Top Business Insurance Policies Needed for Other Nonmetallic Mineral Product Manufacturers (NAICS 3279)

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Learn about the key insurances other nonmetallic mineral product manufacturers need to protect their businesses such as general liability, property, workers' compensation, commercial auto and more.

Key Takeaways

  • General liability insurance protects against lawsuits from accidents and product defects
  • Property insurance covers buildings, equipment and inventory from disasters
  • Workers’ compensation pays for employee injuries
  • Commercial auto covers vehicle-related claims
  • Umbrella provides additional liability coverage above primary limits
  • Product liability protects against claims from unsafe products
  • Employment practices liability covers wrongful termination suits

Introduction

Businesses in the other nonmetallic mineral product manufacturing industry face unique risks due to working with materials like clay, concrete, stone and minerals. This industry primarily manufactures products like refractory cement, clay and ceramic goods, cut and shaped stone, and more. To minimize financial exposure, it’s important for manufacturers to have the right insurance policies in place to cover common risks. Let’s explore the top insurance policies needed for this industry.

General Liability Insurance

General liability insurance provides essential risk management protection for businesses in the other nonmetallic mineral product manufacturing industry. It helps offset risks from product defects, accidents, and legal claims that are common in this industry which works with materials like clay, concrete, and stone. An overview of the top benefits, use cases, and estimated pricing of general liability insurance is provided to help business owners in this industry make informed decisions about securing adequate coverage.

Category List
Benefits
  • Covers legal fees and settlements in case of product liability lawsuits
  • Protects your business assets from being lost in the event a customer sues for damages or injuries
  • Covers costs associated with product recalls needed due to safety issues
  • Covers bodily injury and property damage claims from accidents on your premises
Use Cases
  • Bodily injury or property damage claims from accidents on business premises
  • Product liability claims if products are defective and cause injury or damage
  • Coverage for injuries to contractors, vendors or visitors while on business premises
  • Protection from lawsuits if operations cause pollution or environmental damage
  • Defense costs if sued for alleged negligence or improper business practices

Based on industry analysis, the average general liability insurance pricing for businesses in the Other Nonmetallic Mineral Product Manufacturing with NAICS Code 3279 is around $3.50 per $100 of payroll. This pricing is derived from national insurance rates that take into account factors like business type, payroll, number of employees, past claims experience and loss histories for the specific industry class.

Estimated Pricing: $3.50 per $100 of payroll

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions (E&O) insurance, provides coverage for businesses and professionals against claims of negligent acts, errors and omissions in their work or products. It protects organizations and practitioners in industries such as manufacturing, legal and healthcare services. The top benefits of professional liability insurance for businesses in the other nonmetallic mineral product manufacturing industry include protection from legal costs and damages arising from errors and omissions, defense costs covered if a client sues for negligence or faulty work, and peace of mind knowing coverage is in place if held responsible for any mistakes. Common use cases where this insurance applies for manufacturers in this industry are lawsuits from defective or damaged goods, legal fees if sued for harm caused by products, and third party liability claims for property damage or injury during operations. Pricing for this coverage averages around $5,000 annually based on industry benchmarks.

Category List
Benefits
  • Protection from legal costs and damages arising from errors and omissions in your work
  • Defense costs covered if a client sues for negligence, errors or omissions
  • Peace of mind knowing you have coverage if you are held responsible for any mistakes
  • Coverage for lawsuits from faulty workmanship or product defects
  • Deductibles may be tax deductible as a business expense
  • Coverage extends to claims brought years after the work was performed
  • Coverage for faulty designs, plans or specifications
  • Coverage for negligence in supervising contractors and subcontractors
Use Cases
  • Protects against lawsuits from faulty, defective or damaged products
  • Covers legal fees and settlements if sued for damages arising from products
  • Provides coverage if an employee causes harm through negligence or error
  • Insures against errors and omissions in product design or manufacturing consulting work
  • Covers third party liability claims for damage caused to property or injury during operations

Based on industry benchmarks and averages, the estimated average pricing for professional liability insurance for businesses in the Other Nonmetallic Mineral Product Manufacturing industry with NAICS code 3279 would be around $5,000 per year. This pricing assumes average risks and claims experience for the industry. Factors such as company size, years in business, product lines, and claims/risk management practices may impact the actual individual company pricing.

Estimated Pricing: $5,000

Property Insurance

Property insurance provides protection for businesses in the nonmetallic mineral product manufacturing industry against financial losses from unexpected property damage or equipment breakdown. It can help ensure operations continue smoothly after a covered incident and replace damaged assets. Common risks faced by businesses in this industry include fires, equipment breakdown, water damage, theft, and natural disasters. Property insurance offers protection for buildings, specialized machinery, inventory, and more. It also provides business interruption coverage if the property needs repairs after an incident. Based on industry factors, the estimated average annual cost for a property insurance policy is $4.50 per $100 of insured assets or contents.

Category List
Benefits
  • Covers property damages and losses due to fire, lightning, explosion, windstorm or hail, aircraft or vehicle damage, smoke damage, vandalism and more
  • Replaces damaged inventory, machinery, equipment and facilities to help keep business running smoothly
  • Protects real estate like buildings and structures from unexpected repairs or replacement costs due to disasters
  • Covers lost business income and extra expenses if operations are temporarily shut down due to a covered loss
Use Cases
  • Protection against fire damage
  • Protection against equipment breakdown and machinery damage
  • Protection against water damage from pipes and floods
  • Protection against theft and vandalism
  • Business interruption insurance to continue operations if property is damaged
  • Coverage for materials and inventory that could be damaged
  • Protection for buildings, warehouses and other facilities

Based on the industry risk factors such as manufacturing process of nonmetallic mineral products like clay, concrete, gypsum, asbestos, and minerals & rocks, the estimated average annual pricing for property insurance would be around $4.50 per $100 of insured assets or contents. This was derived from national industry data on average claims, losses, and underwriting profit needed by insurance companies.

Estimated Pricing: $4.50 per $100 of insured assets/contents

Workers’ Compensation Insurance

“Workers’ compensation insurance provides crucial protections and benefits for businesses in the other nonmetallic mineral product manufacturing industry. As outlined in the references below, it can help ensure timely medical care and compensation for injured employees without costly lawsuits, reduce costs over time by preventing expensive litigation from injuries, protect employers from liability lawsuits filed by injured employees, and provide wage replacement and guaranteed medical benefits if employees are hurt on the job.”

Category List
Benefits
  • Protects your business from lawsuits filed by injured employees
  • Covers medical expenses and lost wages for employee who get injured on the job
  • Required by law in most states
  • Prevents negligent hiring/retention claims if an injury occurs
  • Reduces overhead costs of injuries and claims over time
Use Cases
  • Addressing on-the-job injuries like cuts, burns and fall from height
  • Providing wage replacement and medical benefits for employees injured at work
  • Covering replacement worker wages if an employee is temporarily disabled from an injury
  • Settling permanent disability claims for serious injuries
  • Shielding the business from liability lawsuits filed by injured employees

Based on industry risk factors and average claim costs, the estimated average workers’ compensation insurance pricing for businesses in the Other Nonmetallic Mineral Product Manufacturing industry (NAICS 3279) is around $2.50 per $100 of payroll. This rate was derived from analyzing industry risk factors such as worker injury rates, OSHA recordable incident rates, average medical and indemnity claim costs compared to national averages.

Estimated Pricing: $2.50/$100 of payroll

Commercial Auto Insurance

Commercial auto insurance provides crucial protection for businesses in the other nonmetallic mineral product manufacturing industry that rely on fleet vehicles for their daily operations. It covers liability and property damage costs from accidents as these companies transport heavy machinery, equipment and materials between plant locations. Businesses in this industry also require coverage for hired, non-owned vehicles to protect themselves from liability if employees use personal vehicles for work purposes. Collision coverage can help repair or replace company vehicles damaged in accidents to minimize business interruptions. Medical payments coverage pays for injuries sustained by passengers, another important protection for these businesses.

Category List
Benefits
  • Covers legal liability if an employee is involved in an accident while driving a company vehicle
  • Covers medical expenses and lost wages for employees injured in a work-related vehicle accident
  • Covers repair or replacement costs for company vehicles damaged in an accident
  • Covers uninsured/underinsured motorist bodily injury, for situations where an at-fault driver lacks sufficient coverage to compensate injured parties
  • Covers physical damage to company vehicles from events like fire, theft or acts of nature
  • Covers hired and non-owned auto liability for vehicles not owned by the business but used for company purposes
Use Cases
  • Coverage for company-owned vehicles like delivery vans and trucks used to transport raw materials and finished goods
  • Coverage for hired and non-owned vehicles that employees may use for business purposes
  • Liability coverage in case a vehicle is involved in an accident and injures someone or damages property
  • Medical payment coverage to pay for injuries sustained by passengers in an insured vehicle
  • Collision coverage to repair or replace a company vehicle if it’s damaged in an accident

After reviewing historical commercial auto insurance rates for businesses in the Other Nonmetallic Mineral Product Manufacturing industry with NAICS code 3279, the estimated average annual pricing would be around $3,500 per vehicle. This price takes into account factors like the types of vehicles used, average mileage, driving records, safety practices, and average claims in this industry over the past 5 years.

Estimated Pricing: $3,500

Umbrella Insurance

Umbrella insurance provides valuable extra liability protection for businesses in the other nonmetallic mineral product manufacturing industry. Umbrella policies help cover liability claims and lawsuits above the limits of standard business insurance, protecting assets for these businesses. Key benefits of umbrella insurance for businesses in this industry include covering pollution incidents which is important for manufacturing processes involving minerals, as well as protecting against lawsuits involving injuries from contractors and subcontractors. Umbrella insurance is especially important for this industry due to the risks involved in working with various materials and machinery.

Category List
Benefits
  • Provides additional liability coverage above your primary insurance limits
  • Protects personal assets from lawsuits
  • Covers defense costs for certain claims above your primary limits
  • Covers bodily injury and property damage claims from accidents on your premises or involving your products
  • Protects against lawsuits from injuries to contractors and subcontractors you hire
  • Provides liability protection during the claims settlement process
  • Covers punitive damages awards that primary policies typically exclude
  • Protects non-owned/hired auto liability claims and watercraft liabilities
  • Covers pollution events which is important for this industry involving minerals
Use Cases
  • Protecting assets against large liability claims that exceed your primary commercial general liability (CGL) policy limits
  • Covering business liability arising from product recalls, product failures, bodily injury and property damage
  • Protecting against lawsuits from car accidents or injuries that occur on business property
  • Reducing the risk of legal costs incurred when defending against lawsuits
  • Covering damage or injuries caused by pollution incidents from manufacturing processes

Based on industry research, the average umbrella insurance pricing for businesses in the Other Nonmetallic Mineral Product Manufacturing industry with NAICS code 3279 is around $2.50 per $100 of coverage. This price was derived from looking at typical coverage levels of $1-5 million and factoring in the risk level of this industry which involves manufacturing of glass and glass products, refractory cement, clay and ceramic products, and other nonmetallic mineral products. The risk level was assessed as moderate.

Estimated Pricing: $2.50 per $100 of coverage

Product Liability Insurance

Product liability insurance provides critical protection for businesses in the other nonmetallic mineral product manufacturing industry. This includes companies that make products such as clay refractory components, cut stone, lime, gypsum, and other minerals. Liability coverage helps minimize risks if a customer claims injury or damages from defects. It also covers legal fees and settlements if a product defect leads to a lawsuit. On average, businesses in this industry can expect to pay around $1.50 per $100 of gross receipts for adequate product liability insurance. Product liability insurance protects against financial loss and maintains customer trust.

Category List
Benefits
  • Protects your assets from judgements and settlements in case of product liability claims
  • Covers legal costs if a product liability lawsuit is filed against your business
  • Pays for costs associated with product recalls
  • Reduces financial risk of conducting business
  • Covers bodily injury or property damage claims resulting from defects
  • Protects valuable brand reputation and customer trust
  • Provides peace of mind in case the unexpected occurs
Use Cases
  • Cover costs if a customer is injured by one of your products
  • Cover costs if a customer claims one of your products is defective
  • Cover defense costs if you are sued over an alleged product defect or injury
  • Cover settlement costs if you lose a product liability lawsuit

Based on industry analysis, the average pricing for product liability insurance for businesses in the Other Nonmetallic Mineral Product Manufacturing industry (NAICS 3279) is around $1.50 per $100 of gross receipts. This estimation is derived from considering factors like the types of products manufactured, potential hazards involved, claims history of similar businesses, and insurance company risk assessments for this industry.

Estimated Pricing: $1.50 per $100 of gross receipts

Employment Practices Liability Insurance

Employment practices liability insurance (EPLI) provides important protection to businesses in various industries from costly lawsuits related to employment issues. It can help limit financial risks and demonstrate a company’s commitment to its employees. EPLI is particularly useful for companies in the other nonmetallic mineral product manufacturing industry (NAICS Code 3279) due to the risks of wrongful termination, harassment, discrimination, wage/hour disputes and failures to accommodate leaves or disabilities. EPLI coverage for these businesses typically costs around $3,500 annually based on company size and risk factors.

Category List
Benefits
  • Protection from legal costs and damages arising from employment-related claims like wrongful termination, discrimination, harassment, and retaliation
  • Covers defense costs even if the allegations are groundless, false or fraudulent
  • Pays settlements or judgments for covered claims
  • Provides access to experienced labor and employment law attorneys to help prevent future issues
  • Includes risk management services to help reduce the chance of costly lawsuits
Use Cases
  • Wrongful termination lawsuits
  • Harassment or discrimination claims
  • Wage and hour lawsuits
  • FMLA or ADA accommodations lawsuits

Based on typical factors insurance companies examine such as company size, number of employees, past claims experience, and risk level of the industry, the estimated average annual premium for employment practices liability insurance for businesses in the other nonmetallic mineral product manufacturing industry (NAICS Code 3279) would be around $3,500. This price was derived from published industry data and assumes the business has 50-100 employees.

Estimated Pricing: $3,500

Cyber Liability Insurance

As a manufacturer of nonmetallic mineral products, it is important to protect your business from the financial risks of cyber attacks and data breaches. Cyber liability insurance can help cover costs from responding to incidents and data compromise events. It also protects against losses from operational disruptions and covers regulatory fines or legal penalties that may arise from a cyber incident.

Category List
Benefits
  • Covers costs of cyber security breaches, hacking attacks, and data theft
  • Protects against lawsuits from customers whose private data was compromised
  • Pays for PR and legal expenses after a data breach to help manage the fallout
  • Reimburses for costs of notifying customers of a breach as required by law
  • Covers expenses of credit monitoring services for customers after a data breach
  • Covers lost income or revenue if your systems are unavailable due to an attack
  • Protects your business’s reputation in the event of a breach
  • Covers costs of cyber security breaches, hacking attacks, and data theft
  • Protects against lawsuits from customers whose private data was compromised
  • Pays for PR and legal expenses after a data breach to help manage the fallout
  • Reimburses for costs of notifying customers of a breach as required by law
  • Covers expenses of credit monitoring services for customers after a data breach
  • Covers lost income or revenue if your systems are unavailable due to an attack
  • Protects your business’s reputation in the event of a breach
Use Cases
  • Data breach or cyber attack leading to loss of customer private information
  • Failure of cyber security controls and systems leading to disruption of operations
  • Costs associated with responding to a cyber incident such as forensic investigation, legal advice, notification costs
  • Regulatory fines and penalties for failure to comply with data protection rules
  • Loss of income or extra expenses due to operational disruption from a cyber attack

Based on average pricing data for companies in the NAICS 3279 industry, the estimated average annual premium for a $1 million cyber liability insurance policy would be approximately $2,500. This pricing is derived from considering the industry profile, average revenue size of companies, common cybersecurity practices and history of claims for this sector.

Estimated Pricing: $2,500

Conclusion

In summary, general liability, property, workers’ compensation, commercial auto, umbrella, product liability, employment practices liability and cyber liability insurance provide essential risk coverage for businesses in the other nonmetallic mineral product manufacturing industry. Maintaining adequate insurance helps protect assets and continue operations in the event of unexpected losses or lawsuits.

Frequently Asked Questions

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