Many businesses, regardless of their industry, rely on companies within the administrative, support, waste management and remediation sector for important support services. These services can range from making executive travel arrangements, to scheduling trade shows to cleaning the offices after-hours.
If you own a business within this very broad and wide-reaching industry, it is important that you protect your investment with a suitable business insurance policy that is built specifically for companies within this industry sector.
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What Businesses Fall Within the Administrative, Support and Waste Management Sector?
All businesses in the United States are classified into industry sectors by the National American Industry Classification System, or NAICS. This classification system enables economists to collect, analyze and report on financial data on a variety of U.S. industries.
Currently, the NAICS lists 2,420,355 U.S. businesses as falling into a sector labeled “Administrative and Support and Waste Management and Remediation Services.” This sector includes more U.S. firms than another other.
As the name implies, this industry encompasses a rather broad range of business types. What they have in common is that they are all responsible for support activities for the day-to-day operations of other organizations, and they typically offer their services on a contract or fee basis.
These businesses include:
- Office Administrative Services, including
- Facilities Support Services
- Employment Placement Agencies
- Executive Search Services
- Temporary Help Services
- Document Preparation Services
- Telephone Answering Services
- Professional Employer Organizations
- Telemarketing Bureaus and Other Contract Centers
- Private Mail Centers
- Collection Agencies
- Credit Bureaus
- Repossession Services
- Court Reporting and Stenotype Services
- Travel Agencies and Tour Operators
- Convention and Visitors Bureaus and Trade Show Organizers
- Investigative Services
- Security Guards, Patrol Services and Security System Services
- Armored Car Services
- Exterminating and Pest Control Services
- Janitorial Services
- Landscaping Services
- Carpet and Upholstery Cleaning Services
- Packaging and Labelling Services
- Waste Management, including
- Solid Waste Collection
- Solid Waste Combustors and Incinerators
- Solid Waste Landfill
- Hazardous Waste Collection
- Hazardous Waste Treatment and Disposal
- Remediation Services
- Materials Recovery Facilities
- Septic Tank and Related Services
Properly Insure Your Administrative, Support or Waste Management Business
When you run a business that provides support and services to other businesses, you run some unique industry-specific risks. It is therefore important that the business insurance plan you have set up includes coverage against all possible hazards so that your company does not suffer unsurmountable financial losses.
Business insurance policies for the administrative, support, waste management and remediation trade sector are designed to meet your industry’s specific coverage needs. Some coverage options you may want to give consideration to include:
- Environmental impairment and pollution legal liability insurance: This coverage may be extremely important to those companies that deal with waste management, particularly when they handle hazardous waste. It is designed to cover liability lawsuits for environmental damage caused by improper waste disposal.
- Fidelity bond insurance: As your business is likely to send employees into other businesses to perform services such as janitorial, temporary administrative support or security, it is important that your employees are bonded and insured against crimes they might commit as a result of their acquired access to your client’s business operations. This insurance is designed to cover your firm against lawsuits resulting from criminal acts perpetrated by your employees.
- Worker’s compensation insurance: Your employees will likely need to work in a number of different environments, and some may not be as safe as others. A solid worker’s compensation insurance policy, coupled with short-term and long-term disability coverage, will ensure that your employees’ needs are met in the event of a work-related accident or injury.
There are many more coverage options available to you, but not all are ideal for every type of company. Before you purchase a business insurance policy, you should discuss your coverage options with a qualified insurance professional.
Build the Best Policy to Meet Your Industry Sector Coverage Needs
If you own a business that falls within the administrative, support, waste management and remediation industry sector, it is especially important that you protect it with a well-designed business insurance policy.
You can ensure that the policy you are purchasing is comprehensive and competitively-priced when you allow an independent agent in our network to help you build it.
These agents can work with a number of different insurance providers to help you find coverage that is ideal for your business. They can also help you assess the potential risks your company faces and provide you with advice about your many coverage options.
Learn more about insurance for the administrative, support, waste management and remediation industry by contacting an independent agent near you.