Learn about Finance, Insurance, And Real Estate – SIC Division H – For Commercial Insurance. Insurance companies use SIC codes to classify your industry and calculate your premiums. See the class descriptions that fall under this primary SIC Division for business insurance underwriting and cost purposes.
Finance, Insurance, And Real Estate – SIC Division H
What’s the best way to describe your company’s business operations? Are you involved in the Finance, Insurance, And Real Estate industry?
If so, then your business classification falls under Finance, Insurance, And Real Estate – SIC Division H – For Commercial Insurance. Insurance companies use SIC codes to identify customers by industry code.
SIC Division codes help insurers with several analytical processes involving marketing, underwriting, exclusions, loss control, forms, pricing and other operations.
Division H – Finance, Insurance, And Real Estate – SIC Manual
This division includes establishments operating primarily in the fields of finance, insurance, and real estate.
Finance includes depository institutions, non-depository credit institutions, holding (but not predominantly operating) companies, other investment companies, brokers and dealers in securities and commodity contracts, and security and commodity exchanges.
Insurance covers carriers of all types of insurance, and insurance agents and brokers.
Real estate includes owners, lessors, lessees, buyers, sellers, agents, and developers of real estate. Establishments primarily engaged in the construction of buildings for sale (operative builders) are classified in Construction, Industry 1531.
How SIC Classifications Effect Your Commercial Insurance Cost
But how does your Finance, Insurance, And Real Estate – SIC Division H – For Commercial Insurance classification affect your premium and insurance cost? Insurers selling commercial insurance use SIC codes in many ways – to analyze and classify the businesses they insure, or choose not insure. Some small business SIC code classifications can result in you paying higher premiums for your business insurance. It is important that your business is classified properly.
SIC Major Group Structure
Following is a list of the Major Group codes and titles for Finance, Insurance, And Real Estate – SIC Division H – For Commercial Insurance. Let’s look at some of the the SIC codes under your classification:
- Major Group 60: Depository Institutions
- Major Group 61: Non-depository Credit Institutions
- Major Group 62: Security And Commodity Brokers, Dealers, Exchanges, And Services
- Major Group 63: Insurance Carriers
- Major Group 64: Insurance Agents, Brokers, And Service
- Major Group 65: Real Estate
- Major Group 67: Holding And Other Investment Offices
Finance, Insurance, And Real Estate – SIC Division H – For Commercial Insurance
We hope this information on Finance, Insurance, And Real Estate – SIC Division H – For Commercial Insurance has been helpful. Your classification determines how much you pay for your business insurance and more.