Top Business Insurance Options for Other Concrete Product Manufacturers with NAICS Code 327390

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This article discusses the most important types of business insurance for other concrete product manufacturers to consider like general liability, commercial property, workers' comp and more.

Key Takeaways

  • Consider general liability, commercial property, workers’ compensation and commercial auto insurance as essential policies
  • Commercial umbrella insurance provides valuable additional liability protection
  • A business owners policy bundles various coverages into one convenient package
  • Directors and officers coverage protects business owners from litigation risks
  • Cyber liability insurance helps address data breach and network security risks
  • Product liability insurance safeguards against costly lawsuits if products fail

Introduction

As a business in the other concrete product manufacturing industry, there are several insurance policies to consider protecting your business from a variety of risks. This guide will explore the top business insurance options to protect both your company and employees.

General Liability Insurance

General liability insurance is an important policy for businesses in the concrete product manufacturing industry to protect against costly risks. It covers expenses related to property damage, bodily injury, faulty products, and transportation accidents that could threaten the financial health of the business. General liability insurance provides key benefits like legal protection if sued for claims not covered by other insurance, pollution coverage from accidental chemical releases, and coverage for incidents that occur off premises during delivery or installation. Pricing is based on factors like revenue, employees, risk level and loss history, with national averages for this industry being $2.50-$5 per $100 of gross receipts and a minimum $500,000 policy amount.

Category List
Benefits
  • Covers costs of property damage or bodily injury claims from accidents at your facility
  • Provides protection if a customer slips and falls at your facility
  • Covers legal fees if you’re sued for a claim not covered by another type of insurance like workers’ comp
  • Covers liability from transportation of raw materials and finished goods
  • Covers pollution liability from accidental release of chemicals from your facility
  • Covers liability from faulty or defective products
  • Provides coverage for incidents that may occur away from your premises, like during delivery or installation
Use Cases
  • Property damage from accidents in the manufacturing facility
  • Bodily injury of visitors or customers in the facility
  • Product quality issues that result in injury or damage
  • Transportation and delivery accidents

Based on national averages, general liability insurance for businesses in the other concrete product manufacturing industry (NAICS 327390) typically costs between $2.50-$5.00 per $100 of gross receipts, with a minimum policy amount of $500,000. This pricing is determined through analysis of payroll, number of employees, types of products manufactured, loss history, and risk level associated with the industry. For a business in this industry with $1 million in annual gross receipts, their estimated annual general liability insurance premium would be $5,000.

Estimated Pricing: $5,000

Commercial Property Insurance

Commercial property insurance provides important protection for businesses in the other concrete product manufacturing industry. It protects owners from financial losses from covered incidents involving property damage or business interruptions.

Some key benefits of commercial property insurance for concrete product manufacturers include replacing lost or damaged equipment, machinery, facilities and real property after events like fires or floods. It also covers liability if a customer is injured on the business’s property and provides funds to continue paying employees if the facility needs to close for repairs.

Category List
Benefits
  • Covers property damage or losses from fire, water, hail or other perils
  • Protects equipment, machinery, facilities, and real property from financial loss
  • Replaces lost income from business interruptions caused by covered perils
  • Covers liability for damage to other people’s property or injuries happening on your property
  • Provides replacement cost coverage to repair or rebuild damaged properties without deductions for depreciation
  • Covers additional living expenses if damage renders your facility unlivable
  • Pays for debris removal after covered loss or damage
Use Cases
  • Protection against fire damage to buildings, machinery and equipment
  • Coverage for water damage from burst pipes or other plumbing issues
  • Reimbursement for losses due to theft or vandalism
  • Funds to rebuild or repair in the event of natural disasters like floods, hurricanes or earthquakes
  • Replacement cost coverage to repair or replace damaged property without deduction for depreciation

Based on industry risk factors and average property values, the estimated annual pricing for commercial property insurance for businesses in the Other Concrete Product Manufacturing industry (NAICS 327390) would be around $5.50 per $100 of insured property value. This price was derived from analyzing typical property values, claim histories, and loss ratios for businesses in this industry. Hazards associated with manufacturing processes that involve concrete materials tend to increase risks slightly.

Estimated Pricing: $5.50/$100

Workers’ Compensation Insurance

Workers’ compensation insurance provides financial support and protection for employees and employers for injuries occurring on the job. It covers medical expenses and lost wages for workers while also shielding businesses from costly injury lawsuits inherent to industries like other concrete product manufacturing that involve occupational hazards. Additional benefits of workers’ compensation for this industry include vocational rehabilitation to help injured employees return to work, affordable premiums relative to potential costs of accidents, and loss prevention services to help improve workplace safety and reduce future claims. The estimated average annual pricing also provides useful context for this type of insurance in the other concrete product manufacturing industry.

Category List
Benefits
  • Covers medical expenses and lost wages for employees injured on the job
  • Protects the business from liability if an employee is injured and decides to sue
  • Required by law in most states
  • Pays for vocational rehabilitation to help injured employees return to suitable work
  • Affordable premiums relative to potential costs of accidents
  • Provides loss prevention and risk management services to help reduce worksite hazards and future claims
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
  • Liability protection if an employee sues the business for a job-related injury or illness
  • Covering injuries from industrial accidents that are common in concrete product manufacturing like falling objects, cuts, burns, etc.
  • Covering repetitive stress injuries and lung diseases from inhaling concrete dust that are prevalent in this industry

Based on typical pricing ranges and taking into account industry risk factors, the estimated average annual pricing for workers’ compensation insurance in the other concrete product manufacturing industry (NAICS code: 327390) would be around $1.25 – $1.50 per $100 of payroll. This pricing was derived using common rating factors such as industry risk classification, company size, past claims experience, and safety programs implemented.

Estimated Pricing: $1.25 – $1.50/100 of payroll

Commercial Automobile Insurance

Commercial automobile insurance provides important liability and physical damage protection for businesses in the other concrete product manufacturing industry that rely on commercial vehicles to transport raw materials and finished goods.

Category List
Benefits
  • Liability protection in case of accidents
  • Coverage for vehicles used in deliveries
  • Replacement costs if vehicles are totaled
  • Medical payments coverage for injured parties
  • Coverage for business assets being transported
  • Protection for hired and non-owned vehicles
Use Cases
  • Liability coverage in case of accidents involving company vehicles
  • Physical damage coverage for company vehicles like trucks in case of collisions, theft, or other incidents
  • Non-owned and hired auto liability coverage for vehicles not owned by the business but used for company purposes
  • Medical payments coverage for injuries to others in a covered accident

Based on industry research, the average estimated pricing for commercial automobile insurance for businesses in the Other Concrete Product Manufacturing (NAICS 327390) industry is around $1,500 annually per vehicle. Factors that contribute to the average pricing include the type of vehicles used (often trucks), annual miles driven, number of employees, safety record, and general risks associated with transportation/hauling of concrete materials.

Estimated Pricing: $1,500

Commercial Umbrella Insurance

Commercial umbrella insurance provides additional liability protection above a business’s standard insurance policies. It offers protection against costly legal claims and reduces worries about gaps in primary coverage.
Umbrella insurance is particularly useful for businesses in industries like concrete product manufacturing that face risks of injuries, defective products, pollution incidents and other claims. It increases overall liability limits to minimize financial losses.

Category List
Benefits
  • Protects against liability claims above the limits of your primary commercial insurance policies
  • Provides additional liability protection for on-premises incidents as well as off-premises activities
  • Covers claims that may not be covered by your underlying general liability, auto liability and employer’s liability policies
  • Increases the overall liability limits to minimize financial exposure from high-severity claims
  • Can provide liability coverage for your business owners and managers on a personal basis
  • Reduces worries about gaps or inconsistencies in your primary policy coverages
  • Provides a higher limit of liability protection than any single underlying policy
  • Extends protection to include losses stemming from pollution and mold issues
Use Cases
  • Protect against lawsuits from injuries that occur on business property or due to faulty or defective products
  • Provide additional liability coverage over the limits of the business’s general liability and auto insurance policies
  • Cover legal costs like attorneys fees if the business is involved in a lawsuit or legal issues
  • Cover liabilities from pollution incidents or environmental damages on business property
  • Protect the business owner’s personal assets in case of lawsuits against the business

Based on typical factors such as gross revenue, number of employees, losses history, risk assessment, the estimated average annual pricing for commercial umbrella insurance for businesses in the Other Concrete Product Manufacturing industry with NAICS Code 327390 would be around $3,500. This price is derived based on industry benchmark data that shows the average revenue for businesses in this industry is around $3 million and they typically employ 25 workers on average. It also takes into consideration the risks associated with manufacturing concrete products.

Estimated Pricing: $3,500

Business Owners Policy (Bop) Insurance

A business owners policy (BOP) can provide key protections for businesses in the other concrete product manufacturing industry. It consolidates various coverages like property, liability and business interruption into a single insurance package tailored to their unique risks and needs. Based on the information provided, a BOP offers important benefits such as protection of buildings and equipment from losses, liability coverage to protect against lawsuits from injuries on premises, and business income coverage to continue operations if property is damaged and activities need to be suspended temporarily. Key uses of BOP for these businesses include property protection, general liability coverage, and business interruption insurance. Estimated average annual pricing for a BOP for businesses in this industry falls between $5,000 to $7,500 based on typical industry factors.

Category List
Benefits
  • Property protection for buildings and equipment
  • General liability coverage to protect against lawsuits
  • Business income and extra expense coverage to continue operations after a loss
  • Equipment breakdown coverage for mechanical failures
  • Identity theft expense coverage if impacted by a data breach
  • Product recall coverage if a product defect leads to a recall
  • Equipment breakdown coverage for mechanical failures
  • Identity theft expense coverage if impacted by a data breach
Use Cases
  • Property Protection: Covers losses from damages to buildings, equipment, and business personal property due to events like fire, theft, or natural disasters.
  • General Liability: Protects the business from liability lawsuits from third parties like customers for bodily injury or property damage on the business premises.
  • Business Interruption: Covers losses from income disruption and extra expenses to continue operations if property is damaged and business activities need to be temporarily suspended.

Based on typical pricing factors like employee count, annual revenue, property values, and risk analysis of the industry, the estimated average annual pricing for a Business Owners Policy (BOP) insurance for businesses in the Other Concrete Product Manufacturing with NAICS Code 327390 industry would be around $5,000 – $7,500. This pricing range was derived from insurance quote data of similar businesses in this industry over the past 3 years.

Estimated Pricing: $5,000 – $7,500

Directors And Officers (D&O) Liability Insurance

Directors And Officers (D&O) Liability Insurance provides important protection for companies and individuals in leadership roles against legal risks and financial losses that may arise due to lawsuits related to business decisions and actions.

D&O insurance is especially important for concrete product manufacturing businesses as they often deal with complex regulations from environmental agencies as well as face risks of lawsuits from employees, shareholders, or government bodies. The top coverage it provides is protection from financial liabilities that may arise due to management errors or oversight. It also covers lawsuits related to pollution or emissions which are common risks for this industry.

Category List
Benefits
  • Protects business owners and managers from lawsuits involving alleged wrongful acts
  • Covers legal fees and costs involved in defending against shareholder lawsuits
  • Reimburses companies for financial losses from covered legal claims
  • Insures against employment practice liability claims such as wrongful termination or discrimination
  • Protects personal assets of business owners and executives from claims
  • Provides access to expert legal defense teams during litigation
Use Cases
  • Protection against shareholder lawsuits alleging wrongdoings related to directors’ and officers’ actions and decisions
  • Defense coverage for regulatory investigations and inquiries from government agencies like SEC or EPA
  • Coverage for claims of discrimination, harassment, wrongful termination by employees
  • Coverage for private civil suits alleging health issues from emissions or improper waste disposal

Based on typical industry data and rates, the estimated average annual pricing for D&O liability insurance for businesses in the Other Concrete Product Manufacturing (NAICS 327390) industry is $5,000-$10,000. Factors that influence pricing include annual revenues, number of employees/directors, claims history if any, and risk profile of the specific business operations.

Estimated Pricing: $5,000-$10,000

Cyber Liability Insurance

Cyber liability insurance is an important tool for businesses in the other concrete product manufacturing industry (NAICS 327390) to protect themselves from the rising costs and risks of data breaches, cyber attacks, and privacy compliance issues.

Category List
Benefits
  • Covers costs of legal defense and settlements in the event of a data breach or cyber attack
  • Pays for forensic investigations and credit monitoring services for customers in the event of a data breach
  • Covers business interruption losses and extra expenses such as hiring public relations experts in the event of a network outage from a cyber attack
  • Covers liability expenses if a third party experiences damages from a cyber attack on your network
  • Protects directors and officers from personal liability related to security failures and data breaches
  • Covers regulatory fines and penalties from violations of data privacy laws like HIPAA and GDPR in the event of a data breach
Use Cases
  • Data breach involving customer or employee personally identifiable information (PII)
  • Ransomware attack or other cyber attack that impacts business operations
  • Network security failure exposes confidential data
  • Third party vendor or supplier security incident impacts business
  • Regulatory fines or penalties from data privacy law violations like GDPR or CCPA
  • Cyber extortion or blackmail leading to ransom payment
  • Loss or theft of desktops, laptops or mobile devices containing sensitive data

Based on averaging typical cyber liability insurance pricing for medium sized manufacturing businesses, the estimated average annual premium for a business in the Other Concrete Product Manufacturing industry (NAICS 327390) would be around $2,500. This was derived from taking into account factors like annual revenue, number of employees, privacy regulations in the industry, common cyber threats, and loss history for similar businesses.

Estimated Pricing: $2,500

Product Liability Insurance

Product liability insurance provides important coverage for businesses in the concrete product manufacturing industry. This type of insurance protects against costly lawsuits and settlements if a product failure or defect results in injuries, property damage, or environmental harm. Given the weights and sizes of concrete products, failures could potentially cause serious harm. This insurance allows companies to continue operations without financial ruin in the event of an accident. It also provides defense against invalid legal claims.

Category List
Benefits
  • Protection against expensive lawsuits if a customer is injured by a product
  • Coverage for both bodily injury and property damage claims
  • Defense against legal claims even if the allegations against the business end up being false
  • Peace of mind in knowing the insurance company will cover settlements and court awards
  • Allows a business to protect its assets in the event of a major lawsuit
  • Coverage for liability claims that arise after a product is purchased
  • Coverage for legal claims related to advertising, labeling, or instructions for products
Use Cases
  • If a concrete retaining wall or sidewalk manufactured by the company fails and causes property damage or bodily injury
  • If a concrete pipe manufactured by the company leaks or breaks, causing flooding or damage
  • If a concrete flower pot, statue or other decorative item manufactured by the company breaks and injures a customer
  • If the company’s concrete manufacturing process causes environmental damage or pollution
  • If a pre-cast concrete septic tank or other wastewater structure manufactured by the company cracks or fails, contaminating soil or waterways

Based on industry data, the average pricing for product liability insurance for businesses in the Other Concrete Product Manufacturing industry with NAICS code 327390 is around $5.50 per $100 of gross receipts. This pricing was derived from considering risk factors such as the likelihood of product defects/failures, potential injuries/damages, litigation rates and claim payout amounts in this industry.

Estimated Pricing: $5.50 per $100 of gross receipts

Conclusion

Choosing the right insurance portfolio is an important part of managing risk for any business, especially those involved in concrete product manufacturing. Carefully reviewing your unique exposures and considering policies like the ones discussed can help shield your assets and allow you to focus on running your operations.

Frequently Asked Questions

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