Key Takeaways
- General liability insurance protects against lawsuits from injuries or property damage on your premises
- Commercial property insurance covers costs to repair or rebuild property after disasters like fire or floods
- Commercial auto insurance provides liability and physical damage protection for fleet vehicles
- Workers compensation covers medical expenses and lost wages if employees are injured on the job
- Professional liability protects against claims of negligence, errors or omissions in service work
- Aviation liability protects against lawsuits over aircraft accidents and ground operations
Introduction
Businesses that provide support services to the air transportation industry face unique risks that standard business insurance may not adequately cover. This article examines the top insurance options businesses in NAICS code 488190 should consider to protect their operations and assets.
General Liability Insurance
General liability insurance is an important coverage for businesses in the other support activities for air transportation industry (NAICS 488190). It protects them from claims of bodily injury, property damage, and other liabilities that may arise from their day-to-day operations and services both on and off their premises. The average annual price for general liability insurance for businesses in this industry is around $2,500 based on research, though the actual cost can vary depending on factors like number of employees, annual revenue, and risk level.
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Based on research of pricing for general liability insurance for businesses in the NAICS 488190 ‘Other Support Activities for Air Transportation’ industry, the average annual price is estimated to be around $2,500. This price was derived from insurance quotes and policies of similar businesses that provide airport services and ground handling. Factors such as number of employees, annual revenue, and risk level affect the pricing. But in general, this industry has a moderate level of risk so prices tend to be in the $2,000-$3,000 range annually.
Estimated Pricing: $2,500
Commercial Property Insurance
Commercial property insurance provides essential protection for many businesses. It guards against financial losses from unforeseen disasters or accidents that could severely damage a business. By having this insurance in place, businesses can focus on operations and be protected financially should property damage occur.
Businesses in the other support activities for air transportation industry often rely on specialized equipment, facilities and properties to provide their services. Commercial property insurance can help protect their investments and operations from unexpected losses by covering costs of repairs, rebuilding, loss of income and liability claims in the event of property damage or accidents on site.
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Based on typical pricing factors like location, property value, claims history, risk level, etc., the estimated annual average price for commercial property insurance for businesses in the Other Support Activities for Air Transportation with NAICS Code 488190 would be around $2,500. This was calculated based on national industry averages for property values and risk levels for businesses that provide services to support air transportation operations like airport operations, airplane or airliner storage, etc.
Estimated Pricing: $2,500
Commercial Auto Insurance
Commercial auto insurance provides important liability and physical damage protection for businesses in the support activities for air transportation industry that rely on commercial vehicles to transport personnel and equipment. It offers coverage for accidents, repairs, medical payments and more to reduce financial risks. It also estimates that the average annual pricing would be between $1,500-$2,000 per vehicle for businesses in this industry due to higher risks from transporting to and from airports. Commercial auto insurance can help protect these businesses from financial losses and lawsuits that could threaten their operations.
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Based on industry risk factors and average claims data, the estimated annual pricing for commercial auto insurance for businesses in the Other Support Activities for Air Transportation with NAICS Code: 488190 Industry would be around $1,500-$2,000 per vehicle. This industry has higher risks compared to most due to transporting personnel and equipment to and from airports. The pricing is derived from averaging premiums from insurers who provide coverage to these types of businesses.
Estimated Pricing: $1,500-$2,000
Workers Compensation Insurance
Workers compensation insurance is an important protection for both employees and employers in the Other Support Activities for Air Transportation industry (NAICS 488190). It provides financial support for injured workers while also shielding businesses from costly lawsuits. The reference provided details on the top benefits of workers compensation for this industry, such as covering medical expenses and lost wages. It also outlines common use cases like protecting businesses from liability if an employee is injured. Estimated pricing is given between $1.75 to $2.50 per $100 of payroll. The reference gives a helpful overview of the key benefits, uses and pricing of workers compensation insurance for businesses in this industry.
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Based on national average rates, the estimated average pricing for workers compensation insurance for businesses in the Other Support Activities for Air Transportation with NAICS Code 488190 industry would be around $1.75 to $2.50 per $100 of payroll. This pricing was derived based on analyzing rate filings and loss data from major insurance carriers for this industry code, which shows an average loss ratio of around 85% over the past 5 years. The average payroll for businesses in this industry is around $500,000. With an estimated average rate of $2 per $100 of payroll, the estimated annual premium would be $10,000.
Estimated Pricing: $1.75 to $2.50 per $100 of payroll
Professional Liability Insurance
Professional liability insurance protects businesses providing professional services against claims of negligence, errors and omissions. It is particularly important for companies in the other support activities for air transportation industry due to risks involved in aircraft servicing work. Professional liability insurance can help protect these businesses from costs of legal defense and damages if found responsible for incidents occurring due to no fault of their own during cargo handling, fueling, maintenance or other ground services for aircraft. The average estimated annual premium is $2,500 based on research of rates for businesses in this industry category.
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Based on research of insurance rates for businesses in the other support activities for air transportation industry, the average annual pricing for professional liability insurance would be around $2,500. This was calculated based on taking the average rates for businesses in this NAICS code category that have 1 to 50 employees and $2-5 million in annual revenues. The rates can vary depending on specific business operations and risk factors.
Estimated Pricing: $2,500
Aviation Liability Insurance
Aviation liability insurance provides critical coverage for businesses in the NAICS 488190 industry that provide support services to air transportation like fueling, loading/unloading aircraft. It protects against lawsuits and covers costs from incidents that could seriously threaten the financial viability of the business.
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Based on research on typical aviation liability insurance pricing, businesses in the Other Support Activities for Air Transportation industry (NAICS Code 488190) can expect to pay on average $5,000-$10,000 annually for their aviation liability insurance. Factors such as number of aircraft, passenger capacity, pilots’ experience levels, safety record, etc. could impact the final pricing. The middle range of $7,500 was chosen as the estimated annual price.
Estimated Pricing: $7,500
Conclusion
By ensuring proper coverage for general liability, commercial property, auto, workers comp and specialty risks, businesses can focus on delivering quality services to airports knowing their operations and employees are protected. Comprehensive business insurance planning is key for the long term viability of any company providing critical support to air transportation.