The public administration industry is comprised of governmental agencies on the federal, state and local levels. These businesses oversee and manage a number of different public programs and include organizations that have executive, legislative or judicial power over institutions in their jurisdiction. This sector also includes governmental groups that are involved in the organization and funding of public goods and services. Though these are governmental agencies, they must still be suitably protected by an appropriate business insurance plan.
Business Types in the Public Administration Industry
Since the early 1930’s, the National American Industry Classification System (NAICS) has been classifying all businesses in the United States into industry sectors and subsectors. This classification system enables economists to easily collect, analyze and report on financial data as it pertains to the various business industries.
The public administration industry includes the following business types:
- Executive, Legislative and Other Government Support, including:
- Executive Offices
- Legislative Bodies
- Public Finance Activities
- Executive and Legislative Offices, Combined
- American Indian and Alaska Native Tribal Governments
- Other General Government Support
- Justice, Public Order and Safety Activities, including:
- Police Protection
- Legal Counsel and Prosecution
- Correctional Institutions
- Parole Offices and Probation Offices
- Fire Protection
- Other Justice, Public Order and Safety Activities
- Administration of Human Resources Programs, including:
- Administration of Education Programs
- Administration of Public Health Programs
- Administration of Human Resource Programs
- Administration of Veterans’ Affairs
- Administration of Environmental Quality Programs, including:
- Administration of Air and Water Resource and Solid Waste Management Programs
- Administration of Conservation Programs
- Administration of Housing Programs
- Administration of Urban Planning and Community and Rural Development
- Administration of Economic Programs, including:
- Administration of General Economic Programs
- Regulation and Administration of Transportation Programs
- Regulation and Administration of Communications, Electric, Gas and Other Utilities
- Regulation of Agricultural Marketing and Commodities
- Regulation, Licensing and Inspection of Miscellaneous Commercial Sectors
- Space Research and Technology
- National Security
- International Affairs
Coverage Options for the Public Administration Industry
Businesses within this industry sector cover a wide range of work and coverage needs. This is why business insurance policies are equipped with many different coverage options from which to choose. Some basic options include the following:
- General liability insurance: This coverage is designed to protect your organization in the event that a client or other third-party individual is injured or suffers property damage while visiting your offices. As with all liability coverage types, this includes coverage for related legal defense fees and court costs.
- Property insurance: Also referred to as contents coverage, this insurance is designed to cover all the property within your business offices. This can include everything from office furnishings to computer systems. In the event that your business property is damaged or lost due to a covered event, this coverage can help you replace it without suffering large financial losses.
- Cyber liability and data-breach insurance: Your organization will likely keep a lot of confidential information on your computer systems. Even with high-tech security in place, hackers and other cyber-criminals can sometimes find a way in. This insurance is designed to cover your businesses in the event that critical information gets into the wrong hands and leads to financial losses or other damages to third-party individuals.
These are just three of the basic coverage types that are available to you when you build a commercial insurance policy to protect your organization. You may find it worth your while to discuss your company’s inherent risks with a professional who can make appropriate coverage recommendations.
Build a Solid Commercial Insurance Policy with the Help of an Independent Agent
There are many different coverage options offered by commercial insurance plans, so it can be often be difficult and time consuming to navigation through the many choices. You can save time, money and aggravation when you work with an independent insurance agent in the Trusted Choice® network. These agents can help you handle all of your insurance-related needs. Because they are not captive to just one insurance provider, they can comparison shop to find you a selection of suitable and competitively-priced policies and can help you build a policy that is right for your public administration business.
Contact a Trusted Choice agent near you to learn more, and you can start reviewing policies specifically tailored to the public administration industry in no time.