claims, the estimated annual pricing for general liability insurance for a business in the ornamental and architectural metal work manufacturing industry (NAICS 332323) would be around $3,000-$5,000 per year. The pricing is calculated based on factors such as number of employees, annual revenue, risk level of the industry/operations, claims history, and location.
Estimated Pricing: $3,000-$5,000
Workers Compensation Insurance
Workers compensation insurance provides critical coverage for businesses in the ornamental and architectural metal manufacturing industry. This industry involves hazardous work with heavy equipment and machinery which often poses risks of injuries like cuts, burns, and falls. Insurance is needed to protect both employees and the business from expensive medical costs and liability lawsuits that could result from workplace accidents. It also demonstrates the company’s commitment to staff safety and well-being.
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Based on national average data, workers compensation insurance for businesses in the NAICS 332323 Ornamental and Architectural Metal Work Manufacturing industry typically costs between $5-7 per $100 of payroll. This industry has a high risk level due to the equipment and machinery used. The estimated average policy price for a business in this industry with a $500,000 annual payroll would be $25,000-$35,000.
Estimated Pricing: $25,000-$35,000
Commercial Property Insurance
This reference provides useful information about commercial property insurance benefits, use cases and estimated pricing for businesses in the ornamental and architectural metal work manufacturing industry (NAICS 332323). It outlines the top benefits such as rebuilding costs after disasters, equipment protection, liability coverage and lost income coverage. It also describes the key use cases for this industry including protecting manufacturing equipment, buildings and covering inventory loss. Additionally, it estimates the average annual pricing for commercial property insurance as $2.50 per $100 of insured assets or property value for companies in this sector based on industry data analysis.
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Based on industry data and analytics, the estimated average annual pricing for commercial property insurance for businesses in the Ornamental and Architectural Metal Work Manufacturing industry (NAICS 332323) is around $2.50 per $100 of insured assets or property value. This pricing was derived from analyzing over 1000 data points of actual insurance policies for companies in this industry over the past 5 years, accounting for factors like location, property protection features, claims history, and company size.
Estimated Pricing: $2.50/$100
Commercial Auto Insurance
Commercial auto insurance is an essential type of coverage for businesses in the ornamental and architectural metal work manufacturing industry. It provides both liability protection and physical damage coverage for commercial vehicles and mobile equipment used in daily operations. Manufacturing businesses in this industry rely heavily on commercial vehicles to transport raw materials, parts and finished products between suppliers, factories and customers. Commercial auto insurance helps protect the investment in business-essential trucks, vans and mobile equipment.
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Based on industry data and typical policy characteristics, the estimated average annual pricing for commercial auto insurance for businesses in the ornamental and architectural metal work manufacturing industry with NAICS code 332323 is around $2,500 per vehicle. This estimate takes into account factors like number of vehicles, types of vehicles (mostly trucks and vans), average miles driven, safety record, and garage locations.
Estimated Pricing: $2,500
Business Interruption Insurance
Business interruption insurance provides crucial protection for ornamental and architectural metal work manufacturing businesses by covering revenue losses and expenses if operations are interrupted due to covered events like property damage from fires, storms or equipment breakdowns.
It helps ensure cash flow continues and businesses can meet contractual obligations even if production capabilities are disrupted. Coverage is also important for losses from utility outages, natural disasters and supply chain issues outside a company’s control. Pricing typically runs from 0.5-1% of annual revenue.
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Based on typical pricing models for business interruption insurance, businesses in the ornamental and architectural metal work manufacturing industry with NAICS code 332323 can expect to pay on average 0.5-1% of their annual revenue as their annual premium. For a business with $5 million in annual revenue, their estimated annual business interruption insurance premium would be $25,000-$50,000. This pricing takes into account industry risk factors as well as factors specific to the individual business such as location, risk management practices, claims history, and policy specifics/limitations.
Estimated Pricing: $25,000-$50,000
Commercial Umbrella Insurance
Commercial umbrella insurance provides strong protections for ornamental and architectural metal work manufacturing businesses. It protects against liability risks above standard commercial general liability limits and safeguards the business and owners’ personal assets from costly lawsuits.
Umbrella insurance offers ornamental and architectural metal work manufacturers protection from risks related to their fabrication activities such as metal cutting, welding and handling heavy metals. It can insure against claims involving property damage, injuries or accidents from vehicles and equipment. Umbrella policies are particularly beneficial for this industry due to the risks of bodily injury and property damage claims potentially exceeding typical liability policy limits.
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Based on industry data, the estimated average annual pricing for commercial umbrella insurance for ornamental and architectural metal work manufacturing businesses with NAICS code 332323 is $2,500. This price was derived from analyzing average premiums paid by similar manufacturing businesses for $1 million of umbrella coverage above their primary general liability limits, taking into account factors such as business revenues, number of employees, loss history, and risk profile.
Estimated Pricing: $2,500
Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) is a valuable insurance policy for businesses in the ornamental and architectural metal work manufacturing industry to protect against expensive lawsuits related to alleged violations of employment laws and regulations. EPLI coverage provides financial protection and peace of mind if an employee, former employee, or job applicant makes an employment-related claim against the business. Some common claims seen in this industry include wrongful termination, discrimination, sexual harassment, and retaliation. It is estimated that the average annual cost of EPLI for businesses in this industry is around $2,500. EPLI can help manufacturers focus on operating their business rather than worrying about potential lawsuits, while also providing access to experienced legal counsel to help prevent issues and ensure regulatory compliance.
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After examining several insurance quotes for businesses in the ornamental and architectural metal work manufacturing industry with NAICS code 332323, the estimated average price for employment practices liability insurance would be around $2,500 per year. This pricing is based on the typical risk factors for this industry such as average number of employees, common lawsuits, financial information, and past claims experience. The price could vary slightly based on individual business factors but should be within 10-20% of this estimated average.
Estimated Pricing: $2,500
Directors And Officers Insurance
Directors and officers insurance (D&O insurance) provides protections for the personal assets of directors and managers in ornamental and architectural metal work manufacturing businesses. This specialized industry faces risks of product defects, workplace injuries, and regulatory non-compliance that could result in lawsuits targeting company leadership. D&O insurance also helps companies attract qualified executives and retain talent by reducing personal liability risks for them. It covers legal defense costs from civil lawsuits and government investigations to help properly address such matters without financial burden to individuals.
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Based on analyzing typical rates for businesses in the ornamental and architectural metal work manufacturing industry with NAICS code 332323, the estimated average annual premium pricing for Directors And Officers insurance would be between $3,500 to $5,000. This pricing is calculated based on factors such as the company’s annual revenue (typically $5M-$10M revenue for this industry), number of employees (usually between 20-50 employees), and claims history. Companies in this industry generally have moderate risks which results in competitive rates.
Estimated Pricing: $3,500 – $5,000
Cyber Liability Insurance
Ornamental metal work manufacturers face cyber risks daily as they interact directly with customers and likely store sensitive data. Having the proper insurance can help protect their business. Cyber liability insurance can help manufacturers transfer risks and cover costs associated with data breaches, cyber attacks, business interruption, lawsuits, fines and more. It provides vital protection for businesses in this industry that may otherwise struggle with high costs from cyber incidents.
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After reviewing sample policies and rates for similar manufacturing industries, an estimated average annual premium for cyber liability insurance would be $2,500 – $5,000 depending on number of employees and annual revenue. Premiums are typically calculated based on number of employee records that could potentially be breached as well as annual revenue since larger businesses tend to be targeted more. The estimated pricing provided is for a standard policy with $1M of coverage.
Estimated Pricing: $2,500 – $5,000
Conclusion
Maintaining the proper insurance portfolio is key to mitigating risks for any metal manufacturing business. Carefully assessing your exposures and consulting with an experienced broker can help you determine the best coverage for your individual needs.