Learn about Services – SIC Division I – 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.
Services – SIC Division I
What’s the best way to describe your company’s business operations? Are you involved in the Services industry?
If so, then your business classification falls under Services – SIC Division I – 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 I – Services – SIC Manual
This division includes establishments primarily engaged in providing a wide variety of services for individuals, business and government establishments, and other organizations. Hotels and other lodging places; establishments providing personal, business, repair, and amusement services; health, legal, engineering, and other professional services; educational institutions; membership organizations, and other miscellaneous services, are included.
Establishments which provide specialized services closely allied to activities covered in other divisions are classified in such divisions.
How SIC Classifications Effect Your Commercial Insurance Cost
But how does your Services – SIC Division I – 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 Services – SIC Division I – For Commercial Insurance. Let’s look at some of the the SIC codes under your classification:
- Major Group 70: Hotels, Rooming Houses, Camps, And Other Lodging Places
- Major Group 72: Personal Services
- Major Group 73: Business Services
- Major Group 75: Automotive Repair, Services, And Parking
- Major Group 76: Miscellaneous Repair Services
- Major Group 78: Motion Pictures
- Major Group 79: Amusement And Recreation Services
- Major Group 80: Health Services
- Major Group 81: Legal Services
- Major Group 82: Educational Services
- Major Group 83: Social Services
- Major Group 84: Museums, Art Galleries, And Botanical And Zoological Gardens
- Major Group 86: Membership Organizations
- Major Group 87: Engineering, Accounting, Research, Management, And Related Services
- Major Group 88: Private Households
- Major Group 89: Miscellaneous Services
Services – SIC Division I – For Commercial Insurance
We hope this information on Services – SIC Division I – For Commercial Insurance has been helpful. Your classification determines how much you pay for your business insurance and more.