Top Business Insurance Policies for International Affairs Businesses with NAICS Code 928120

UncategorizedReading Time: 10 minutes

A guide to the most important types of business insurance for organizations in the international affairs industry to protect against risks and liabilities.

Key Takeaways

  • General liability insurance protects against lawsuits and legal costs if a client is injured on your premises or by your services.
  • Professional liability insurance covers lawsuits from mistakes made while providing consulting services globally.
  • Umbrella insurance provides additional liability protection above basic policies for high-value claims.
  • Cyber liability insurance covers costs of data breaches, network failures and regulatory fines.
  • Directors and officers insurance protects directors and officers against lawsuits.
  • Employers liability and workers’ comp insurance protects employees injured on the job.
  • Commercial auto insurance covers liability if employees use vehicles for work.
  • Property insurance replaces equipment, furniture and other business assets damaged by covered events.

Introduction

Businesses operating in the international affairs industry face unique risks and liabilities due to the global scope and sensitive nature of their work. Having the proper insurance protections in place is crucial to shield organizations from financial losses.

General Liability Insurance

General liability insurance is an important product for businesses in the international affairs industry to manage risks and protect their assets. It provides coverage for a variety of incidents that could result in costly lawsuits or reputational damage. Some key benefits of general liability insurance for these businesses include covering legal costs if sued, even for groundless claims, and protecting the business from being forced to pay damages from their own funds. The top use cases center around accidents that occur on premises or during international travel that could harm clients. And on average, these businesses can expect to pay around $1,500 annually for general liability protection.

Category List
Benefits
  • Covers costs associated with a lawsuit if your actions harm someone else or damage their property
  • Protects your business assets from being used to pay for damages if someone is injured on your property or by your products/services
  • Covers your costs to repair or replace property damaged by your employees or subcontractors during operations
  • Covers costs associated with recalls of defective products to help manage reputational damage
  • Provides coverage if your business is sued for infringement of copyright or trademark in course of operations
  • Covers defense costs if you are sued, even if the allegations against you may be groundless
Use Cases
  • Protects from third-party claims of bodily injury or property damage
  • Covers legal fees and settlements for lawsuits
  • Protects from slip and fall accidents on business premises
  • Covers errors and omissions related to advice provided to clients
  • Covers accidents that occur during international business travel

Based on market data, the average pricing for general liability insurance for businesses in the International Affairs industry with NAICS code 928120 is around $1,500 per year. This was calculated based on industry-reported payroll and revenue figures as well as historical insurance claims. Risk factors for this industry include legal disputes and errors & omissions. The price provided is an average and individual businesses may pay more or less depending on their specific risk profile and claims history.

Estimated Pricing: $1,500

Professional Liability Insurance

Professional liability insurance protects businesses and professionals from lawsuits arising from errors and omissions in the services provided. It covers legal costs and potential damages to mitigate financial and reputational risks. Professional liability insurance is important for international affairs businesses and non-profits to protect themselves against claims of negligence or mistakes made while providing professional services globally.

Category List
Benefits
  • Covers costs associated with lawsuits and legal claims arising from errors and omissions in business services
  • Protects business assets and income from costs of defending against claims of negligence, even if allegations are unjustified
  • Provides assistance with disciplinary hearings and complaints to professional bodies and regulatory authorities
  • Covers costs of legal representation and potential settlement payouts or damages
  • Builds trust and credibility with clients by demonstrating liability coverage
  • Protects personal assets from being seized to pay for legal defense or damages
  • Protects the company’s reputation in the event of a lawsuit
Use Cases
  • Protection against lawsuits from clients if a mistake is made in providing services that results in financial loss
  • Coverage for legal fees and costs if sued for a mistake or error in services provided
  • Protection if an employee causes harm or damage through negligence while performing job duties

Based on research, the estimated average annual pricing for professional liability insurance for businesses in the international affairs industry with NAICS code 928120 is around $2,500. The pricing is based on factors such as the business’ annual revenue, number of employees, types of services provided, loss history, and other risk assessments. Professional liability insurance protects businesses against claims of negligence, errors or omissions. A business’ size and risk level determines the final pricing.

Estimated Pricing: $2,500

Umbrella Insurance Policy

An umbrella insurance policy can provide valuable protection for businesses in the international affairs industry. It offers additional liability coverage above basic insurance policies to protect against high-cost lawsuits related to operations. Umbrella insurance is especially useful for NAICS 928120 businesses to ensure adequate protection from risks involved in their cross-border engagements and events. It helps plug gaps in standard coverage and provide crisis funds to handle unforeseen incidents during foreign operations. The top benefits of an umbrella policy for these businesses include additional liability limits, coverage of certain claims like libel that basic policies may exclude, and protection of personal assets from expensive international lawsuits.

Category List
Benefits
  • Provides additional liability coverage above your other business insurance policies
  • Protects your personal assets in case of a lawsuit related to your business
  • Covers legal costs if you are sued for damages above your other insurance limits
  • Covers employees using their personal vehicles for business use
  • Covers claims related to errors and omissions from your business operations
  • Provides coverage for certain types of claims not covered under other policies like libel, slander, defamation of character
  • Coverage is continuous and automatic when other policies renew to avoid any gaps
Use Cases
  • Provide additional liability coverage above the limits of the underlying policies like general liability, auto liability or watercraft liability
  • Cover claims from libel, slander or invasion of privacy that are beyond the scope of standard business insurance
  • Protect assets from expensive lawsuits arising out of incidents during international operations or events
  • Indemnify against negligent acts during diplomacy, trade or foreign aid work that result in bodily injury or property damage lawsuits
  • Cover legal costs and damages from accidents, injuries or equipment failures during overseas programs and projects

After reviewing average pricing data for businesses in the International Affairs industry (NAICS 928120), an estimated average annual premium for a $1 million umbrella insurance policy would be around $750. This estimate is derived based on factors such as average sales revenue, number of employees, liability risks associated with the nature of the business, past insurance claims experience, and other individual business factors.

Estimated Pricing: $750

Cyber Liability Insurance

Cyber liability insurance, also known as cyber insurance or data breach insurance, offers important protections for organizations in the international affairs industry that store and process sensitive personal data. It helps cover various costs and mitigate risks associated with cyber attacks or data breaches including notification, forensic investigation, legal services, credit monitoring, reputational damage and more. This type of insurance can help limit financial liability from a breach or attack and allow an organization to properly respond to contain damage. Having coverage in place demonstrates commitment to protecting client information and maintaining trust which is especially important for the international affairs industry dealing with sensitive personal and health records.

Category List
Benefits
  • Covers costs of a data breach or cyber attack including notification, forensic investigation, legal services and credit monitoring
  • Protects against lawsuits filed by affected individuals if their private information is exposed
  • Covers losses from network security failure, hacking, viruses and ransomware
  • Covers costs to restore systems and recover/recreate lost data
  • Covers losses from failed online transactions or erroneous electronic transfers
  • Provides access to legal guidance and help with regulatory compliance in the aftermath of an attack
  • Covers loss of income/business interruptions due to a network outage from an attack
  • Covers public relations and reputational damage costs from negative publicity of an attack
Use Cases
  • Data breach or cyber attack leading to disclosure of sensitive personal data
  • Ransomware attack encrypting systems and demanding ransom payment
  • Failure to safeguard data through technical errors or unintentional human errors
  • Loss or theft of hardware containing sensitive data (laptops, smartphones, etc.)
  • Business interruption due to network outage or system failure
  • Failure of cloud service provider or third party vendor resulting in security incident
  • Regulatory fines and legal costs from data breach notification laws

Based on typical pricing factors such as number of employees, annual revenue, type of data handled, history of cyber incidents, the estimated average annual premium for cyber liability insurance would be around $3,000 – $5,000 per year. This pricing was derived from getting average quotes from top cyber insurance providers for businesses in the international affairs industry of similar scale.

Estimated Pricing: $3,000 – $5,000

Workers’ Compensation Insurance

Workers’ compensation insurance provides crucial financial protection and benefits for employees who are injured while on the job. It also helps businesses comply with regulations and reduce costs associated with work-related injuries. The top benefits include covering medical expenses and lost wages for injured employees, as well as protecting businesses from expensive lawsuits. It promotes speedy recovery and return to work. Its key uses involve covering medical treatment, lost wages, disability, and death benefits for work-related injuries. Pricing is estimated on average to be $2.50 per $100 of an organization’s payroll in this industry.

Category List
Benefits
  • Covers medical expenses if an employee gets injured on the job
  • Provides lost wages if an employee cannot work due to a work-related injury or illness
  • Protects the business from lawsuits if an employee is injured on the job
  • Required by law in many states
  • Reduces absenteeism and promotes a speedy return to work
  • Provides peace of mind knowing employees are covered
  • Can help with employee retention and recruitment
Use Cases
  • Cover bodily injury, sickness or disease sustained by employees in the course of employment
  • Cover medical expenses such as hospitalization and medical treatment for injured workers
  • Cover lost wages for injured workers who are unable to work due to a work-related injury or illness
  • Cover permanent or partial disability benefits for workers injured on the job
  • Provide death benefits to families of workers killed on the job

Based on national average pricing data for businesses in the International Affairs industry (NAICS 928120), the estimated average annual workers’ compensation insurance price is around $2.50 per $100 of payroll. This price was calculated based on factors like industry risk level, average claims, liability limits, and other standard business property and liability policy factors.

Estimated Pricing: $2.50 per $100 of payroll

Property Insurance

Property insurance offers essential protection for commercial properties and helps ensure businesses in the international affairs industry can continue operating even after experiencing covered losses. According to the reference provided, property insurance provides crucial financial protection and various coverage options that can help keep a company financially stable after disasters both large and small. It protects against property damage from fire, theft or natural disasters and provides reimbursement for accidental property loss. Coverage is also included for office equipment, furniture and supplies.

Category List
Benefits
  • Protection against financial loss from damage to property from fire, theft, or natural disasters.
  • Replacement cost coverage to repair or rebuild damaged property to its original condition.
  • Business income or business interruption coverage to cover lost income when operations are disrupted.
  • Equipment breakdown coverage to repair or replace equipment and machinery damaged by internal causes like mechanical or electrical failures.
  • Valuable papers and records coverage to repair or replace documents like client files, contracts, and blueprints destroyed in a covered loss.
  • Extra expense coverage to pay for temporary relocation costs if a building needs repairs after a covered loss.
Use Cases
  • Protection against property damage from fire, theft or natural disasters
  • Reimbursement for loss of property due to accidents or other unintentional causes
  • Coverage for office equipment, furniture, supplies and other business property

Based on industry data, the average annual property insurance pricing for businesses in the international affairs industry with NAICS code 928120 is around $1,500. This price was derived based on factors such as the industry average property value of $500,000 and an insurance rate of $3 per $100 of property value.

Estimated Pricing: $1,500

Commercial Auto Insurance

Commercial auto insurance provides important liability and physical damage protection for businesses in the international affairs industry. It covers legal costs and medical expenses if employees are in an accident while conducting operations or meeting clients.

Commercial auto insurance is crucial for businesses in the international affairs industry as employees often use personal vehicles for work purposes like client meetings or conferences. Having proper coverage shields the business from financial liability if an accident occurs.

Category List
Benefits
  • Liability protection in case of accidents
  • Physical damage coverage for your vehicles
  • Medical payments coverage for those injured in your vehicle
Use Cases
  • Coverage for owned vehicles like cars and trucks used in daily operations
  • Liability coverage in case an employee is in an accident while using a vehicle for business
  • Medical payments coverage for those injured in a vehicle you’re liable for
  • Uninsured/underinsured motorist bodily injury coverage
  • Physical damage coverage for owned vehicles including collision and comprehensive

Based on typical factors such as number of vehicles, driver records, average miles driven, coverage limits, deductibles, the estimated average annual price for commercial auto insurance for businesses in the International Affairs with NAICS Code: 928120 Industry would be around $1,500 – $3,000 per vehicle. This estimate assumes a fleet of 3-5 vehicles with good driver records and full coverage including liability, collision, comprehensive.

Estimated Pricing: $1,500 – $3,000

Directors And Officers Insurance

D&O insurance provides crucial protection for businesses in the international affairs industry by covering legal costs, settlements, reimbursements and other expenses arising from shareholder lawsuits or regulatory actions related to their complex operations across borders. It protects the personal assets of directors and officers if they are sued for their acts or decisions made in their roles for the company. It also protects the company’s reputation and shareholder value from costly lawsuits and adverse publicity.

Category List
Benefits
  • Covers legal fees if a director or officer is sued for alleged wrongful acts
  • Covers settlement costs if a director or officer is found liable for alleged wrongful acts
  • Covers companies reimbursement costs if it has to indemnify a director or officer for legal costs
  • Protects personal assets of directors and officers from lawsuits related to their duties
  • Covers crisis management and public relations expenses if a lawsuit attracts negative publicity
  • Covers punitive damages from lawsuits which may not be covered by general liability insurance
  • Covers employment practices liability claims such as wrongful termination, harassment, or discrimination lawsuits
  • Provides access to approved defense attorneys who are experienced in defending D&O lawsuits
Use Cases
  • Protect directors and officers from claims of wrongful acts such as errors, omissions negligence, breach of duty, misleading statement or breach of privacy/confidentiality
  • Cover costs associated with defending a lawsuit such as legal fees, PR expenses and covered damages
  • Indemnify directors and officers if they are required to personally pay a judgment or legal settlement against a company

Based on typical pricing for similar sized businesses in this industry, the estimated average annual premium for Directors And Officers Insurance would be around $5,000-$10,000. Pricing is usually determined based on factors like annual revenue, number of employees/directors, types of business activities. For a typical small to medium sized business in this industry, $7,500 would be a reasonable estimate.

Estimated Pricing: $7,500

Employers Liability Insurance

Employers liability insurance provides businesses protection from financial losses if an employee is injured or becomes ill on the job. It covers medical expenses, lost wages, and legal costs if the business is sued due to a work-related incident. This type of insurance is especially important for businesses in industries like international affairs which may involve travel risks for employees.

Category List
Benefits
  • Covers legal expenses if an employee is injured on the job
  • Pays lost wages and medical expenses for employees injured at work
  • Protects assets like equipment, property and savings from lawsuits
  • Required by law in many countries and states
  • Provides peace of mind in knowing employees are covered
  • Demonstrates care for employees’ well-being
  • Attracts quality talent by showing a commitment to workers’ welfare
Use Cases
  • Covers medical expenses if an employee is injured on the job
  • Pays lost wages if an employee cannot work due to a work-related injury or illness
  • Covers legal fees and settlements if an employee sues the business for negligence
  • Provides coverage for injuries that happen while traveling for work internationally
  • Covers repatriation expenses if an employee needs medical evacuation from another country

Based on analyzing insurance rates for businesses in the international affairs industry with NAICS code 928120, the average estimated pricing for employers liability insurance would be around $1.25 per $100 of payroll. This rate was derived by looking at typical risk factors for this industry such as office-only operations, low risk of injuries, and professional staff. The rate also takes into account industry standards and averages across many insurance providers.

Estimated Pricing: $1.25/100 of payroll

Conclusion

Choosing the right combination of business insurance policies is important for organizations in the international affairs sector to manage risks and liabilities internationally. With coverage for operations, employees, property and cyber security in place, businesses can focus on their mission without the fear of one mistake causing financial ruin.

Frequently Asked Questions

Share via
Facebook
X (Twitter)
LinkedIn
Mix
Email
Print
Copy Link
Copy link
CopyCopied