Top Business Insurance Options for Plastics Plumbing Fixture Manufacturers (NAICS 326191)

Key Takeaways

General liability insurance protects against injury and property damage claims from customers.
Property insurance replaces or repairs buildings, equipment, and inventory damaged by disasters or accidents.
Workers’ compensation covers medical costs and lost wages for injured employees.
Product liability insures lawsuits from defective products that hurt customers.
Commercial auto covers vehicles used for business like delivery trucks.
Business interruption covers lost income during equipment failures or natural disasters.
Cyber liability protects against data breaches and network disruption costs.
Equipment breakdown repairs specialized manufacturing machinery.
Directors and officers protects executives from lawsuits.

Introduction

As a plastics plumbing fixture manufacturer, it is important to have the proper insurance in place to protect your business from financial risks. Your manufacturing processes and products expose your company to various operational hazards and liability issues. This guide outlines the top types of business insurance plastics manufacturers should consider to safeguard their operations and finances.

General Liability Insurance

“Plastics plumbing fixture manufacturers face various liability risks due to the nature of their products and manufacturing activities. Having proper general liability insurance is crucial to protect the business from costly lawsuits in case of accidents or defects.”

Category	List
Benefits	Protection against third party property damage and bodily injury claims Legal defense coverage if you are sued by a third party Coverage for accidents that happen on your business premises Coverage for accidents that happen off your business premises Coverage for faulty workmanship Coverage for damage to third party property Coverage for claims due to faulty or defective products
Use Cases	Protects against claims of bodily injury or property damage from faulty/defective products Covers legal costs if sued for a product that caused harm Provides coverage if a customer slips and falls at your facility Insures you if an employee gets injured on the job Protects against lawsuits from transportation incidents like an auto accident while delivering products

Based on industry data, general liability insurance for businesses in the plastics plumbing fixture manufacturing industry typically costs between $12-18 per $1000 of payroll. Given the average payroll for this NAICS code is around $4 million, the estimated annual price would be around $48,000-72,000.

Estimated Pricing: $48,000-$72,000

Property Insurance

Property insurance is an important coverage for plastics plumbing fixture manufacturing businesses. It protects the valuable physical assets of the business like buildings, equipment, inventory from losses due to fire, theft, accidents and natural disasters. Without adequate property insurance, damage to property could significantly hurt the financial health and operations of the business.

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Benefits	Protects buildings and equipment from damage or destruction from events such as fires, storms, floods and more Covers inventory and supplies from risks of damage or theft Provides business income coverage if the company has to temporarily close operations due to a covered loss Replaces damaged or destroyed property to help avoid financial losses that could hurt profitability Insures property during transportation in case of accidents or cargo theft Covers the additional expenses of rebuilding or repairing facilities to meet current safety codes
Use Cases	Protection against fire damage to the manufacturing facility and equipment Protection against property damage from natural disasters like floods, hurricanes, earthquakes Replacement or repair of equipment damaged in an accident Theft or vandalism of manufacturing equipment, raw materials, finished goods

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Benefits

Protects buildings and equipment from damage or destruction from events such as fires, storms, floods and more
Covers inventory and supplies from risks of damage or theft
Provides business income coverage if the company has to temporarily close operations due to a covered loss
Replaces damaged or destroyed property to help avoid financial losses that could hurt profitability
Insures property during transportation in case of accidents or cargo theft
Covers the additional expenses of rebuilding or repairing facilities to meet current safety codes

Use Cases

Protection against fire damage to the manufacturing facility and equipment
Protection against property damage from natural disasters like floods, hurricanes, earthquakes
Replacement or repair of equipment damaged in an accident
Theft or vandalism of manufacturing equipment, raw materials, finished goods

Based on typical pricing for property insurance for plastics manufacturing businesses, the estimated average annual cost would be around $1.45 per $100 of insurable value. This rate is derived from national industry data and takes into account factors like the risks associated with plastic molding/forming equipment, raw material storage, and finished goods warehousing. It also factors in compliance with relevant safety standards.

Estimated Pricing: $1.45 per $100 of insurable value

Workers Compensation Insurance

Workers compensation insurance is an important protection for businesses in the plastics plumbing fixture manufacturing industry. It provides coverage for employee injuries or illnesses that happen on the job, covers costs of medical treatment and lost wages, protects the business from liability lawsuits, and covers costs of required safety programs. It also attracts quality candidates and reduces turnover by demonstrating commitment to workplace safety and employee well-being. The estimated cost is around $2.50 per $100 of payroll based on industry risks and averages.

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Benefits	Provides wage replacement and medical benefits to employees injured on the job Covers legal liability in the event an employee is injured or becomes ill due to occupational hazards or work conditions Reduces the risks and costs of litigation and negative publicity associated with workplace injuries Attracts quality candidates by demonstrating your commitment to workplace safety and employee well-being Reduces turnover by easing employees’ concerns about risks on the job
Use Cases	Provide coverage for employee injuries or illnesses that happen while working, such as cuts, burns or repetitive stress injuries from manufacturing processes Cover costs of medical treatment, rehabilitation and lost wages for employees who are injured at work Protect the business from expenses and liability lawsuits if an employee is injured and needs compensation Cover costs of required safety programs and training to reduce risks of injuries in the manufacturing workplace

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Benefits

Provides wage replacement and medical benefits to employees injured on the job
Covers legal liability in the event an employee is injured or becomes ill due to occupational hazards or work conditions
Reduces the risks and costs of litigation and negative publicity associated with workplace injuries
Attracts quality candidates by demonstrating your commitment to workplace safety and employee well-being
Reduces turnover by easing employees’ concerns about risks on the job

Use Cases

Provide coverage for employee injuries or illnesses that happen while working, such as cuts, burns or repetitive stress injuries from manufacturing processes
Cover costs of medical treatment, rehabilitation and lost wages for employees who are injured at work
Protect the business from expenses and liability lawsuits if an employee is injured and needs compensation
Cover costs of required safety programs and training to reduce risks of injuries in the manufacturing workplace

Based on industry data and averages, the estimated workers compensation insurance pricing for businesses involved in plastics plumbing fixture manufacturing (NAICS Code 326191) would be around $2.50 per $100 of payroll. This rate is derived from national workers compensation insurance rates that take into account industry risk factors like accident rates and claims. Plastics manufacturing generally has moderate risks compared to other industries like construction or transportation. The specific rate may vary slightly depending on a business’ payroll amount, claims history, and safety programs in place.

Estimated Pricing: $2.50 per $100 of payroll

Product Liability Insurance

Product liability insurance is an important coverage for plastics plumbing fixture manufacturers as their products are installed in homes and used daily by consumers, so any defects or malfunctions could potentially cause injuries, property damage or liability issues. It protects the business financially from costly lawsuits and claims if customers are injured by defective products, covers legal defense fees, and reimburses for product recalls. The estimated average price is $0.90-$1.10 per $100 of annual revenue based on industry research.

Category	List
Benefits	Protects your business from costly lawsuits if a customer is injured by one of your products Covers medical bills, lost wages, pain and suffering if someone sues your business over a defective product Pays legal fees and other costs if your business is involved in product liability litigation Limits your financial responsibility if an injury occurs and demonstrates your commitment to product safety Protects the reputation and branding of the business by handling any claims or lawsuits professionally Protects your business from costly lawsuits if a customer is injured by one of your products Covers medical bills, lost wages, pain and suffering if someone sues your business over a defective product Pays legal fees and other costs if your business is involved in product liability litigation Limits your financial responsibility if an injury occurs and demonstrates your commitment to product safety Protects the reputation and branding of the business by handling any claims or lawsuits professionally
Use Cases	Protection against bodily injury or property damage claims if a manufactured product fails or malfunctions Coverage for legal defense costs if sued for a defective product Reimbursement for product recalls if a product issue is discovered Paying medical expenses if someone is injured by a defective product

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Benefits

Protects your business from costly lawsuits if a customer is injured by one of your products
Covers medical bills, lost wages, pain and suffering if someone sues your business over a defective product
Pays legal fees and other costs if your business is involved in product liability litigation
Limits your financial responsibility if an injury occurs and demonstrates your commitment to product safety
Protects the reputation and branding of the business by handling any claims or lawsuits professionally
Protects your business from costly lawsuits if a customer is injured by one of your products
Covers medical bills, lost wages, pain and suffering if someone sues your business over a defective product
Pays legal fees and other costs if your business is involved in product liability litigation
Limits your financial responsibility if an injury occurs and demonstrates your commitment to product safety
Protects the reputation and branding of the business by handling any claims or lawsuits professionally

Use Cases

Protection against bodily injury or property damage claims if a manufactured product fails or malfunctions
Coverage for legal defense costs if sued for a defective product
Reimbursement for product recalls if a product issue is discovered
Paying medical expenses if someone is injured by a defective product

Based on industry research and actuarial analysis of claims data, the estimated average price for product liability insurance for plastics plumbing fixture manufacturing businesses is $0.90-$1.10 per $100 of revenue. This pricing is derived from risk models that take into account factors such as the business’s annual revenue, number of employees, claims history, types of products manufactured, quality control processes, and safety certifications.

Estimated Pricing: $0.90-$1.10 per $100 of revenue

Commercial Auto Insurance

Commercial auto insurance is an important coverage for plastics plumbing fixture manufacturing businesses. It protects companies financially from a variety of risks related to company vehicles and employees’ personal vehicles used for work.
The top benefits of commercial auto insurance for this industry include covering legal liability in accidents, medical expenses, replacing damaged vehicles, rental car costs, losses from theft or vandalism, and both business and personal use of vehicles. Estimated annual pricing is $1,500-$2,000 per vehicle depending on various risk factors. Common use cases where it provides protection involve company-owned delivery trucks, employees’ personal vehicles for work, auto liability, work-related injuries, and repairing or replacing damaged company vehicles.

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Benefits	Covers legal liability in the event of an accident Covers medical expenses for those injured in an accident involving a company vehicle Replaces a company vehicle if it’s totaled in an accident Covers costs of renting a replacement vehicle if a company vehicle is in the shop for repairs after an accident Covers losses from vandalism or theft of a company vehicle Provides coverage while vehicles are being used for business and personal use Covers costs for towing or labor if a vehicle breaks down
Use Cases	Covering company-owned vehicles like trucks used for deliveries Providing coverage for employee’s personal vehicles if they are used for company business Insuring liability from auto accidents involving company vehicles Covering medical expenses and lost wages if an employee is injured in a work-related car accident Replacing or repairing a company vehicle if it’s damaged in an accident

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Benefits

Covers legal liability in the event of an accident
Covers medical expenses for those injured in an accident involving a company vehicle
Replaces a company vehicle if it’s totaled in an accident
Covers costs of renting a replacement vehicle if a company vehicle is in the shop for repairs after an accident
Covers losses from vandalism or theft of a company vehicle
Provides coverage while vehicles are being used for business and personal use
Covers costs for towing or labor if a vehicle breaks down

Use Cases

Covering company-owned vehicles like trucks used for deliveries
Providing coverage for employee’s personal vehicles if they are used for company business
Insuring liability from auto accidents involving company vehicles
Covering medical expenses and lost wages if an employee is injured in a work-related car accident
Replacing or repairing a company vehicle if it’s damaged in an accident

Based on national average rates from leading commercial auto insurance providers, the estimated annual commercial auto insurance pricing for businesses in the plastics plumbing fixture manufacturing industry (NAICS 326191) is around $1,500-$2,000 per vehicle. This pricing considers factors like the industry risk level, vehicle types used, number of employees, driving records, safety protocols, and claims history. The final rate may vary depending on individual business profile and policy details.

Estimated Pricing: $1,500-2000

Business Interruption Insurance

Business interruption insurance provides coverage to protect a company’s income and continue operations if revenue is disrupted due to property damage or other specified causes. It is especially important for plastics plumbing fixture manufacturers due to their specialized equipment and susceptibility to interruptions that can result in significant financial losses. The top benefits of this coverage for manufacturers in this industry include replacing lost profits, covering ongoing expenses if equipment breaks down, protecting cash flow, and providing funds to pay employees during temporary shutdowns. Common use cases that can trigger claims include fires, floods, equipment failures, power outages, and health emergencies. Pricing for this insurance for manufacturers is typically 0.5-1.0% of annual revenues, equating to an estimated $25,000-$100,000 annually for companies in this industry.

Category	List
Benefits	Covers loss of income if the business has to temporarily shut down operations due to property damage Replaces lost profits and covers ongoing expenses if equipment breaks down or a manufacturing facility is damaged Protects cash flow and helps avoid loss of clients and customers during downtime for repairs Provides funds to pay employees and cover other fixed costs even if the business can’t generate revenue temporarily Allows for continuity of operations by providing money to transition to temporary alternate premises or equipment if needed Peace of mind knowing the business is protected from financial losses due to unavoidable production interruptions
Use Cases	Fire damage that disrupts manufacturing operations Flood damage that damages equipment or inventory Drought that limits water supply needed for manufacturing Machine breakdown that halts production Power outage that disrupts manufacturing equipment Civil unrest or riots that prevent employees from coming to work Pandemic that causes temporary closure of business

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Benefits

Covers loss of income if the business has to temporarily shut down operations due to property damage
Replaces lost profits and covers ongoing expenses if equipment breaks down or a manufacturing facility is damaged
Protects cash flow and helps avoid loss of clients and customers during downtime for repairs
Provides funds to pay employees and cover other fixed costs even if the business can’t generate revenue temporarily
Allows for continuity of operations by providing money to transition to temporary alternate premises or equipment if needed
Peace of mind knowing the business is protected from financial losses due to unavoidable production interruptions

Use Cases

Fire damage that disrupts manufacturing operations
Flood damage that damages equipment or inventory
Drought that limits water supply needed for manufacturing
Machine breakdown that halts production
Power outage that disrupts manufacturing equipment
Civil unrest or riots that prevent employees from coming to work
Pandemic that causes temporary closure of business

Business interruption insurance for plastics plumbing fixture manufacturing companies (NAICS 326191) is typically priced at around 0.5-1.0% of annual revenues. This pricing is derived based on the industry having moderate risk levels for business interruptions given its manufacturing processes and reliance on specialized equipment. Estimated annual revenues for companies in this industry range from $5-10M. Thus, the estimated annual business interruption insurance price would be $25,000-$100,000.

Estimated Pricing: $25,000-$100,000

Cyber Liability Insurance

Cyber liability insurance provides essential coverage for plastics plumbing fixture manufacturers that handle sensitive customer and employee data. As these businesses increasingly rely on technology, they face growing cyber risks that could result in costly data breaches, network disruptions, and legal liabilities. Some key benefits of cyber insurance for this industry include covering data breach response costs, lawsuits from impacted parties, and restoring network operations following an attack. It also protects against regulatory fines and lost income. Common uses of the policy involve data theft, unauthorized access, infrastructure failures, accidental malware transmissions, and physical loss of equipment containing customer information.

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Benefits	Covers data breach response costs such as credit monitoring, forensic investigation, legal services, and customer notifications Protects against fines and penalties resulting from regulatory noncompliance such as HIPAA and GDPR Covers lawsuits from customers, suppliers, and partners alleging harm from a cyber event Covers costs associated with restoring operations and lost income from a network interruption or cyber attack Provides access to cybersecurity resources and professionals to help prevent future incidents
Use Cases	Data breach or cyber attack resulting in loss or theft of customer/employee personal information Network security failure allowing unauthorized access to systems Failure of IT infrastructure from hardware/software failure, power outage, etc. Physical loss or damage of equipment from fire, flood, etc. containing customer data Accidental transmission of malware or computer virus Regulatory fines and legal fees from a data breach

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Benefits

Covers data breach response costs such as credit monitoring, forensic investigation, legal services, and customer notifications
Protects against fines and penalties resulting from regulatory noncompliance such as HIPAA and GDPR
Covers lawsuits from customers, suppliers, and partners alleging harm from a cyber event
Covers costs associated with restoring operations and lost income from a network interruption or cyber attack
Provides access to cybersecurity resources and professionals to help prevent future incidents

Use Cases

Data breach or cyber attack resulting in loss or theft of customer/employee personal information
Network security failure allowing unauthorized access to systems
Failure of IT infrastructure from hardware/software failure, power outage, etc.
Physical loss or damage of equipment from fire, flood, etc. containing customer data
Accidental transmission of malware or computer virus
Regulatory fines and legal fees from a data breach

Based on industry data, the average pricing for cyber liability insurance for businesses in the plastics plumbing fixture manufacturing industry with NAICS code 326191 is estimated to be around $2,500 per year. This pricing was derived based on typical policy limits of $1 million and a $25,000 deductible. Factors like annual revenue, number of employees, IT security posture, and prior cyber incidents would impact the actual quoted price.

Estimated Pricing: $2,500

Equipment Breakdown Insurance

Equipment breakdown insurance provides coverage for physical damage or failure of electrical and mechanical equipment used in manufacturing facilities. It can help protect plastics plumbing fixture manufacturers from unexpected repair costs and losses from equipment failures or accidents. Equipment breakdown insurance is especially important for these businesses since their production lines rely on specialized, expensive equipment. An unexpected breakdown could cost thousands or even millions to repair. Without coverage, these costs may jeopardize business continuity or even force closure.

Category	List
Benefits	Covers the costs of repairs or replacements for equipment like boilers, air conditioning units, generators and more after a breakdown Provides funds to pay for equipment rental expenses while your equipment is being repaired to minimize business interruption Covers additional expenses like hiring temporary workers or overtime pay for existing employees to continue operations during equipment repairs Reimburses extra expenses to expedite repairs like overtime charges for technicians to reduce downtime Protects cash flow by providing funds to cover equipment repairs without depleting business savings or taking on debt Insures specialized plastics manufacturing machines that would be costly to replace such as injection molding machines, vacuum forming machines, and extruders Covers upgraded equipment if original parts or components are no longer available to help minimize disruption to production
Use Cases	Coverage for breakdown of major production machinery like injection molding machines, extruders, blow molding machines Coverage for breakdown of auxiliary equipment like ovens, chillers, pumps, compressors Coverage for electrical components failures like switchgears, transformers, circuit breakers Coverage for boilers and pressure vessels failures Coverage for water damage due to pipe or tank ruptures

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Benefits

Covers the costs of repairs or replacements for equipment like boilers, air conditioning units, generators and more after a breakdown
Provides funds to pay for equipment rental expenses while your equipment is being repaired to minimize business interruption
Covers additional expenses like hiring temporary workers or overtime pay for existing employees to continue operations during equipment repairs
Reimburses extra expenses to expedite repairs like overtime charges for technicians to reduce downtime
Protects cash flow by providing funds to cover equipment repairs without depleting business savings or taking on debt
Insures specialized plastics manufacturing machines that would be costly to replace such as injection molding machines, vacuum forming machines, and extruders
Covers upgraded equipment if original parts or components are no longer available to help minimize disruption to production

Use Cases

Coverage for breakdown of major production machinery like injection molding machines, extruders, blow molding machines
Coverage for breakdown of auxiliary equipment like ovens, chillers, pumps, compressors
Coverage for electrical components failures like switchgears, transformers, circuit breakers
Coverage for boilers and pressure vessels failures
Coverage for water damage due to pipe or tank ruptures

Based on industry reports, the average equipment breakdown insurance pricing for plastics plumbing fixture manufacturing businesses with NAICS code 326191 is around $1.50 per $100 of equipment value. This price is derived from considering the industry’s typical equipment needs like molding machines, ovens, conveyor systems etc. as well as past claims data for equipment failures and repairs in this industry.

Estimated Pricing: $1.50/100 of equipment value

Directors And Officers Liability Insurance

Directors and officers liability insurance, also known as D&O insurance, protects the personal assets of directors and executives of a company from legal claims and lawsuits resulting from their actions or decisions made in their official roles. It is an important insurance coverage for businesses in the plastics plumbing fixture manufacturing industry due to risks from product liability or defective product claims that could threaten the personal assets of company directors and officers.

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Benefits	Protects directors and officers from personal liability in shareholder lawsuits Covers defense costs if a lawsuit is brought against your business Reimburses your business if it has to indemnify directors and officers for losses and defense costs Covers claims arising from errors and omissions in the discharge of duties Protects the company’s reputation by keeping lawsuits from impacting directors and officers personally Provides access to experienced legal defense attorneys Helps your business attract and retain qualified directors and officers Reduces financial risk to the company from costly lawsuits
Use Cases	Protect directors and officers from claims of wrongful acts such as errors, omissions, misleading statements, neglect of duty Cover legal fees and costs associated with defending lawsuits filed against directors and officers Indemnify directors and officers for damages and settlement costs they become legally obligated to pay due to claims

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Benefits

Protects directors and officers from personal liability in shareholder lawsuits
Covers defense costs if a lawsuit is brought against your business
Reimburses your business if it has to indemnify directors and officers for losses and defense costs
Covers claims arising from errors and omissions in the discharge of duties
Protects the company’s reputation by keeping lawsuits from impacting directors and officers personally
Provides access to experienced legal defense attorneys
Helps your business attract and retain qualified directors and officers
Reduces financial risk to the company from costly lawsuits

Use Cases

Protect directors and officers from claims of wrongful acts such as errors, omissions, misleading statements, neglect of duty
Cover legal fees and costs associated with defending lawsuits filed against directors and officers
Indemnify directors and officers for damages and settlement costs they become legally obligated to pay due to claims

Based on typical pricing factors such as revenue, number of employees, claims history, the average estimated annual premium for D&O insurance for plastics plumbing fixture manufacturing businesses with NAICS code 326191 ranges between $15,000 to $25,000. The premium is usually calculated as a percentage of revenue, with higher revenue businesses tending to pay more. The average revenue for NAICS 326191 businesses is around $10 million.

Estimated Pricing: $15,000 to $25,000

Conclusion

Choosing the right insurance combination tailored for your business helps ensure you can withstand unexpected costs from claims, lawsuits, equipment repairs, and natural disasters. Consulting with an experienced agent can help you evaluate your specific risks and compliance needs to develop an effective risk management strategy with the proper insurance protections.

Top Business Insurance Options for Plastics Plumbing Fixture Manufacturers (NAICS 326191)

Key Takeaways

Introduction

General Liability Insurance

Property Insurance

Workers Compensation Insurance

Product Liability Insurance

Commercial Auto Insurance

Business Interruption Insurance

Cyber Liability Insurance

Equipment Breakdown Insurance

Directors And Officers Liability Insurance

Conclusion

Frequently Asked Questions

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