What Are Industrial Insurance

Helen Skeates
Helen Skeates
26 min read

What, exactly, are industrial insurance policies? Companies in the telecommunications, manufacturing, gas, and oil industries face the same risks as those in any other industry. However, each sector faces its own distinct set of dangers. Fortunately, you can find extensive protection tailored to your company’s specific dangers.

Insurance agents are available to provide guidance in selecting the best policy to meet the needs of your company and its employees. But before you do anything else, it’s important that you learn more about business insurance. The need for it, the best practices for implementing it, and other related topics will all be discussed in this article. Don’t give up!

2 Categories Of Industrial Insurance

This coverage is analogous to what employees might receive in the form of compensation. However, for the vast majority of businesses, this is sufficient protection for both their employees and their commercial operations. This is why two types of business insurance exist. Below, we’ll talk about them:

#1. Workers compensation

Compensation for medical expenses, lost wages, and other losses, as well as support for victims and their families, is provided in the event of illness, injury, or death on the job. Make sure to communicate with the insurance agent about your location and specific requirements, as the laws vary from state to state.

What Types of Industrial Insurance do I need? - Just Quote Me - Business and Personal Insurance

Workers’ compensation laws exist to safeguard both the business and its employees. In essence, it will cover a percentage of the workers’ wages while they are healing. The same holds true if an employee is out of commission for an extended period of time or is unable to resume previous duties. In return for this protection, employees agree not to sue their company for any harm they may come to experience on the job.

However, different states have different requirements and exceptions to the law.

Even if the company does not plan to hire any employees in the foreseeable future, worker’s compensation insurance may be required by law in some states. In other states, this would only be necessary once a certain threshold of workers was reached.

#2. Commercial insurance

This offers the comprehensive commercial protection required by industrial firms. However, because of the risks inherent to their business, these companies require specialized insurance packages.

Dangers from combustible or toxic materials should be considered. or the dangers associated with using large trucks and machinery.

6 Examples Of Industrial Insurance Policies To Include

To begin, let’s define business insurance. The risks posed by customers, the hazards of the workplace, and the nature of the materials handled by employees are just a few of the variables that will affect each firm’s insurance strategy. Your business may require one or more of the following types of insurance.

#1. General liability

General liability is defined as. Damages to customers’ property or injuries sustained by visitors who are not employees would be covered by this type of insurance. Commercial general liability (CGL) insurance is a synonym.

#2. Equipment breakdown insurance

This insurance will shield the company from financial loss in the event of an electrical failure or malfunction in vital pieces of equipment. How much and what kinds of insurance protection you need are sector- and tool-specific. In addition to the usual commercial insurance, a material damage policy is available in case of accidental damage.

#3. Property insurance

A definition of property insurance. Property insurance, like all insurances, is meant to safeguard the property of the policyholder by paying for repairs to buildings and landscaping after disasters like fire or natural disasters.

#4. Business interruption insurance

If an unforeseen event forces a company to close its doors, this insurance policy will replace lost revenue. That is to say, the company will make up for the revenue you’ve lost and allow you to keep operating while you make repairs or replacements.

Damage to property or physical loss can lead to a temporary shutdown of operations. However, remember that you don’t have to take into account the revenue lost due to machine failure.

#5. Product liability

This will safeguard you from making any legal claims against the company for any harm that may have been caused by your use of the company’s products. When a product causes harm, the manufacturer or seller may be held liable for compensation. Everyone from the company to the assembly workers to the store owner will have a hand in this.

#6. Commercial vehicle insurance

All vehicles, whether driven off- or on-site, must be insured. Tankers, delivery vans, company cars, utility vehicles, tractors, commercial trailers, and even your own car used for work fall under this category.

It’s possible that you’ll need additional forms of coverage in order to adequately address the risk management needs of your business. The company may, for instance, insist on directors’ and officers’ insurance to protect itself from the consequences of its top executives’ decisions and actions.

Top 11 Best Business Insurance Companies

1. Hiscox – Big coverage for small business

Hiscox advertises itself as a large, quick, and cheap provider of insurance for medium and small enterprises. Hiscox is one of the most well-known and respected specialist insurers in the United States.

Global clients in the AEC, BSC, CM, CONS, FIT, HEALTH, HOME SERVICES, MARKETING, PROPERTY, THERAPY, and RETAIL sectors are among those the company serves. Even if your industry isn’t listed, you can get a free quote for Hiscox’s services in a matter of minutes.

Hiscox specializes in a wide variety of business insurance products to meet your unique requirements. This includes coverage for things like professional liability, errors and omissions, general liability, workers’ compensation, business owner’s insurance, cyber liability, and more.

Pros Cons
International insurance has excellent scalability. There is no branch office in your area
Customized for the requirements of small businesses. It’s not for corporate giants
Supply a wide range of commercial insurance options
Provide a refund policy of at least 14 days.


The cost of insurance from Hiscox will vary from company to company and from policy to policy based on a wide range of factors. General liability insurance from Hiscox starts at a yearly premium of $350. Hiscox’s three insurance policies, and their respective premiums, are as follows:

  • Insurance for errors and omissions starts at $22.50 per month
  • From $29.17 for basic liability protection
  • Insurance for your company, starting at $41.67 a year

The company provides insurance for a wide variety of businesses for a price that’s reasonable, starting at $22.50 per month.

2. The Hartford – Business, Home & Car Insurance Quotes

Given its ability to provide insurance policies and industry-specific packages with multiple coverages, The Hartford stands out as a top contender.

Covering costly damage and lawsuits resulting from accidents, natural disasters, professional errors, workers’ compensation, and other sources is possible with its small business insurance. The Hartford’s commitment to helping small businesses for over 30 years with profound and highly rated specialists gives you peace of mind.

The Business Owner’s Policy (BOP) from The Hartford provides the following three core protections:

  • Your company can avoid bearing the financial burden of lawsuits alleging property damage, personal injury, or advertising injury with general liability insurance.
  • Your company’s buildings, machinery, and other physical assets can be safeguarded with commercial property insurance.
  • When disaster strikes and you have to close shop, Business Income Insurance helps make up for lost profits.

You’ll need more security for the credibility you’ve worked so hard to establish as your company grows. The Hartford can now grow along with your business. The firm provides you with a fresh small business insurance quote that factors in the potential dangers you face.

On the road to business success, you might encounter the following varieties of insurance:

  • Insurance for Injured Workers
  • Commercial vehicle
  • Occupational Risk
  • Cyber risk management and cyber insurance
Pros Cons
Numerous types of sector-specific protections The online quote form isn’t always reliable, so you may end up having to speak to an agent over the phone instead.
Simple to alter protections to fit individual requirements Due to the close relationship between The Hartford and AARP (American Association of Retired Persons), AARP members are the only ones who can purchase policies from The Hartford.
Experts with professionalism and energy
The best insurance for employees, offering a wide range of services of the highest quality and greatest convenience.
Superior assistance for clients
Guarantee coverage in every state


Variables like risk, geography, years in business, industry, policy type, and deductible all play a role in determining your final Hartford premium.

Only after submitting a quote request can you find out how much insurance will actually cost you. The most recent version of its BOP, however, provides customers with a choice between four distinct levels of coverage: Stretch, Stretch Plus, Super Stretch, and Premier Stretch. The Stretch plan, at a cost of around $100 per year, protects against the majority of threats faced by sole proprietors.

When estimating insurance costs, it’s also important to factor in the possibility of litigation, as premiums tend to rise after a claim that ends up in court.

3. State Farm – Auto, Life Insurance, Banking, & More Insurance

G.J. Mecherle, a former farmer, founded State Farm in 1922. Since its inception, when G.J. Mecherle sold his first line of auto insurance, the company has been well-known for its auto and home insurance.

The goal of State Farm is to assist its customers in coping with life’s inevitable challenges, bouncing back from setbacks, and realizing their goals and aspirations. The company’s dedication to honesty and transparency dates back to its founding, and the motto “Honesty isn’t the best policy – it is the only policy” continues to serve as a guiding principle.

State Farm is regarded as one of the best all-around insurance providers due to its availability of various types of coverage on a national scale. You can trust State Farm’s small business insurance as much as you trust their best-in-class auto coverage to safeguard your company and spur expansion.

Depending on where you are in the lifecycle of your business — from startup to growth to maturity to a change in ownership — State Farm will present you with a unique set of insurance options. Take the hypothetical case of your startup. In that case, you need to make sure you have a business owners policy, commercial auto insurance, medical insurance for yourself and your employees, a commercial liability umbrella policy, professional liability insurance, workers’ compensation insurance, and a small business life insurance policy.

Industrial All Risks Insurance Policy - Coverage, Features & Exclusions

Pros Cons
Representatives from across the country Comparatively low deductibles to other health care providers
Agents in the area Sometimes, mobile and manufactured homes can’t use the online quoting system.
coverage options with supplemental riders (like those for operating a business from home) Not all states are eligible for discounts.
Mobile app designed with ease of use as a top priority for serving customers.
Numerous rebates for policyholders


The average cost of a commercial insurance policy from State Farm depends on a number of factors, including the nature of your business, its location, industry, annual revenue, number of employees, total payroll, policy limits, endorsements, deductibles, and claims history. The typical monthly cost lies between $22 and $179.

4. Insureon – Hassle-Free Business Insurance

The best insurance companies in the industry are all represented on Insureon. It provides a number of insurance options and allows you to easily compare quotes from multiple A-rated providers to find the coverage that best suits your business’s needs.

You don’t need to get quotes from multiple insurance companies to find the best one for you once you’ve compared their prices, coverage options, exclusions, and deductibles.

Through its network of insurance provider partners, Insureon is able to offer you the essential, low-cost insurance protection your business needs to weather the inevitable storms of life. Insurance policies such as general liability, business owner’s policy (BOP), professional liability, commercial property, workers’ compensation, cyber liability, and more, provide comprehensive protection.

Additionally, Insureon works with carriers to offer specialized coverage, such as liquor liability insurance for restaurants and builder’s risk insurance for construction firms. So, it makes sense to get a quote from Insureon if you work in these industries.

Pros Cons
Get in touch with a variety of reputable providers all in one place. Only eight of your insurance offerings should be available for online quotes. Other forms of insurance pricing information are only available by calling Insureon.
A plethora of different kinds of insurance If you have questions or a claim related to your policy, please contact the carrier and not Insureon.
Provide access to a team of insurance experts numbering in the hundreds.


The average cost of Insureon’s commercial insurance is calculated by surveying and analyzing the insurance policies of 28,000 small business owners.

As a result, general liability insurance – the first and cheapest option small businesses need – typically costs $42 monthly, or $500 annually. The annual premium for a business owner’s policy, which includes general liability and property insurance, was $636, or $53 per month.

Cyber liability insurance can cost between $1000 and $2000 annually, but many business owners pay less than $1000.

Examine Insureon’s pricing for small business insurance below:

5. Next Insurance – Small business insurance has never been easier

When you need insurance quickly, look no further than Next Insurance. Instant insurance is often a necessity for small business owners. When applying for a business loan, for instance, the lender may require proof of insurance before extending credit. Lender confidence in you is bolstered by an insurance policy guaranteeing repayment of the loan.

A fantastic option in these situations is the speedy online insurance offered by Next Insurance. You can get a quote in a matter of minutes thanks to the simplified online process, and the specialized coverage can be tailored to your industry.

General liability insurance, professional liability insurance, commercial auto insurance, and workers’ compensation insurance are all available from Next Insurance.

Pros Cons
Get a price estimate in 10 minutes or less. No umbrella or home insurance is offered.
Online insurance verification and claim filing. Provide just six types of coverage
Industry-specific regulations
Monthly premiums are not subject to any additional fees.
Rapid response to client requests


The premiums at Next Insurance are among the most affordable available. For the most precise estimate, submit an online application (which may involve answering some additional questions).

Next Insurance’s basic commercial insurance premiums are as follows:

  • Costs for general liability insurance range from $150 per year for personal trainers to $450 per year for handymen. General liability insurance policies do not have deductible options. Annual premiums can be as low as $750.00.
  • Options for premiums and a $2000 annual deductible are available for professional liability insurance.
  • Insurance premiums for commercial vehicles can range from $0 to $500 or even $1000, and deductibles can be as low as $500 or as high as $1000.

6. TrustedChoice – Independent Insurance Agents

With its extensive network of independent agents, TrustedChoice revolutionizes the insurance service experience. Since the consultancy has an independent agent in every major city, providing excellent local service is a breeze. In addition, local agents have a better grasp of your unique requirements, allowing them to advise you on the best insurance providers and policies for your company.

In addition, an independent agent can advise you on how to modify your insurance policies to accommodate your evolving business and staffing needs. They assist you in comparing quotes and learning about your coverage choices. They will look for a policy that meets your specific requirements. Protecting your company from unexpected and catastrophic costs with the help of an independent agent frees you up to concentrate on expanding your business.

Liability, commercial property, commercial vehicle, inland marine, workers’ compensation, and directors & officers (D&O) insurance are all part of TrustedChoice’s comprehensive business insurance package.

These are the minimum required insurance policies for any company of any size. Coverage needs vary from company to company and from goal to goal and from budget to budget.

Pros Cons
Representatives in every major city A customer’s experience could change if they dealt with a different local agent.
Modify protections to fit your unique requirements. Agents have complete control over the comparison process, with no input from customers.
Customers are the primary focus of independent agents. There are no price comparisons available online.
Insurers compete for your business, and agents look at several at once to determine who will give you the best deal.
Compare prices from 55 different insurers.


Small-business insurance premiums can range from several hundred to a few thousand dollars annually. Insuring a high-risk enterprise will result in higher premiums.

Insurance rates are affected by the following:

  • Personnel Count
  • Probability of information leaks
  • Probability of Mishaps
  • Litigation Probability
  • Probability of harm

7. Suracy – Business Insurance

Suracy is dedicated to providing you with comprehensive protection, assisting you in risk management, and encouraging the expansion of your business.

Suracy provides insurance programs for businesses of all sizes, from franchises to large corporations, across the country. For smaller and medium-sized enterprises, this is an excellent choice. Suracy offers the fundamental coverages that are both affordable and specifically tailored to the needs of small businesses.

If you’re looking for trustworthy and open insurance policies, Suracy is the place to look. The range of insurances offered by the firm is extensive and includes:

  • Expert Witness Liability Coverage
  • Compensation for injured employees
  • Indemnification from Common Risks
  • Insurance for a company owner
  • Business insurance for buildings
  • Disability and cyber liability coverage
  • Insurance against work-related risks
  • Business vehicle coverage insurance
  • Insurance against medical mistakes
  • Family leave with pay
Pros Cons
Distribution is streamlined across all locations. Affiliated third-party insurer coverage
Make insurance plans more tailored to the specific needs of businesses
Provide helpful advice and materials for commercial enterprises.


Suracy offers a wide variety of commercial insurance options. The price of insurance policies is determined by many variables, including the nature of your business, its size, and the risks it faces.

Since prices are not displayed on the Suracy website, a price quote is required before making a purchase decision.

8. TechInsurance – Technology Business Insurance

If you own a small business, TechInsurance can help you get the best possible rate and coverage. The company provides a wide variety of policies for small businesses, covering many potential risks.

Policies from TechInsurance protect against the usual hazards encountered by software and technology businesses. TechInsurance’s specific insurance offerings include:

  • Insurance against mistakes and omissions
  • Cyber risk protection policies
  • Bonds of Fidelity
  • Commercial property insurance
  • Insurance against general risks
  • Insurance for Injured Workers

A company’s insurance needs may increase if it has expensive machinery, a board of directors, or significant liability concerns. TechInsurance offers this type of specialized insurance to better protect its clients. Among the discounts provided are coverage for directors and officers, employment practices liability, business interruption, and employment practices liability.

Pros Cons
Buying insurance that is quick and simple Sometimes, communication fails.
Affordable costs
Quick and competent help
Options for coverage that respond to specific dangers
Tools that can help a small business succeed


The policies you purchase from TechInsurance are the primary source of your median costs.

  • Insurance for common perils is $340 annually ($28/month).
  • The annual fee for mistakes and omissions is $728.

In addition, you can use TechInsurance’s free application to estimate how much business insurance will cost before you buy. The price of liability insurance for small businesses can vary depending on factors like policy limits and deductibles. The more expensive and comprehensive your policy is, the higher your limit should be.

The graph below shows the average insurance premiums paid by technology firms.

9. Nationwide – Insurance Services Company

Nationwide is a commercial insurance provider that specializes in tailoring policies to the unique risks and coverage requirements of small businesses. From its humble beginnings as a mutual auto insurer, Nationwide has grown into a global powerhouse in the insurance and financial services industry, earning a stellar reputation as a top provider of comprehensive coverage at competitive rates.

Nationwide provides a wide range of commercial insurance options beyond basic liability coverage, such as property, auto, owners, liability, workers’ comp, cyber, and more.

Nationwide sells its wares to commercial clients in every conceivable economic sector and geographic region. In particular, the firm caters to businesses in the construction, retail, wholesale/distribution, auto service/repair, food/beverage, healthcare, and storage industries.

Pros Cons
Simple account creation and price estimation process There is no major medical or disability coverage.
Several distinct types of protection
Provide a variety of specialized insurance plans
Investment decision aid package consisting of various calculators and tools
The national economy is strong.
The Disappearing Deductible


Nationwide’s commercial insurance premiums are comparable to those of other leading providers but vary by industry, location, annual revenue, number of employees, payroll, deductible, endorsement, policy limits, claims history, and experience rating. Prices per month can be as high as $179 or as low as $22.

10. Travelers – Business and Personal Insurance Solutions

The goal of Travelers is to convert potential dangers into opportunities for your company. Since every business faces risks every day, Travelers provides comprehensive insurance policies for companies in virtually every sector.

The company does more than just help you cope with shock; it also helps you anticipate danger, recognize it when it appears, and bounce back more quickly. The likelihood of unanticipated events having a catastrophic effect on your company is reduced to the absolute minimum.

Business Owners policies from Travelers Insurance include commercial liability, property, income, and additional expense protection for your company. In terms of economic sectors, Travelers helps:

  • Construction
  • Power and Renewability
  • The Banking Industry
  • Healthcare
  • Manufacturing
  • True Estate
  • Technology
  • Transportation
  • And more

There are many negative reviews of Travelers online, so it’s important to do your homework before buying insurance through a Travelers independent agent.

Industrial All Risks | Fire Engineering Insurance

Pros Cons
Know your stuff about any field to make smart investment decisions. Industry and operations have a significant impact on costs and features.
Service that is honest, quick, and helpful Customers have a lot of gripes about home and car maintenance.
Robustness in the bank
A.M. Best gave us an A rating.
Help over 20 distinct business sectors


Several variables affect how much you’ll pay for travelers insurance, including the age of the policyholder, the type of policy, the number of covered travelers, the location of the trip, any preexisting medical conditions, the amount of coverage, and the length of the trip.

Typically, travel insurance costs between 4 and 10 percent of your total, non-refundable trip investment. The actual price of some high-end policies may be significantly higher than the estimated range.

It’s A Wrap!

Having industrial insurance protects both parties involved. Find an insurance agent who is conversant with the rules and regulations of your state.

Regardless, you should also evaluate your company’s insurance plan to ensure continued financial security in the event of an employee injury. This article on “What are industrial insurance?” should have helped you see the value in protecting your company and its employees.

In addition, we hope you have a good idea of the type of insurance coverage your company needs. If you still want to read informative articles, you might want to find out how long you should wait to plug in a refrigerator after moving it. That concludes our discussion.

Helen Skeates

Helen Skeates

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