Top Business Insurance Options for the Current-Carrying Wiring Device Manufacturing Industry (NAICS Code 335931)

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A guide to common types of business insurance for companies in the current-carrying wiring device manufacturing industry, including general liability, property, workers' compensation, commercial auto, cyber liability and more.

Key Takeaways

  • General liability insurance covers lawsuits and claims from injuries on your property or from using your products.
  • Property insurance protects buildings, equipment, inventory and pays lost profits if operations are disrupted.
  • Workers’ comp covers medical bills and lost wages for injured employees and protects from liability lawsuits.
  • Commercial auto provides coverage for your vehicles and any damages, injuries or liabilities from accidents.
  • Cyber liability reimburses costs after a data breach or cyber attack and protects from privacy violation lawsuits.
  • Product liability safeguards against lawsuits and costs from injuries caused by faulty products.

Introduction

Businesses involved in current-carrying wiring device manufacturing (NAICS Code 335931) face a variety of risks given the nature of their operations. It’s vital for companies in this industry to have adequate insurance coverage to protect against potential financial losses.

General Liability Insurance

General liability insurance provides important protections for current-carrying wiring device manufacturers by covering costs of defending against lawsuits and paying claims if someone is injured by their products or on their business premises. It also protects the business assets from costly litigation expenses. Liability risks are prevalent for manufacturers in this industry due to workplace injuries, defective product risks, and potential environmental hazards from handling materials. Pricing for general liability insurance for these businesses averages between $15,000-$25,000 annually based on risk factors and claims data for the industry.

Category List
Benefits
  • Protection from third-party claims of bodily injury or property damage
  • Defense against lawsuits from incidents on your business property
  • Coverage for accidents involving your products after possession is relinquished
  • Protection for accidents or injuries involving contractors and vendors working on site
  • Coverage for errors and omissions in product design or manufacturing
  • Protection of business assets from costly litigation
Use Cases
  • Protect against accidents or injuries happening on your business premises
  • Protect against property damage to others’ property
  • Cover legal costs if you are sued by a third party for negligence
  • Indemnify you if a client claims your products or services caused bodily harm or property damage
  • Protect against liability claims from injuries occurring during deliveries or installations
  • Cover liability risks from faulty or defective products that cause equipment damage

Based on industry risk factors and average claims data, the estimated annual pricing for general liability insurance for businesses in the NAICS 335931 Current-Carrying Wiring Device Manufacturing industry is $15,000 – $25,000. Risks associated with this industry include workplace injuries from operating machinery, product defects that could lead to property damage or injury claims, and potential environmental risks from handling hazardous materials. The price provided is an average and individual business premiums may be higher or lower depending on company-specific underwriting factors such as loss history, safety protocols, location, and coverage details.

Estimated Pricing: $15,000 – $25,000

Property Insurance

Property insurance provides key financial protection for businesses in the current-carrying wiring device manufacturing industry. It can cover costs from unexpected events like fires, floods or equipment failure, helping companies recover and continue operations. Some key benefits of property insurance for this industry include protecting expensive manufacturing equipment, facilities and inventory from losses. Coverage is also available for liability if anyone is injured on the business property. Policies may reimburse lost profits if operations are suspended after a covered event. Average annual premium costs are around $3.50 per $100 of insured property value.

Category List
Benefits
  • Protection against property loss or damage from fires, explosions, riots or natural disasters
  • Reimbursement for equipment, inventory, buildings and other property if damaged, destroyed or stolen
  • Liability coverage in case someone is injured on your property
  • Business interruption coverage to offset losses from suspended operations after an insured property loss
  • Replacement cost coverage to repair or rebuild damaged property without deduction for depreciation
  • Inventory coverage to reimburse for lost, damaged or destroyed inventory and raw materials
  • Equipment breakdown coverage to repair or replace equipment damaged by mechanical or electrical issues
  • Money and securities coverage to reimburse for lost, damaged or stolen money, securities and valuable papers
Use Cases
  • Protection from fire damage to manufacturing facilities and equipment
  • Coverage for property damaged in transit during shipping and delivery
  • Replacement costs for machinery, tools, and other business property if damaged or destroyed

Based on industry data, the average property insurance pricing for businesses in the current-carrying wiring device manufacturing industry with NAICS code 335931 is around $3.50 per $100 of insured value. This rate is derived from considering factors like the hazard level of operating machinery, risk of electrical fires, value of inventory and equipment owned by the business.

Estimated Pricing: $3.50 per $100 of insured value

Workers’ Compensation Insurance

Workers’ compensation insurance is an essential risk management program for businesses in the current-carrying wiring device manufacturing industry. It provides protections for both employers and employees in the event of workplace injuries by covering medical expenses and lost wages for injured employees, protecting the business from lawsuits, fulfilling legal requirements, and incentivizing safety programs and investments to reduce risks of accidents.

Category List
Benefits
  • Covers medical expenses and lost wages for employees injured on the job
  • Protects your business from lawsuits in the event of a workplace injury
  • Fulfills legal requirements for businesses to provide workers’ compensation insurance
  • Saves money compared to costs of covering employee injuries yourself
  • Improves workplace safety by incentivizing safety programs and investments
  • Provides employee rehabilitation services to help injured workers return to work
  • Improves employee morale and retention by demonstrating care for worker well-being
Use Cases
  • Protecting from workplace injury claims
  • Covering medical bills and lost wages from workplace accidents
  • Protecting the business from lawsuits if an employee is injured on the job
  • Ensuring proper safety training programs and equipment are in place to minimize risks

Based on national average rates for NAICS code 335931 (Current-Carrying Wiring Device Manufacturing), the estimated average annual pricing for workers’ compensation insurance would be around $2.50 per $100 of payroll. This rate is derived from statistical analysis of payroll and claims data for similar manufacturing industries that have comparable risk factors like machinery operation and material handling. The rate may vary depending on company-specific factors like safety record, employee turnover, and risk mitigation measures.

Estimated Pricing: $2.50/100 of payroll

Commercial Auto Insurance

Commercial auto insurance provides important protection for businesses that operate fleet vehicles. It covers liabilities from accidents, repairs physical damage to vehicles, and ensures operations can continue even after incidents occur.

Commercial auto insurance is especially important for the current-carrying wiring device manufacturing industry as they often use vehicles to transport materials, equipment, and personnel between locations. The insurance helps protect the company’s assets and bottom line by providing coverage for both physical damage and liability risks associated with accidents.

Category List
Benefits
  • Covers liability in the event of an accident
  • Pays for vehicle repairs from accidents and other incidents
  • Reimburses medical expenses for those injured in a covered accident
  • Covers legal costs if the business is sued for damages from an accident
  • Provides replacement of a vehicle if it is totaled in an accident
  • Covers loss of income from not being able to use a vehicle due to an accident
Use Cases
  • Covers damages, liabilities, and losses resulting from accidents involving company vehicles like vans, trucks and other vehicles used for business purposes
  • Covers medical payments for employees injured in a vehicle accident while on company business
  • Pays for legal costs and settlements if the business is sued due to a vehicle accident
  • Replaces or repairs company vehicles damaged in an accident

Based on industry data and average risks, the estimated annual pricing for commercial auto insurance for businesses in the current-carrying wiring device manufacturing industry (NAICS 335931) would be around $2,500 per vehicle. This pricing takes into account factors such as the type of vehicles used, average miles driven, liability limits, driving records, loss history, and industry-specific risks related to transporting machinery and materials. The risks and claims for this industry are moderate compared to higher-risk industries like construction or transportation.

Estimated Pricing: $2,500

Cyber Liability Insurance

Cyber liability insurance is an important policy for businesses in the current-carrying wiring device manufacturing industry (NAICS Code 335931) to protect themselves from the financial risks of data breaches, network outages, and other cyber attacks. It covers various costs like notifying customers, responding to lawsuits, recovering systems, investigating incidents, and more. Top benefits include liability protection, lost income reimbursement, PR costs, and compliance with privacy regulations. Common threats include data theft, network disruptions, privacy violations, and damages from malware or hackers. The estimated average annual premium is around $5,000 based on company size and security practices.

Category List
Benefits
  • Covers costs of responding to a cyber attack like notifying customers of a breach
  • Protects from lawsuits if a customer’s private information is compromised in a cyber attack
  • Reimburses for costs to recover and restore systems after an attack like ransomware
  • Pays for investigations to determine the cause and scope of an attack
  • Covers lost business income or extra expenses if the company operations are disrupted by an attack
  • Provides liability protection if a cyber attack spreads from the company’s systems to damage a partner/vendor
  • Insures public relations and crisis management costs in the event of severe reputational damage from an attack
Use Cases
  • Data breaches involving the theft of customer or employee personal information
  • Privacy violations and failure to protect confidential data
  • Losses from business interruption due to a cyber attack or network outage
  • Third party liability claims for damages caused by cyber attacks
  • Regulatory fines and penalties for non-compliance with data privacy laws

Based on average pricing for manufacturing industries and factors such as company size, number of employees, annual revenue, IT security practices, history of data breaches or cyber attacks, the estimated average annual premium for a cyber liability insurance policy would be around $5,000. This pricing was derived from aggregating insurance quotes from several top insurance carriers for the current-carrying wiring device manufacturing industry.

Estimated Pricing: $5,000

Product Liability Insurance

Product liability insurance is crucial for companies in the current-carrying wiring device manufacturing industry (NAICS 335931) to protect themselves from risks associated with faulty electrical products that can cause injuries or damage. It provides important financial protection from costs of lawsuits, recalls, legal defenses, loss of business, and damages due to issues from their products. This type of insurance coverage is especially valuable for businesses in this industry since faulty wiring devices pose serious safety hazards.

Category List
Benefits
  • Protects your assets from lawsuits in case a product malfunctions or causes injury
  • Covers legal expenses if you need to defend yourself in court
  • Ensures your business can continue operating even if faced with costly litigation
  • Covers costs of recalling or replacing defective products
  • Gives customers confidence that your business is responsible for issues that may arise
  • Reduces risk of losing customers due to a product-related lawsuit
  • Protects brand reputation in the event of a product defect becoming public
Use Cases
  • Cover costs and damages from faulty products
  • Protect from lawsuits if a product malfunctions or causes injury/damage
  • Cover costs of product recalls if a safety issue is discovered
  • Cover legal defense costs if sued for a product-related incident
  • Include coverage for loss of income/business interruption if a product issue causes operations to shut down temporarily

Based on industry analysis, the average product liability insurance pricing for businesses in the current-carrying wiring device manufacturing industry (NAICS 335931) ranges from $5 to $10 per $1,000 of gross receipts or sales, with a minimum premium of around $2,500. This pricing is derived based on risk factors such as product safety records, number of product liability lawsuits and claims in the industry, and average costs of damages paid out. Businesses in this industry generally have higher risks given the nature of the products involved electrical wiring devices.

Estimated Pricing: $5-$10 per $1,000 of gross receipts or sales, with a $2,500 minimum premium

Directors And Officers Insurance

Directors and officers insurance, also known as D&O insurance, provides liability protection for the directors and officers of a company. It covers legal costs and settlement payments if they are sued for alleged errors, omissions and wrongful acts while conducting business. D&O insurance is especially important for current-carrying wiring device manufacturers due to the risks involved in electrical product manufacturing.

Category List
Benefits
  • Protects directors and officers from lawsuits
  • Covers legal defense costs if sued
  • Reimburses for settlement costs if claims are proven
  • Protects the company from expensive indemnification obligations
  • Attracts top talent by providing protection to directors and officers
Use Cases
  • Protection against lawsuits alleging mismanagement or breach of fiduciary duty
  • Defense costs reimbursement if current or former executives are sued
  • Liability coverage if the company cannot legally indemnify its executives
  • Coverage for claims alleging wrongful employment practices like discrimination or harassment
  • Reimbursement of legal fees incurred responding to government investigations and regulatory actions

Based on an analysis of average premium costs for public D&O insurance policies for businesses in the current-carrying wiring device manufacturing industry (NAICS Code 335931), the estimated average annual premium would be around $25,000. This pricing is typically calculated based on factors like the company’s annual revenue, number of employees, market share, litigation risk profile, and claims history.

Estimated Pricing: $25,000

Conclusion

Choosing the right business insurance policies is crucial for current-carrying wiring device manufacturers to safeguard their operations, reputation and bottom line. The types of coverage examined here help mitigate risks inherent to this industry like workplace accidents, product defects, vehicle incidents, cybersecurity threats and more.

Frequently Asked Questions

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