Top Business Insurances for Glass Container Manufacturers with NAICS Code 327213

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This guide covers the most important types of business insurance for glass container manufacturing companies including general liability, property, workers' compensation, commercial auto and more.

Key Takeaways

  • General liability insurance protects against third-party claims of injury or damage.
  • Property insurance covers costs to repair or replace buildings and equipment after disasters.
  • Workers’ compensation covers medical costs and lost wages for job-related employee injuries.
  • Commercial auto insures company vehicles and provides liability protection when driving for business.
  • Product liability insures against lawsuits if customers are injured by defective products.
  • Cyber liability protects costs associated with data breaches and network disruptions.
  • Business interruption covers lost income if operations are disrupted by covered events.

Introduction

As a glass container manufacturer, there are several types of business insurance that are essential to protect your operations both financially and legally. The glass manufacturing process involves risks like heavy machinery, molten materials, and chemical exposures that commonly lead to injuries, property damage, and liability claims. Having the right insurance coverage in place can help limit your financial losses if incidents occur. Let’s examine the most important policies for your industry.

General Liability Insurance

“General liability insurance is an important protection for glass manufacturing businesses. It can help cover expensesfrom a variety of claims involving bodily injury, property damage, and other liabilities that are common risks for companies operating in this industry.”

Category List
Benefits
  • Protects your business from third-party claims of bodily injury or property damage
  • Covers legal costs if you’re sued by a customer or client for damages
  • Provides coverage if an employee is injured on the job
  • Protects your assets if your business is sued for a large settlement or judgment
  • Covers liability claims from defective or faulty products
  • Insures you against pollution or environmental incidents related to your operations
  • Protects contractors and subcontractors you work with in case of injury on your property
  • Covers liability claims from defective or faulty products
Use Cases
  • Bodily injury or property damage to customers or visitors at your facility
  • Bodily injury or property damage to vendors, contractors or delivery drivers on your premises
  • Product liability claims if a defective product causes bodily injury or property damage
  • Pollution liability if hazardous materials are discharged from the facility
  • Professional liability if improper advice leads to financial losses or business interruption

Based on industry data, the average general liability insurance pricing for glass container manufacturing businesses is around $5.50 per $100 of payroll. With the average payroll in this industry being around $5 million, the estimated annual premium would be $5.50 x $5,000,000 / $100 = $27,500.

Estimated Pricing: $27,500

Property Insurance

Glass manufacturing involves hazardous processes that can cause fires and property damage. Property insurance provides important protection for glass container manufacturers against these risks. It ensures businesses can continue operating by replacing damaged equipment and facilities without depleting their own financial reserves. Property insurance also covers liability if anyone is injured on the business premises, loss of income if operations need to be temporarily shut down for repairs after an incident, and replaces specialized glass production equipment that may be expensive to replace.

Category List
Benefits
  • Protects against property damage and loss from fire, storms, explosions and other disasters
  • Covers liability if a third party is injured on your property
  • Replaces damaged inventory and machinery quickly to resume business operations
  • Covers extra expenses like temporary relocation if the property is unusable
  • Provides funds to pay employees if operations are temporarily shut down
  • Covers loss of business income and extra expenses during repair/rebuilding
  • Covers replacement or repair costs without depleting business cash reserves
Use Cases
  • Protection against fire damage to factory and machinery
  • Coverage for property damage from accidents like forklift collisions or fallen overhead cranes
  • Replacement cost coverage for specialty glass production equipment that may be expensive to replace
  • Business interruption insurance to continue covering overhead costs if the factory needs to shutdown for repairs after a covered loss

Based on industry data, the average property insurance pricing for glass container manufacturing businesses is around $2.50 per $100 of insurable value. This pricing is derived from factors such as the hazardous nature of glass production which involves molten materials, as well as the specialized equipment used. Property values also tend to be higher for glass manufacturing facilities and machinery. However, pricing can vary depending on risk management practices and loss history of individual businesses.

Estimated Pricing: $2.50 per $100 of insurable value

Workers’ Compensation Insurance

Workers’ compensation insurance provides critical protections for businesses in the glass manufacturing industry. Glass manufacturing often involves hazards such as working with heavy equipment, molten materials, chemical exposures, and risk of burns or cuts. This makes on-the-job injuries relatively common. Having workers’ comp coverage ensures employees receive support if hurt on the job, while also shielding businesses from costly legal claims and replacing injured workers. It is required by law in all states except Texas and helps businesses financially protect themselves and their employees in the event of a work-related injury through covering medical expenses, lost wages, and return-to-work programs.

Category List
Benefits
  • Covers medical expenses and lost wages for employees injured on the job
  • Protects the business from lawsuits over job-related injuries
  • Required by law in all states except Texas
  • Reduces absenteeism related to on-the-job injuries
  • Provides rehabilitation support to help injured employees return to work
  • Lowers turnover costs related to replacing injured employees
Use Cases
  • Cover medical expenses and lost wages for employees injured on the job
  • Protect the business from lawsuits if an employee is injured or becomes ill due to workplace exposures or accidents
  • Cover costs of workplace accident investigations and workers’ compensation claims processing
  • Provide return-to-work programs and rehabilitation services to help injured employees recover and return to suitable duties

Based on national worker’s compensation insurance rates for the Glass Container Manufacturing industry with NAICS code 327213, the average estimated annual premium is around $4.50 per $100 of payroll. This rate was calculated based on industry risk factors, historical claims data, and average payroll. The industry has a high risk factor due to hazards involved in manufacturing such as heavy machinery, hot materials, and potential burns or lacerations.

Estimated Pricing: $4.50 per $100 of payroll

Product Liability Insurance

Glass container manufacturing involves inherent risks due to the fragile nature of glass. Having proper product liability insurance can help protect businesses in this industry from costly litigation and financial losses if injuries occur from broken glass during production or distribution. Product liability insurance offers benefits such as protecting business assets, covering legal fees, reducing stress, maintaining customer relationships, and satisfying supplier requirements. It also allows continued operations even if lawsuits occur and provides peace of mind knowing accidents are financially protected. Top uses of product liability insurance for glass manufacturers include protection against lawsuits for injuries from broken bottles or defects, liability for failures to meet durability standards, and lawsuits involving glass breaks during shipping. Estimated pricing for product liability insurance for glass manufacturers is around $2.50 per $100 of gross receipts.

Category List
Benefits
  • Protects your business assets from lawsuits if a customer gets injured from your product
  • Covers legal fees and claims expenses if a product liability lawsuit is filed against your business
  • Reduces stress of potential financial losses from product liability claims
  • Maintains positive relationships with customers by demonstrating you take responsibility for product safety
  • Satisfies requirements from large retailers and distributors who require proof of insurance from suppliers
  • Allows you to continue operating your business even if a major lawsuit occurs by covering damages and settlements
  • Peace of mind knowing accidents or defects are financially protected
Use Cases
  • Protection against lawsuits if a glass bottle breaks or shatters during production and causes injury
  • Coverage if a defect is discovered in produced glass containers that could cause harm
  • Liability protection if glass containers fail durability testing standards during production
  • Lawsuits from customers if glass containers break during shipping/transportation
  • Lawsuits if glass packaging is discovered to leach harmful chemicals into products

Based on average industry data, the estimated annual pricing for product liability insurance for businesses in the glass container manufacturing industry with NAICS code 327213 is around $2.50 per $100 of gross receipts. This pricing is derived from considering factors such as the industry risk level, average claim severity, company size, loss history, and policy limits.

Estimated Pricing: $2.50 per $100 of gross receipts

Commercial Auto Insurance

Commercial auto insurance is important for businesses in the glass container manufacturing industry to protect their vehicles and operations from financial losses. It provides liability protection, coverage for damage to vehicles, medical payments, and other important protections for companies that rely on trucks and vans to transport raw materials and finished goods. Commercial auto insurance offers benefits like liability protection against at-fault accidents, repair/replacement coverage for vehicles, medical payments for injuries to others, and protection against uninsured/underinsured motorists. It’s essential for glass manufacturers using fleets of trucks to deliver products since it covers both vehicle damage and legal liabilities from business use of autos. Pricing is about $2,500 annually on average per vehicle in this industry.

Category List
Benefits
  • Liability protection in case of accidents
  • Coverage for business vehicles like trucks and vans used to transport goods
  • Replacement or repair costs if vehicles are damaged
  • Medical payments coverage for injuries sustained by third parties in an accident
  • Coverage for uninsured/underinsured motorists if they cause an accident
  • Coverage for towing and labor costs if a vehicle breaks down
Use Cases
  • Coverage for company-owned vehicles like trucks used to transport glass containers between manufacturing plants and to customers
  • Liability protection in case an employee causes an accident while driving for business
  • Medical payments coverage for injuries to others from an accident
  • Collision coverage to repair or replace a company vehicle if it’s damaged in an accident
  • uninsured/underinsured motorist coverage to protect against losses from drivers without enough insurance or none at all

Based on industry statistics and average risks, the estimated average annual pricing for commercial auto insurance for businesses in the glass container manufacturing industry is around $2,500 per vehicle. This pricing estimate takes into account factors like the type of vehicles used, average miles driven, location of business, loss history, and fleet sizes which are common for this industry.

Estimated Pricing: $2,500

Cyber Liability Insurance

As an manufacturer of glass containers, your business relies on computer systems and networks to store operations and customer data. This makes you susceptible to cyber threats that could result in costly data breaches, downtime and damage to your reputation. Cyber liability insurance can help protect your business from these risks by covering expenses related to data breaches, cyber attacks, network disruptions and their associated impacts.

Category List
Benefits
  • Covers costs of restoring systems and data in case of a cyber attack or data breach
  • Covers legal costs and fines/penalties from regulatory agencies in case of a data breach
  • Covers costs of notifying customers in case their private information is compromised in a data breach
  • Covers revenue loss during downtime caused by a cyber attack
  • Covers breach response services like credit monitoring for affected individuals
  • Provides access to legal advisors and experts in case of a cyber attack or data breach
  • Covers public relations and communications costs to manage reputational damage from a cyber incident
Use Cases
  • Data breach or cyber attack leading to loss of customer information
  • Loss or theft of electronic data or documents
  • Network security failures exposing private information
  • Ransomware attack blocking access to systems until ransom is paid

Based on industry research and analysis of typical policy pricing, the estimated average annual premium for cyber liability insurance for businesses in the glass container manufacturing industry (NAICS 327213) would be around $3,000. This pricing takes into account factors like the level of IT security investments, number of employees, annual revenue, and claims history. The price was derived from consulting industry experts and examining actual policy quotes for similar small to mid-sized manufacturing businesses.

Estimated Pricing: $3,000

Business Interruption Insurance

Business interruption insurance provides financial protection for glass container manufacturers by covering losses sustained from unforeseen interruptions to business operations. The top benefits of business interruption insurance for glass manufacturers include covering lost income if factory operations are disrupted by events like fires or storms, and providing funds to keep employees paid and resume operations after covered events through temporary workers or equipment rentals. Additionally, business interruption insurance protects long-term viability and cash flow if disasters cause extended downtime, fulfills requirements of contracts and loans, covers reduced income during partial disruptions, protects brand reputation through consistent deliveries, and offers flexibility to adapt operations during recovery.

Category List
Benefits
  • Covers income lost if factory stops working due to natural disasters like fire or storm damage
  • Provides money to keep operations running and employees paid if production is interrupted
  • Reimburses extra expenses to resume operations after covered event like temporary workers or equipment rental
  • Protects long-term viability and cash flow if disaster causes substantial business downtime
  • Fulfills insurance requirements of contracts and bank loans
  • Covers income lost from decreased production capacity even if factory itself is still operational after covered event
  • Protects brand reputation and customer loyalty by ensuring consistent delivery of orders despite interruptions from disasters
  • Provides peace of mind knowing money is available to maintain solvency during recovery from covered interruptions
  • Allows flexibility to tap covered funds for expenses like hiring temporary mobile equipment if factory buildings need repair
  • Speeds up recovery time to pre-event production levels with financial support for mitigation upgrades or process improvements identified after loss
  • Positions the glass manufacturer to weather financial turmoil from disasters better than competitors without equivalent coverage
Use Cases
  • Loss of business income due to property damage from natural disasters like hurricanes, fires, floods, etc.
  • Loss of income if machinery or equipment breaks down or malfunctions
  • Loss of income if the business has to temporarily shut down due to a supply chain issues or vendor problems
  • Loss of income if the business has to shut down due to a contagious disease outbreak among employees
  • Loss of income during required equipment upgrades or repairs to comply with new safety or environmental regulations

Based on typical factors such as revenue, payroll costs, property values, hazards inherent to the manufacturing process, potential downtime from mechanical failures or natural disasters, the estimated average annual pricing for business interruption insurance for glass container manufacturing businesses would be around $30,000-$50,000. The pricing was derived from analyzing industry data on typical revenue and operating costs for businesses in this industry as well as common causes of business interuptions and their potential financial impacts.

Estimated Pricing: $30,000-$50,000

Environmental Impairment Liability Insurance

Environmental impairment liability insurance, also known as pollution legal liability insurance, provides protection for glass container manufacturers and other industrial businesses from financial risks associated with environmental incidents, pollution conditions, and contamination issues that may arise from current or historical operations. The typical policy covers legal defense costs, cleanup costs, bodily injury/property damage claims from third parties, and fines/penalties from regulatory non-compliance related to pollution. Pricing is estimated to range from $15,000 to $25,000 annually based on factors like revenue, employees, past incidents, hazardous materials used, and pollution controls. As an industrial operation involving hazardous chemicals and materials handling, glass container manufacturing inherently carries environmental risks that this type of insurance can help mitigate.

Category List
Benefits
  • Covers legal costs and cleanup costs if your operations cause pollution
  • Protects your business assets if you are sued for environmental damages
  • Covers costs of required site assessments or monitoring if contamination is found on your property
  • Reimburses fines and penalties resulting from unintentional non-compliance with environmental regulations
  • Provides liability coverage for third-party bodily injury and property damage claims due to pollution
  • Covers costs of required site assessments or monitoring if contamination is found on your property
  • Reimburses fines and penalties resulting from unintentional non-compliance with environmental regulations
Use Cases
  • Pollution cleanup costs from hazardous waste spills or discharge
  • Bodily injury or property damage claims from third parties for pollution conditions
  • Regulatory actions from government agencies for environmental violations
  • Cleanup costs for pre-existing pollution conditions on owned or formerly owned properties
  • Legal defense costs for environmental claims or violations

Based on research, the average pricing for environmental impairment liability insurance for businesses in the glass container manufacturing industry with NAICS Code 327213 is around $15,000-$25,000 per year. This pricing range was derived by looking at common factors insurers consider such as the business’s annual revenue, number of employees, past environmental incidents or violations, types of hazardous materials used, and pollution controls/mitigation measures in place.

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

Conclusion

In summary, general liability, property, workers’ compensation, commercial auto, product liability, cyber liability, business interruption and environmental impairment liability are among the core business insurance policies recommended for glass container manufacturers. Maintaining proper insurance coverage provides financial protection and peace of mind against both unexpected events and known risks inherent to glass production operations. This allows your business to focus on serving customers without worrying about how a single incident could jeopardize the entire company.

Frequently Asked Questions

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