Learn about Management of Companies and Enterprises – NAICS Code 55 – For Commercial Insurance. Insurance companies use NAICS codes to classify your industry and calculate your premiums. See all the six digit codes that fall under this primary NAICS class code for business insurance underwriting and cost purposes.
Management of Companies and Enterprises – NAICS Code 55
What’s the best way to describe your company’s business operations? Are you involved in the Management of Companies and Enterprises industry?
If so, then your business classification falls under Management of Companies and Enterprises – NAICS Code 55 – For Commercial Insurance. Insurance companies use NAICS codes to identify customers by industry code.
The NAICS sector code is a six digit number: the first two digits designate the largest business sector, the third digit designates the subsector, the fourth digit designates the industry group, and the fifth digit designates particular industries. The last digit designates national industries.
Sector 55 – Management of Companies and Enterprises – NAICS Manual
The Management of Companies and Enterprises sector comprises (1) establishments that hold the securities of (or other equity interests in) companies and enterprises for the purpose of owning a controlling interest or influencing management decisions or (2) establishments (except government establishments) that administer, oversee, and manage establishments of the company or enterprise and that normally undertake the strategic or organizational planning and decision-making role of the company or enterprise. Establishments that administer, oversee, and manage may hold the securities of the company or enterprise.
Establishments in this sector perform essential activities that are often undertaken in-house by establishments in many sectors of the economy. By consolidating the performance of these activities of the enterprise at one establishment, economies of scale are achieved.
Government establishments primarily engaged in administering, overseeing, and managing governmental programs are classified in Sector 92, Public Administration. Establishments primarily engaged in providing a range of day-to-day office administrative services, such as financial planning, billing and recordkeeping, personnel, and physical distribution and logistics, are classified in Industry 56111, Office Administrative Services.
How NAICS Classifications Effects Your Commercial Insurance Cost
But how does your Management of Companies and Enterprises – NAICS Code 55 – For Commercial Insurance classification affect your premiums and insurance cost? Insurance companies selling commercial insurance use NAICS codes in many ways – to analyze and classify the businesses they insure, or choose not insure. Some small business NAICS code classifications can result in you paying higher premiums for your business insurance. It is important that your business is classified properly.
Industry codes help insurers with several analytical processes involving marketing, underwriting, exclusions, loss control, forms, pricing and other operations. Let’s look at some of the the NAICS codes under your classification.
NAICS Structure
Following is a list of all the codes and titles. If the title is linked you can drill down for more information:
- 551111 Offices of Bank Holding Companies
- 551112 Offices of Other Holding Companies
- 551114 Corporate, Subsidiary, and Regional Managing Offices
Management of Companies and Enterprises – NAICS Code 55 – For Commercial Insurance
We hope this information on Management of Companies and Enterprises – NAICS Code 55 – For Commercial Insurance has been helpful. Your classification determines how much you pay for your commercial insurance and much more.