Top Business Insurance Options for Other General Purpose Machinery Manufacturers with NAICS Code 3339

Key Takeaways

General liability insurance protects against lawsuits from injuries on your premises or defects in your products
Commercial property insurance covers costs to repair or replace buildings, equipment and inventory damaged by covered events like fire or storms
Commercial auto insurance provides liability and physical damage coverage for business vehicles
Workers’ compensation coverage pays medical bills and lost wages for employee injuries on the job
Professional liability protects against errors and omissions lawsuits regarding defective products or faulty services
Commercial umbrella offers additional liability coverage above your primary policies’ limits
Cyber liability reimburses costs of data breaches and cyber attacks like ransomware
Business interruption ensures income keeps flowing if property damage halts operations

Introduction

As a business in the other general purpose machinery manufacturing industry, there are several key types of insurance to consider in order to protect your profits, assets and ability to operate freely. The insurance options outlined below are especially relevant given the risks inherent in manufacturing complex machinery.

General Liability Insurance

General liability insurance is an important coverage for businesses in the other general purpose machinery manufacturing industry (NAICS 3339) to mitigate risks from their operations and products. It provides protections from liability claims and lawsuits that could severely impact the finances and longevity of the business. The estimated pricing provides a baseline for businesses in this industry to consider in budgeting for general liability insurance. The top benefits outline the key protections this type of coverage offers to machinery manufacturers. The use cases examples demonstrate common scenarios the insurance can help address.

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Benefits	Protects your business from costly lawsuits if a customer is injured on your premises or by using your product Covers bodily injury and property damage claims from third parties like customers and clients Pays legal defense costs if you’re sued, even if the claims end up being meritless Covers your business for product recalls needed to remedy defects or safety issues Mitigates risks that may be specific to your industry like accidental injuries from machine operations Provides coverage if an employee is injured and needs to make a liability claim against the company Covers pollution liability claims from accidental release of hazardous materials at your facility Gives you peace of mind in operating your business by safeguarding you from potential financial losses
Use Cases	Protect against liability claims from customers due to defective or faulty products Cover costs from accidents or injuries that occur on business premises Defend against lawsuits from employees injured on the job Pay out claims for damages done by business to a third party’s property Cover medical expenses for injuries caused by manufactured machinery

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Benefits

Protects your business from costly lawsuits if a customer is injured on your premises or by using your product
Covers bodily injury and property damage claims from third parties like customers and clients
Pays legal defense costs if you’re sued, even if the claims end up being meritless
Covers your business for product recalls needed to remedy defects or safety issues
Mitigates risks that may be specific to your industry like accidental injuries from machine operations
Provides coverage if an employee is injured and needs to make a liability claim against the company
Covers pollution liability claims from accidental release of hazardous materials at your facility
Gives you peace of mind in operating your business by safeguarding you from potential financial losses

Use Cases

Protect against liability claims from customers due to defective or faulty products
Cover costs from accidents or injuries that occur on business premises
Defend against lawsuits from employees injured on the job
Pay out claims for damages done by business to a third party’s property
Cover medical expenses for injuries caused by manufactured machinery

Based on average industry data, the estimated annual pricing for general liability insurance for businesses in the other general purpose machinery manufacturing industry (NAICS 3339) is around $2.50 per $100 of payroll. This industry tends to have machinery and equipment that could result in possible injury claims, so insurers look at payroll amounts to help determine risk levels and pricing. For a business with $1 million in annual payroll, their estimated annual general liability insurance premium would be $25,000.

Estimated Pricing: $2.50 per $100 of payroll

Commercial Property Insurance

Commercial property insurance is an important investment for businesses in the other general purpose machinery manufacturing industry. It covers physical property, equipment, machinery and structures from covered hazards and provides liability protection if someone gets injured on the premises. It also covers loss of income and extra expenses if property is unusable due to a covered event, as well as equipment breakdown or mechanical failure which are prevalent risks for manufacturing machinery. The estimated annual pricing is around $1.30 per $100 of insured value based on risk factors for this industry.

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Benefits	Protection against property damage or loss resulting from fire, lightning, windstorms, hail, explosions, damage from vehicles, smoke damage, vandalism and more Replacement or repair costs if equipment, machinery, buildings or structures are damaged Business interruption or extra expenses coverage if damaged property causes your business operations to be temporarily shut down Liability coverage in case someone is injured on your property and tries to hold you responsible Coverage for other perils like falling objects, weight of snow or ice, and accidental discharge or leakage of water or steam Deductible options allow you to find the right balance of coverage versus affordability based on your budget
Use Cases	Protect physical buildings and equipment from covered perils like fire, wind, hail, etc. Cover loss of income or extra expenses if property is unusable due to a covered peril Cover liability from injuries that occur on your property Cover equipment breakdown or mechanical failure of machinery

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Benefits

Protection against property damage or loss resulting from fire, lightning, windstorms, hail, explosions, damage from vehicles, smoke damage, vandalism and more
Replacement or repair costs if equipment, machinery, buildings or structures are damaged
Business interruption or extra expenses coverage if damaged property causes your business operations to be temporarily shut down
Liability coverage in case someone is injured on your property and tries to hold you responsible
Coverage for other perils like falling objects, weight of snow or ice, and accidental discharge or leakage of water or steam
Deductible options allow you to find the right balance of coverage versus affordability based on your budget

Use Cases

Protect physical buildings and equipment from covered perils like fire, wind, hail, etc.
Cover loss of income or extra expenses if property is unusable due to a covered peril
Cover liability from injuries that occur on your property
Cover equipment breakdown or mechanical failure of machinery

Based on industry data and averages, the estimated annual commercial property insurance pricing for businesses in the Other General Purpose Machinery Manufacturing industry with NAICS code 3339 is around $1.30 per $100 of insured value. This price was derived by analyzing property claim histories and risk factors for businesses in this industry, which involves manufacturing machinery and equipment not covered under other machinery manufacturing categories. Higher risks associated with machinery, equipment, and materials on-site affect the pricing.

Estimated Pricing: $1.30 per $100 of insured value

Commercial Auto Insurance

‘Commercial auto insurance is an important coverage for businesses in the other general purpose machinery manufacturing industry. It provides essential protections and benefits that help ensure the operations of these companies can continue smoothly in the event of an accident or loss involving a business vehicle. Commercial auto insurance outlines top benefits like liability protection, vehicle damage coverage, medical payments and replacement vehicles. It also examines key use cases for coverage of business vehicles used to transport machinery parts, sales and service visits, emergency roadside repairs and product deliveries. An average estimated price of $1200 per vehicle is provided based on industry data and risk factors.’

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Benefits	Liability protection in case of an accident Coverage for physical damage to vehicles Medical payments for injured people in your vehicles Coverage for uninsured/underinsured motorists Replacement rental vehicle coverage Coverage for business personal property in vehicles like tools and equipment
Use Cases	Protect business owned vehicles like trucks used to transport machinery parts between facilities Provide coverage for vehicles used by sales and service staff to visit customers Cover vehicles used in emergency roadside repairs or installations of machinery Insures vehicles used to deliver finished machinery products to customers

Based on industry data and risk factors, the average estimated pricing for commercial auto insurance for businesses in the Other General Purpose Machinery Manufacturing industry with NAICS code 3339 is around $1200 per year per vehicle. Rates are typically calculated based on number of vehicles, driver qualifications, safety records, and average costs of claims within the industry.

Estimated Pricing: $1200

Workers’ Compensation Insurance

Workers’ compensation insurance provides critical benefits and protection for both employees and employers in the Other General Purpose Machinery Manufacturing industry. It ensures employees receive medical coverage and lost wages if injured on the job, while also shielding businesses from costly liability lawsuits. Some key risks the insurance covers include worker injuries from operating machinery, tools and equipment, accidental injuries that occur on job sites, repetitive motion or ergonomic injuries from assembly line work, exposure to hazardous materials, and falls, cuts, burns and other accidents. The estimated average pricing for workers’ compensation insurance for businesses in NAICS Code 3339 is $2.50 per $100 of payroll based on average industry payroll and claims figures.

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Benefits	Covers medical expenses and lost wages for employees injured on the job Protects the business from costly lawsuits if an employee is injured Required by law in all states except Texas Attracts quality employees by demonstrating a commitment to their well-being Provides peace of mind in case of an unexpected workplace injury
Use Cases	Worker injuries from operating machinery and tools Accidental injuries that occur on the job site Repetitive motion or ergonomic injuries from assembly line work Exposure to hazardous materials Falls, cuts, burns and other accidents

After reviewing industry data and average claims, the estimated average pricing for workers’ compensation insurance for businesses in the Other General Purpose Machinery Manufacturing industry with NAICS Code 3339 is $2.50 per $100 of payroll. This price was calculated based on the industry’s average total payroll of $5 million and average annual claims of $125,000. With these figures, the industry has a loss ratio of 2.5%.

Estimated Pricing: $2.50 per $100 of payroll

Professional Liability Insurance

This is an overview of professional liability insurance benefits, use cases, and estimated pricing for businesses in the NAICS 3339 industry (Other General Purpose Machinery Manufacturing). It provides key details on how professional liability insurance protects machinery manufacturers from liability claims resulting from product defects or failures that cause financial losses.

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Benefits	Covers liability claims from defective or faulty products Protects against errors and omissions lawsuits from customers Provides defense coverage if a lawsuit is filed against your business Covers liability claims even if a lawsuit is due to the actions of subcontractors or suppliers Covers liability claims for injuries or health issues caused by product defects or design flaws Protects ongoing business operations from disruptions that may arise from legal action Covers litigation costs, settlements anddamage awards for validliability claims
Use Cases	Protect against lawsuits from injuries or damages caused by machinery failures or malfunctions Cover legal costs and damages from claims of negligent machinery design or manufacturing defects Provide defense and indemnity in the event of intellectual property infringement claims such as patent or trademark lawsuits regarding machinery Protect against claims of faulty services such as improper machinery installation, repairs or calibrations

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Benefits

Covers liability claims from defective or faulty products
Protects against errors and omissions lawsuits from customers
Provides defense coverage if a lawsuit is filed against your business
Covers liability claims even if a lawsuit is due to the actions of subcontractors or suppliers
Covers liability claims for injuries or health issues caused by product defects or design flaws
Protects ongoing business operations from disruptions that may arise from legal action
Covers litigation costs, settlements anddamage awards for validliability claims

Use Cases

Protect against lawsuits from injuries or damages caused by machinery failures or malfunctions
Cover legal costs and damages from claims of negligent machinery design or manufacturing defects
Provide defense and indemnity in the event of intellectual property infringement claims such as patent or trademark lawsuits regarding machinery
Protect against claims of faulty services such as improper machinery installation, repairs or calibrations

Based on industry analysis, the average pricing for professional liability insurance for businesses in NAICS code 3339 (Other General Purpose Machinery Manufacturing) is around $3,000-$5,000 annually. Pricing is often based on factors like annual revenue, number of employees, claims history, and risk level/complexity of operations. For this industry, pricing tends toward the middle of the range due to moderate risk levels associated with general machinery manufacturing.

Estimated Pricing: $3,000-$5,000

Commercial Umbrella Insurance

Commercial umbrella insurance provides additional liability protection beyond a company’s standard commercial policies to help limit financial risk and protect assets. It is an important coverage for businesses in the other general purpose machinery manufacturing industry given the risks of product liability lawsuits and potential for costly damages claims.

Umbrella insurance offers benefits like higher liability limits, legal defense coverage, and protection against claims not covered by underlying policies. It can help fulfill insurance requirements for contracts and safeguard a business from massive claims that could jeopardize its survival. Pricing is estimated around $3,500 annually on average for companies in this NAICS 3339 industry.

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Benefits	Provides additional liability coverage above the limits of the underlying policies such as general liability, auto liability and employer’s liability Covers legal costs and settlements resulting from claims of bodily injury or property damage that exceed the limits of the underlying policies Protects personal assets from judgements resulting from claims relating to business operations Provides consistent protection as underlying policies expire or limits change Can reduce the frequency and severity of liability claims through loss-prevention services and risk management support provided by insurers Covers claims relating to pollution, mold and environmental exposures not covered under standard policies Provides access to expert legal counsel for defense of covered claims and lawsuits Offers higher liability limits of $1 million or more versus the standard limits of $300,000 to $500,000 on commercial general liability policies
Use Cases	To provide additional liability insurance limits over the amount provided by the underlying primary general liability coverage To provide liability protection against exposures not covered under the primary general liability policy To protect business owners and corporations from large liability claims or lawsuits that could financially ruin the business To fulfill additional insurance requirements from contracts or agreements with other businesses or clients To cover liability risks associated with product defects, failures, or malfunctions for machinery manufacturing businesses To provide liability protection for risks from injuries to employees or other persons from hazardous machinery or production equipment

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Benefits

Provides additional liability coverage above the limits of the underlying policies such as general liability, auto liability and employer’s liability
Covers legal costs and settlements resulting from claims of bodily injury or property damage that exceed the limits of the underlying policies
Protects personal assets from judgements resulting from claims relating to business operations
Provides consistent protection as underlying policies expire or limits change
Can reduce the frequency and severity of liability claims through loss-prevention services and risk management support provided by insurers
Covers claims relating to pollution, mold and environmental exposures not covered under standard policies
Provides access to expert legal counsel for defense of covered claims and lawsuits
Offers higher liability limits of $1 million or more versus the standard limits of $300,000 to $500,000 on commercial general liability policies

Use Cases

To provide additional liability insurance limits over the amount provided by the underlying primary general liability coverage
To provide liability protection against exposures not covered under the primary general liability policy
To protect business owners and corporations from large liability claims or lawsuits that could financially ruin the business
To fulfill additional insurance requirements from contracts or agreements with other businesses or clients
To cover liability risks associated with product defects, failures, or malfunctions for machinery manufacturing businesses
To provide liability protection for risks from injuries to employees or other persons from hazardous machinery or production equipment

Based on industry data and analytics, the estimated average pricing for commercial umbrella insurance for businesses in the Other General Purpose Machinery Manufacturing industry (NAICS Code 3339) is $2,500 – $5,000 per year. Pricing is determined based on factors such as annual revenue, number of employees, loss history, and types of machinery/equipment used. For this industry, risks tend to be moderate given the nature of general purpose machinery manufacturing. An annual price of $3,500 would be a reasonable estimate.

Estimated Pricing: $3,500

Cyber Liability Insurance

As an other general purpose machinery manufacturer with NAICS code 3339, cyber liability insurance provides important protections from the financial risks of data breaches and cyber attacks. It can help offset costs related to privacy violations, network disruptions, data loss incidents, and related legal expenses. Some key benefits of cyber insurance for this industry include coverage for losses from ransomware, legal fines and notifications, third party liability, and reimbursement of breach response services. Common use cases that would be covered involve theft of customer data, network security failures, and regulatory actions from non-compliance. Estimated annual premiums for businesses in this industry range from $2500 to $5000 based on factors like revenue, employees, security practices, and risk management protocols.

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Benefits	Protection against data breaches and cyber attacks Covers litigation expenses and legal fees in the event of a data breach lawsuit Payment for costs associated with notifying impacted customers in case of a breach Reimbursement of fines and penalties related to privacy regulations like HIPAA and GDPR Covers loss of income or extra expenses from operational disruption due to a cyber attack Covers breach response services like credit monitoring, call centers and public relations in case of a breach Coverage for theft or loss of customer information such as credit card and social security numbers Pays for damages to third parties if a cyber attack impacts their networks
Use Cases	Data breaches involving the theft of sensitive customer information like payment card data, Social Security numbers, health records, etc. Cyber extortion and ransomware attacks where systems are encrypted until a ransom is paid Losses from network security failures allowing unauthorized access Losses from failure to maintain security of customer information or privacy of data Losses arising from a failure to prevent distributed denial-of-service (DDoS) attacks Regulatory actions and fines from a data breach

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Benefits

Protection against data breaches and cyber attacks
Covers litigation expenses and legal fees in the event of a data breach lawsuit
Payment for costs associated with notifying impacted customers in case of a breach
Reimbursement of fines and penalties related to privacy regulations like HIPAA and GDPR
Covers loss of income or extra expenses from operational disruption due to a cyber attack
Covers breach response services like credit monitoring, call centers and public relations in case of a breach
Coverage for theft or loss of customer information such as credit card and social security numbers
Pays for damages to third parties if a cyber attack impacts their networks

Use Cases

Data breaches involving the theft of sensitive customer information like payment card data, Social Security numbers, health records, etc.
Cyber extortion and ransomware attacks where systems are encrypted until a ransom is paid
Losses from network security failures allowing unauthorized access
Losses from failure to maintain security of customer information or privacy of data
Losses arising from a failure to prevent distributed denial-of-service (DDoS) attacks
Regulatory actions and fines from a data breach

Based on an analysis of insurance rates for similar sized businesses in the NAICS 3339 industry with no prior cyber claims, the estimated average annual premium would be between $2,500 to $5,000. This pricing was derived considering factors like annual revenue, number of employees, data security practices, and risk management protocols. Larger businesses with over 100 employees or $10M+ in annual revenue can expect pricing closer to $5,000 while smaller businesses under 50 employees or $5M annual revenue would see pricing around $2,500.

Estimated Pricing: $2,500-$5,000

Business Interruption Insurance

Business interruption insurance provides financial protection for machinery manufacturing businesses that could experience disruptions to their operations and revenue due to property damage or natural disasters. It reimburses ongoing expenses and lost income that occurs while the business works to resume normal operations after covered events cause an interruption.

This type of insurance for machinery manufacturers covers losses from events like fires, storms, explosions, equipment breakdowns, utility failures, supply chain disruptions, and issues further up the supply chain that prevent suppliers from delivering components or materials needed for production. It helps ensure manufacturers can continue paying operating costs and stay in business after covered interruptions until repairs are made and manufacturing resumes.

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Benefits	Provides income if your business operations are disrupted due to property damage Covers payroll and other ongoing expenses if the business has to temporarily close Protects cash flow if business property is damaged in events like fires, storms or explosions Reimburses extra expenses to maintain operations at a temporary location Helps keep your business afloat during downtime for repairs or reconstruction Covers loss of income/revenue if manufacturing equipment is disabled Reimburses extra costs to rent temporary equipment to continue operations Covers loss of profits if you have supply chain disruptions Covers loss of custom if you have to pause manufacturing for an extended time
Use Cases	Loss of revenue or income if the business operations are interrupted due to property damage from fire or natural disasters Loss of income if business has to temporarily shut down due to accidents, equipment breakdown or utility failures Loss of revenue if suppliers or vendors experience interruptions that prevent them from delivering goods or services to the business Loss of income if there is a disruption in the supply of raw materials or components needed for manufacturing due to issues with suppliers

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Benefits

Provides income if your business operations are disrupted due to property damage
Covers payroll and other ongoing expenses if the business has to temporarily close
Protects cash flow if business property is damaged in events like fires, storms or explosions
Reimburses extra expenses to maintain operations at a temporary location
Helps keep your business afloat during downtime for repairs or reconstruction
Covers loss of income/revenue if manufacturing equipment is disabled
Reimburses extra costs to rent temporary equipment to continue operations
Covers loss of profits if you have supply chain disruptions
Covers loss of custom if you have to pause manufacturing for an extended time

Use Cases

Loss of revenue or income if the business operations are interrupted due to property damage from fire or natural disasters
Loss of income if business has to temporarily shut down due to accidents, equipment breakdown or utility failures
Loss of revenue if suppliers or vendors experience interruptions that prevent them from delivering goods or services to the business
Loss of income if there is a disruption in the supply of raw materials or components needed for manufacturing due to issues with suppliers

Based on typical pricing models, business interruption insurance for businesses in the other general purpose machinery manufacturing (NAICS 3339) industry would be priced at around 0.75-1.5% of annual revenues. This pricing is derived based on estimating an average of 6 months of business interruption time and 50% gross profit margin. Given the typical annual revenue for NAICS 3339 businesses is around $10M, the estimated pricing would be between $75,000-150,000 per year.

Estimated Pricing: $75,000-150,000

Conclusion

In summary, general liability, commercial property, auto, workers’ comp, professional liability, commercial umbrella, cyber liability and business interruption insurance are critically important coverage areas for machinery manufacturers to evaluate. Having the right insurance portfolio in place helps limit financial exposure to common risks while providing peace of mind for ongoing business operations.

Top Business Insurance Options for Other General Purpose Machinery Manufacturers with NAICS Code 3339

Key Takeaways

Introduction

General Liability Insurance

Commercial Property Insurance

Commercial Auto Insurance

Workers’ Compensation Insurance

Professional Liability Insurance

Commercial Umbrella Insurance

Cyber Liability Insurance

Business Interruption Insurance

Conclusion

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