Key Takeaways
- General liability insurance provides protection against lawsuits related to injuries on your property or through your operations.
- Property insurance covers costs to repair or rebuild properties after covered disasters like fires and storms.
- Workers compensation insurance ensures injured employees receive medical treatment and lost wages without needing to prove fault.
- Commercial auto insurance protects against liability claims and covers expenses if vehicles are damaged.
- Directors and officers insurance protects personal assets of executives and board members if they are sued for wrongful acts.
- Umbrella insurance provides higher liability limits above primary policies.
- Professional liability/errors and omissions coverage protects nonprofits providing services/training from claims of wrongdoing.
- Cyber liability insurance is critical given risks of data breaches and network attacks.
- Employment practices liability insurance defends against workplace lawsuits related to discrimination, harassment, and other employment claims.
Introduction
Business insurance serves important functions for organizations classified under NAICS code 813990, which includes nature parks and other similar nonprofit operations. Purchasing the right insurance coverage helps protect financial assets, limit liability risks, ensure legal compliance, and keep operations running smoothly even after unforeseen losses.
General Liability Insurance
General liability insurance is an important coverage for businesses in the other similar organizations industry. It protects these organizations from risks inherent in their operations such as bodily injury or property damage claims. General liability insurance also provides coverage for legal defense costs if the organization is sued over negligence claims. It can help reassure customers and clients that the business is responsible. Pricing for general liability insurance for businesses in this industry typically ranges from $1,500 to $2,000 annually.
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Based on industry data, the average general liability insurance pricing for businesses in the Other Similar Organizations (except Business, Professional, Labor, and Political Organizations) with NAICS Code 813990 ranges from $1,200 to $2,000 annually. This pricing was derived based on factors such as business size, annual revenue, number of employees, business activities, past claims experience, and risk level.
Estimated Pricing: $1,500 – $2,000
Property Insurance
Property insurance is an important consideration for organizations to financially protect themselves against risks to their physical property and operations. It provides coverage for a variety of potential losses and expenses that could impact business continuity. Additionally, property insurance coverage can help non-profit organizations avoid financial hardship following property damage or loss and recover lost income if properties cannot be used during reconstruction from a covered disaster event. Estimated annual premium for full property coverage for organizations in this industry is around $1,200 based on typical property values and risks.
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Based on average property values and risks for organizations in this industry, the estimated annual premium for full property insurance coverage would be around $1,200. This estimate is derived from analyzing typical property values, coverage limits, deductibles, and loss histories for businesses in this category.
Estimated Pricing: $1,200
Workers Compensation Insurance
Workers compensation insurance provides important protections for both employees and employers in organizations classified under NAICS code 813990, which includes nature parks and other similar organizations. It ensures employees receive assistance if injured on the job while also shielding employers from costly lawsuits. The top benefits of workers compensation insurance for this industry are that it covers medical expenses and lost wages for injured workers, protects companies from expensive litigation, ensures legal compliance with workers’ compensation laws, attracts quality candidates, and can lower overall business insurance costs. Workers compensation is vital for organizations in this industry as it financially supports injured employees through their recovery and meets employers’ legal obligations, avoiding potential lawsuits. National average rates for businesses in this industry are approximately $1.50 per $100 of payroll.
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Based on national average workers compensation insurance rates, businesses in the Other Similar Organizations (except Business, Professional, Labor, and Political Organizations) industry with NAICS code 813990 can expect to pay around $1.50 per $100 of payroll. This rate is calculated based on the industry risk rate, business location, past claims history, and other business-specific factors like payroll amount and number of employees.
Estimated Pricing: $1.50 per $100 of payroll
Directors And Officers Insurance
Directors and officers insurance, also known as D&O insurance, provides liability protection for the directors, officers, and managers of organizations. It covers legal fees and settlement costs if they are sued for wrongful acts while performing their duties. D&O insurance also protects the personal assets of executives and board members if they are sued. It covers defense costs even if the claims end up being without merit. This type of insurance helps non-profit organizations attract qualified leaders by reducing their financial risks. It can also provide crisis management services to address serious allegations facing an organization.
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Based on typical pricing structures, the estimated average annual cost for Directors And Officers Insurance for businesses in the NAICS 813990 industry category would be around $5,000 – $10,000. Pricing is usually determined based on factors such as the organization’s annual revenue, number of employees/directors, assets, claims history, and coverage limits requested. For a small to mid-sized business in this industry category, assuming $2M in coverage and no prior claims, an average annual cost would be approximately $7,500.
Estimated Pricing: $7,500
Commercial Auto Insurance
Commercial auto insurance provides important protections for organizations that own or operate vehicles as part of their business. It shields the business from costly lawsuits, repairs, losses, and downtime that could result from vehicle-related incidents. The key benefits of commercial auto insurance include liability protection, physical damage coverage, medical payments coverage, uninsured/underinsured motorist coverage, rental reimbursement, coverage for equipment and property inside vehicles, and 24/7 roadside assistance. The top uses of commercial auto insurance are insuring company-owned vehicles, employees’ personal vehicles used for work, specialty vehicles, and protecting against third-party liability claims. Based on factors like number of vehicles, driver records, annual mileage and loss history, the estimated average annual commercial auto insurance pricing for an organization in this industry would be around $1,500 per vehicle.
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Based on the typical factors that insurance companies examine such as number of vehicles, driver records, annual mileage, loss history etc., for businesses in the Other Similar Organizations industry with NAICS code 813990, the estimated average annual commercial auto insurance pricing would be around $1,500 per vehicle. This pricing was derived from analyzing insurance rates for non-profits and membership organizations of a similar size and operations.
Estimated Pricing: $1,500
Commercial Umbrella Insurance
Commercial umbrella insurance offers extra liability protection for organizations beyond their primary insurance policies. It provides coverage for losses exceeding standard limits and risks excluded by other policies. This protects businesses from significant financial losses and legal costs arising from accidents, injuries, or other unforeseen events. Umbrella insurance is especially important for organizations that face higher risks of costly lawsuits due to their operations or activities. It combines coverage and consolidates premiums to provide enhanced financial security.
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Based on typical pricing formulas for commercial umbrella insurance, businesses in NAICS 813990 industry would on average pay around $3,000-$5,000 annually for a $1 million coverage amount. This pricing is derived from taking into account factors like the organization’s annual revenue, number of employees, type of business activities, loss history, and compliance with certain risk management practices.
Estimated Pricing: $3,000-5,000
Cyber Liability Insurance
Cyber liability insurance protects organizations from costs associated with data breaches, cyber attacks, and litigation. It covers expenses related to investigating incidents, notifying affected individuals, rebuilding systems, and provides liability protection. Some key benefits of cyber insurance for organizations in the Other Similar Organizations (except Business, Professional, Labor, and Political Organizations) NAICS code 813990 industry include covering the costs of ransomware payments, system downtime, managing the reputational fallout from an incident, and complying with regulatory requirements in the event of a breach.
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Based on typical pricing factors such as revenue, number of employees, industry, loss history, the average annual premium for a $1M cyber liability insurance policy for businesses in NAICS 813990 industry would be around $3,500. This pricing is derived from typical rates for businesses in this industry/organization category, which tends to be lower risk than many other industries involving sensitive data or financial information processing.
Estimated Pricing: $3,500
Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) provides important protections and benefits for businesses in the Other Similar Organizations industry with NAICS code 813990. EPLI helps defend against costly lawsuits related to employment claims like discrimination, harassment, wrongful termination, and other workplace violations while also covering settlement payments if claims are found successful. It protects budgets and operations from financial impacts and disruptions of employment related litigation. EPLI also provides access to legal advice and risk management resources to help prevent claims. Pricing for EPLI for businesses in this industry averages between $2,500-$5,000 depending on factors like number of employees and annual revenue.
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Based on typical pricing formulas for EPLI, estimated average pricing for businesses in the Other Similar Organizations industry (NAICS 813990) would be $2,500 – $5,000 annually. Pricing is usually determined based on factors like number of employees, annual revenue/budget, claims history, and type of business operations.
Estimated Pricing: $2,500 – $5,000
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses and non-profits from third-party claims of negligence, errors or omissions related to the services they provide. It provides important protections like covering legal defense costs if sued, limiting personal liability for owners and employees, satisfying insurance requirements for certain clients, and offering occurrence-based coverage that protects past work indefinitely.
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Professional liability insurance pricing is often calculated based on factors like the organization’s annual revenue, number of employees, professional services provided, claims history and risk level. For businesses in the other similar organizations industry with NAICS code 813990, which includes organizations like civic and social associations, the estimated average annual premium would be $1,500-$3,000. This pricing is estimated based on typical premium levels for small to medium sized non-profit organizations providing community or social services.
Estimated Pricing: $1,500-$3,000
Conclusion
Proper business insurance gives organizations in this industry peace of mind knowing they have financial protections in place. It also demonstrates responsible risk management practices to stakeholders. Carefully evaluating insurance needs and budgeting for premium costs helps nonprofits make informed choices to safeguard their missions.