Home
Videos uploaded by user “Class Codes”
What are workers compensation class codes? | Class Codes
 
06:31
What are workers compensation class codes? This video explains the following: 1.)What are workers compensation class codes? Workers’ compensation class codes are codes that the insurance companies use to identify specific categories of work. For instance, you may know the job duties of a contractor by their job title. However, the insurance company knows them as “5606”. 2.) What is workers’ compensation insurance? Workers' compensation is a form of insurance that provides compensation to employees who suffer job-related injuries and illnesses. In exchange for the possession of workers’ compensation insurance, the state offers a legal surrender of the employee's right to sue his or her employer for the tort of negligence. 3.) Why do insurance companies use workers’ compensation class codes? Insurance companies need to be able to categorize various types of work into “class codes” to determine workers compensation rates, coverages, and exclusions. For example, a 5606  (Contractor) will have a more expensive workers’ compensation rate than an 8810 (Clerical) employee, because more dangerous work is being performed. 4.) How is workers’ compensation insurance charged? Insurance companies assign a unique rate to each client based on the applicable class code, the experience and loss history of the business, amount of employees and payroll, and other factors. The rate is charged as a percentage of payroll applied to the taxable wages paid to employees. For example, a road construction company might have nine employees that are classified as 5506. Let’s say those employees have a workers' compensation rate of $12 per 100. That means that for every $100 of taxable wages paid to those employees, the employer is charged $12 for workers compensation insurance. That same company has one 8810 (Clerical) employee. The 8810 employee has a rate of $0.15 per 100. That means that for every $100 of taxable wages paid to that employee, the employer is charged $0.15 for workers’ compensation insurance. 5.) Why is it important to be correctly classified? In the event of an audit (Or injury that leads to an audit), the carrier may determine that employees were incorrectly classified. If so, the insurance company can retroactively bill the client for up to three years of premium that has been incorrectly classified. If employees are misclassified, the claim frequency and loss ratios will be out-of-line with the norm for that class code. Insurance companies use statisticians to keep track of unusual loss patterns and payroll ratios. They will figure it out eventually, possibly resulting in the outcome from bullet point above. Being incorrectly classified can cause insured’s to get dropped by their carrier. Getting dropped puts companies in a frantic rush to find new coverage, meanwhile, the income-producing functions of the business must come to a halt. When a business then tries to get insurance from another carrier, the first question the new insurance company will ask is “Have you recently been dropped or denied coverage?” If this is true, the insurance company will most likely either refuse to quote or markup the rate due to the increased risk. As a business, the best way to save money on workers’ compensation insurance is to build a long, trusting relationship with the carrier. 6.) Why do some states have different class codes for the same type of work? The rules and regulations for workers’ compensation are unique for every state. Most states utilize the NCCI class code system. With states that use NCCI workers’ compensation class codes, the classifications remain almost entirely the same for each of those states (Except for state specials). However, some states do remain independent, or monopolistic. 7.) How to use the NCCI State Reference Guide To see the governing authority for the workers’ compensation class code list of any US state, you can visit the “NCCI State Reference Guide”. After selecting a state from the drop-down menu, the “State Jurisdiction” row will tell you the name of the organization overseeing the classification system. Additionally, the “Policy Data” row will tell you the organization that is in charge of reporting statistical data for their correlating workers’ compensation “Statistical Plan.” 8.) What is the National Council on Compensation Insurance (NCCI)? NCCI is an independent advisory organization that is primarily funded by insurance companies. Most insurance companies use NCCI for various services, such as collecting and analyzing statistical data for workers’ compensation rates. 9.) What is the NCCI Scopes Manual? The NCCI Scopes Manual is used by insurance professionals (Such as underwriters) to identify the class code associated with each type of occupational work. 10.) How to view a free online index of workers’ compensation codes by state. You can view the correlating article for this video at: https://classcodes.com/workers-compensation-class-codes/
Views: 14294 Class Codes
What are general liability class codes? | Class Codes
 
02:44
What are general liability class codes? General liability class codes are numbers that insurance companies use to group insureds into classifications. The rate for each classification reflects the hazards common to those insureds. The purpose of this classification process is to help underwriters match the risk of an insured with the appropriate premium. The most common classification system used by general liability insurance companies is created and maintained by the Insurance Services Office (Or ISO). The Insurance Services Office is a data management and predictive modeling service for insurance companies. The object of the classification procedure is to assign the one basic classification which best describes the business of the insured. Each of the classifications in the ISO manual include all the various types of operations found in the business. It should be remembered that it is the business which is classified, not individual employments, occupations or operations within a business. However, more than one classification assignment may be necessary for risks with multiple business operations. Therefore, it is necessary to determine whether the risk will be considered a single business operation enterprise or a multiple enterprise. Identifying the correct GL class code is essential to make sure that your business is sufficiently covered and quoted at the right rate. Companies in different industries are vulnerable to various types and degrees of risk. For example, a business consultant (ISO CGL Code 41677) is more susceptible to errors that might harm a client’s revenues... ...whereas a carpenter (ISO CGL Code 91340) is more prone to the risk of personal injury. Because each type of business has different liabilities, they require different classifications. You can purchase the ISO CGL guide at verisk.com. Keep in mind that it is not uncommon for insurance companies to use other classification systems such as the NAICS, SIC, or their own in-house system. You can view the article at: https://classcodes.com/general-liability-class-codes/
Views: 4025 Class Codes
The Purpose of NAICS | Class Codes
 
04:02
NAICS Code Tutorial Series - The Purpose of NAICS. This is the first video of a seven-part series designed to help viewers better understand the NAICS classification system. USER LINKS: (1/7) The Purpose of NAICS: https://www.youtube.com/watch?v=j0c0efVVVLU (2/7) Historical Background: https://www.youtube.com/watch?v=oJlMZM3LW7s (3/7) Development of NAICS: https://www.youtube.com/watch?v=xWkix70UJsI (4/7) Conceptual Framework of NAICS: https://www.youtube.com/watch?v=VQFA8CLX2Gw (5/7) Structure of NAICS: https://www.youtube.com/watch?v=v1JuEvYm_rI (6/7) Defining the "Establishment": https://www.youtube.com/watch?v=059pQaafAQk (7/7) Determining Industry Classification of the Establishment: https://youtu.be/QKA6WaKTnc0 SCRIPT FOR THE PURPOSE OF NAICS Hello, and welcome to the NAICS Code Tutorial by Class Codes. This series is designed to help you become a NAICS code expert. Showing here is a list of all the videos in this series. We have provided links to all of these videos in the description below. Today, we’ll be going over the purpose of NAICS. So what is the purpose of NAICS? The North American Industry Classification System, or “NAICS,” is an industry classification system developed by the statistical agencies of Canada, Mexico, and the United States. Created against the background of the North American Free Trade Agreement, or NAFTA, it is designed to provide common definitions of the industrial structure of the three countries and a common statistical framework to facilitate the analysis of the three economies. NAICS is based on supply-side or production-oriented principles, to ensure that industrial data, classified to NAICS, are suitable for the analysis of production-related issues such as industrial performance. I would like to quickly add that if you have any questions regarding this video, please ask in the comment section below. And of course, “like’s” are very much appreciated! Economic statistics describe the behavior and activities of economic transactors and of the transactions that take place among them. The economic transactors for which NAICS is designed are businesses and other organizations engaged in the production of goods and services. They include farms, incorporated and unincorporated businesses and government business enterprises. NAICS is a comprehensive system encompassing all economic activities. It has a hierarchical structure. At the highest level, it divides the economy into 20 sectors. At lower levels, it further distinguishes the different economic activities in which businesses are engaged. NAICS is designed for the compilation of production statistics and, therefore, for the classification of data relating to establishments. It takes into account the specialization of activities generally found at the level of the producing units of businesses. The criteria used to group establishments into industries in NAICS are similarity of input structures, labor skills, and production processes. NAICS can also be used for classifying companies and enterprises. However, when NAICS is used in this way, the following caveat applies: NAICS has not been specially designed to take account the wide range of vertically- or horizontally-integrated activities of large and complex, multi-establishment companies and enterprises. Hence, there will be a few large and complex companies and enterprises whose activities may be spread over the different sectors of NAICS, in such a way that classifying them to one sector will misrepresent the range of their activities. However, in general, a larger proportion of the activities of each complex company and enterprise is more likely to fall within the sector, subsector and industry group levels of the classification than within the industry levels. Hence, the higher levels of the classification are more suitable for the classification of companies and enterprises than are the lower levels. It should also be kept in mind that when businesses are composed of establishments belonging to different NAICS industries, their company- and enterprise-level data will show a different industrial distribution when classified to NAICS, than will their establishment-level data, and the data will not be directly comparable. NAICS has been designed for statistical purposes. Government departments and agencies and other users that use it for administrative, legislative and other non-statistical purposes take responsibility for applying the classification in this manner. Thank you so much for watching! Now that you’ve learned about The Purpose of NAICS, you can continue your journey to become a NAICS code expert by watching the next video in this series, The Historical Background of NAICS.
Views: 116 Class Codes
What is NAICS Code 541618? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-541618/ What is NAICS Code 541618 Other Management Consulting Services This U.S. industry comprises establishments primarily engaged in providing management consulting services (except administrative and general management consulting; human resources consulting; marketing consulting; or process, physical distribution, and logistics consulting). Establishments providing telecommunications or utilities management consulting services are included in this industry. Cross-References. Establishments primarily engaged in-- • Providing administrative and general management consulting services--are classified in U.S. Industry 541611, Administrative Management and General Management Consulting Services; • Providing human resources consulting services--are classified in U.S. Industry 541612, Human Resources Consulting Services; • Providing marketing consulting services--are classified in U.S. Industry 541613, Marketing Consulting Services; and • Providing process, physical distribution, and logistics consulting services--are classified in U.S. Industry 541614, Process, Physical Distribution, and Logistics Consulting Services.
Views: 199 Class Codes
Historical Background of NAICS | Class Codes
 
04:58
NAICS Code Tutorial Series - The Historical Background of NAICS. This is the second video of a seven-part series designed to help viewers better understand the NAICS classification system. USER LINKS: (1/7) The Purpose of NAICS: https://www.youtube.com/watch?v=j0c0efVVVLU (2/7) Historical Background: https://www.youtube.com/watch?v=oJlMZM3LW7s (3/7) Development of NAICS: https://www.youtube.com/watch?v=xWkix70UJsI (4/7) Conceptual Framework of NAICS: https://www.youtube.com/watch?v=VQFA8CLX2Gw (5/7) Structure of NAICS: https://www.youtube.com/watch?v=v1JuEvYm_rI (6/7) Defining the "Establishment": https://www.youtube.com/watch?v=059pQaafAQk (7/7) Determining Industry Classification of the Establishment: https://www.youtube.com/watch?v=QKA6WaKTnc0 SCRIPT FOR THE HISTORICAL BACKGROUND OF NAICS Hello, and welcome to the NAICS Code Tutorial Series, by Class Codes. Today, we will be going over the historical background of the NAICS classification system. Over the years, there have been many industrial classification systems in North America. The Standard Industrial Classification system, Or SIC, traces its roots to the New Deal era when the Interdepartmental Committee on Industrial Classification was established in 1937 to develop a classification system. The Committee released its first classification of manufacturing industries in 1941, followed by a non-manufacturing classification in 1942. Revisions were made to the system in 1958, 1963, 1967, 1972, 1977, and 1987, which was the last version. These periodic changes were intended to keep pace with changes in the economy so that the system would recognize significant new categories and eliminate ones for trades that were nearly extinct. With inputs from data-gathering agencies such as the U.S. Census Bureau and the Bureau of Labor Statistics, the Office of Management and Budget oversaw the later revisions of the system. I would like to quickly add that if you have any questions regarding this video, please ask in the comment section below. And of course, like’s are very much appreciated! Moving on, The Standard Industrial Classification system (SIC) was initially developed to classify establishments by the type of activity in which they are primarily engaged and to promote the comparability of establishment data describing various facets of the U.S. economy. With the SIC classification system, the government was able to establish a more comprehensive and fully-integrated system of economic reporting. The SIC covers the entire field of economic activities by defining industries in accordance with the composition and structure of the economy. The 1948 SIC facilitated data comparability, by providing a framework of standard concepts, terminology, and groupings of industries. The introduction to the 1948 SIC manual stated that it was designed for the classification of the establishment, but a precise definition of “the establishment” was not provided. In the major revision of the SIC in 1960, the importance of the need for a standard unit of observation was emphasized by the provision of a standard definition of the establishment. The variables needed to assemble the "basic industrial statistics" for the analysis of the different sectors of the economy were specified, and the establishment became the smallest unit capable of reporting that set of variables. The 1970’s and 1980’s revisions continued to update the industry groupings to reflect changes in the industrial structure of the economy. The new editions created sector groupings that better drew together single and vertically-integrated companies engaged in the production of similar product groups. The Office of Management and Budget (OMB) last updated the SIC in 1987. It was customary to revise the SIC at ten-year intervals; however, by 1990 not all of the economic statistics programs had yet implemented the 1980 SIC manual. It was decided to postpone the revision and to take into account the statistical needs of the North American Free Trade Agreement signed in January 1994. The needs were met by developing NAICS, an industrial classification common to Canada, Mexico, and the United States. The first version, NAICS 1997, was released in March 1998. NAICS was revised for 2002 to achieve increased comparability among the three countries in selected areas and to identify additional industries for new and emerging activities. Additionally, in 2002, Industries were created for Internet services providers, web search portals, and Internet publishing and broadcasting. Changes to the North American economies continue to impact the classification systems. The NAICS classifications do not wait every 10 years to revise classifications, as did the SIC, but rather, continue to update the coding system every five years. As of the date of this video, the most recently published NAICS Classification Manual is 2017, with the next scheduled to be released in 2022.
Views: 44 Class Codes
What is NAICS Code 237310? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-237310/ What is NAICS Code 237310? This industry comprises establishments primarily engaged in the construction of highways (including elevated), streets, roads, airport runways, public sidewalks, or bridges. The work performed may include new work, reconstruction, rehabilitation, and repairs. Specialty trade contractors are included in this industry if they are engaged in activities primarily related to highway, street, and bridge construction (e.g., installing guardrails on highways). • Constructing tunnels--are classified in Industry 237990, Other Heavy and Civil Engineering Construction; • Highway lighting and signal installation--are classified in Industry 238210, Electrical Contractors and Other Wiring Installation Contractors; • Painting bridges--are classified in Industry 238320, Painting and Wall Covering Contractors; • Road decommissioning or removing culverts or bridges--are classified in Industry 238910, Site Preparation Contractors; and • Constructing parking lots, private driveways, sidewalks, or erecting billboards--are classified in Industry 238990, All Other Specialty Trade Contractors.
Views: 29 Class Codes
The Structure of NAICS | Class Codes
 
02:17
NAICS Code Tutorial Series - The Structure of NAICS. This is the fifth video of a seven-part series designed to help viewers better understand the NAICS classification system. USER LINKS: (1/7) The Purpose of NAICS: https://www.youtube.com/watch?v=j0c0efVVVLU (2/7) Historical Background: https://www.youtube.com/watch?v=oJlMZM3LW7s (3/7) Development of NAICS: https://www.youtube.com/watch?v=xWkix70UJsI (4/7) Conceptual Framework of NAICS: https://www.youtube.com/watch?v=VQFA8CLX2Gw (5/7) Structure of NAICS: https://www.youtube.com/watch?v=v1JuEvYm_rI (6/7) Defining the "Establishment": https://www.youtube.com/watch?v=059pQaafAQk (7/7) Determining Industry Classification of the Establishment: https://www.youtube.com/watch?v=QKA6WaKTnc0 SCRIPT FOR THE STRUCTURE OF NAICS: Hello, and welcome to the NAICS Code Tutorial Series by Class Codes. This series is designed to help you become a NAICS code expert. Showing here is a list of all the videos in this series. We have provided links to all of these videos in the description below. Today, we’ll be going over the structure of NAICS. The structure of NAICS is hierarchical. The numbering system that has been adopted is a six-digit code, of which the first five digits are used to describe the NAICS levels that will be used by the three countries to produce comparable data. The first two digits designate the sector, the third digit designates the subsector, the fourth digit designates the industry group and the fifth digit designates the industry. The sixth digit is used to designate national industries. A zero as the sixth digit indicates that there is no further national detail. NAICS agreements define the boundaries of the twenty sectors into which the classification divides the economies of the three countries. In general, the use of the same code across the three countries indicates that the class is comparable, even if the title is not identical because of differences in the use of language. NAICS with Canadian detail is designated NAICS Canada while NAICS with the United States’ and Mexico's own six-digit detail are designated NAICS United States and Sistema de Clasificación Industrial de América del Norte México, respectively. Comparability among the three countries is indicated by superscripts at the end of class titles. The abbreviation "CAN" indicates a Canadian-only class, "MEX" indicates that the Canadian and Mexican classes are comparable, and "US" indicates that the Canadian and United States classes are comparable. When no superscript appears, the Canadian, Mexican and United States classes are comparable. If you have any questions regarding this video, please ask in the comment section below. And of course, “like’s” are very much appreciated! Thank you so much for watching! Now that you’ve learned about The structure of NAICS, you can continue your journey to become a NAICS code expert by watching the next video in this series, Defining the “Establishment.”
Views: 41 Class Codes
Determining Industry Classification of the Establishment | Class Codes
 
05:46
NAICS Code Tutorial Series - Determining the NAICS Industry Classification of the “Establishment.” This is the final video of a seven-part series designed to help viewers better understand the NAICS classification system. USER LINKS: (1/7) The Purpose of NAICS: https://www.youtube.com/watch?v=j0c0efVVVLU (2/7) Historical Background: https://www.youtube.com/watch?v=oJlMZM3LW7s (3/7) Development of NAICS: https://www.youtube.com/watch?v=xWkix70UJsI (4/7) Conceptual Framework of NAICS: https://www.youtube.com/watch?v=VQFA8CLX2Gw (5/7) Structure of NAICS: https://www.youtube.com/watch?v=v1JuEvYm_rI (6/7) Defining the "Establishment": https://www.youtube.com/watch?v=059pQaafAQk (7/7) Determining Industry Classification of the Establishment: https://www.youtube.com/watch?v=QKA6WaKTnc0 SCRIPT FOR DETERMINING THE INDUSTRY CLASSIFICATION OF AN ESTABLISHMENT Hello, and welcome to the NAICS Code Tutorial Series by Class Codes. Today, we will be learning how to determine the industry classification of an establishment. An establishment is classified to an industry when its principal activity meets the definition for that industry. This is a straightforward determination for establishments engaged in a single activity, but where establishments are engaged in more than one activity, it is necessary to establish procedures for identifying its principal activity. In cases where there is more than one activity, the industry code is assigned based on the relative share of value-added. The activity with the largest value-added is identified as the establishment's principal activity, and the establishment is classified to the industry corresponding to that activity. For example, if the value added within an establishment consists of 40% from manufacturing dishwashers, 30% from manufacturing airspeed instruments and 30% from assembling clocks, it will be classified to NAICS 335223, Major kitchen appliance manufacturing. The assignment of the industry code is performed at the 6-digit level of the classification. In most cases, when an establishment is engaged in more than one activity, the activities are treated independently. However, in some cases, the activities are treated in combination. There are two types of combined activities that are given special attention in NAICS. They are vertical integration and joint production (horizontal integration). These combined activities have an economic basis and occur in both goods-producing and services-producing sectors. In some cases, there are efficiencies to be gained from combining certain activities in the same establishment. Some of these combinations occur so commonly or frequently that their combination can be treated as a third activity in its own right and explicitly classified in a specific industry. One approach to classifying these activities would be to use the primary activity rule, that is, whichever activity is the largest. However, the fundamental principle of NAICS is that establishments that employ the same production process should be classified in the same industry. If the premise that the combined activities correspond to a distinct third activity is accepted, then using the primary activity rule would place establishments performing the same combination of activities in different industries, thereby violating the production principle of NAICS. The second reason for NAICS recognizing combined activities is to improve the stability of establishment classification, both over time and among the various parties that implement the classification. An establishment should remain classified in the same industry unless its production process changes and different parties should code the same establishment or type of establishment in the same way. A consistent treatment of establishments with combined activities is more likely if they are classified to a single industry. Vertical integration involves consecutive stages of fabrication or production processes in which the output of one step is the input of the next. In general, establishments will be classified based on the final process in a vertically-integrated production environment, unless specifically identified as classified in another industry. For example, paper may be produced either by establishments that first produce pulp and then consume that pulp to produce paper or by those establishments producing paper from purchased pulp. NAICS specifies that both of these types of paper-producing processes should be classified in NAICS 32212, Paper mills, rather than in NAICS 32211, Pulp mills. In other cases, NAICS specifies that vertically-integrated establishments be classified in the industry representing the first stage of the manufacturing process.
Views: 64 Class Codes
Defining the Establishment | Class Codes
 
04:07
NAICS Code Tutorial Series - Defining the Establishment in NAICS. This is the sixth video of a seven-part series designed to help viewers better understand the NAICS classification system. USER LINKS: (1/7) The Purpose of NAICS: https://www.youtube.com/watch?v=j0c0efVVVLU (2/7) Historical Background: https://www.youtube.com/watch?v=oJlMZM3LW7s (3/7) Development of NAICS: https://www.youtube.com/watch?v=xWkix70UJsI (4/7) Conceptual Framework of NAICS: https://www.youtube.com/watch?v=VQFA8CLX2Gw (5/7) Structure of NAICS: https://www.youtube.com/watch?v=v1JuEvYm_rI (6/7) Defining the "Establishment": https://www.youtube.com/watch?v=059pQaafAQk (7/7) Determining Industry Classification of the Establishment: https://www.youtube.com/watch?v=QKA6WaKTnc0 SCRIPT FOR DEFINING THE “ESTABLISHMENT” Hello, and welcome to the NAICS Code Tutorial Series by Class Codes. This series is designed to help you become a NAICS code expert. Showing here is a list of all the videos in this series. We have provided links to all of these videos in the description below. Today, we’ll be going over the definition of the “Establishment.” NAICS is a classification system for establishments. The establishment is defined as the smallest operating entity for which records provide information on the cost of inputs - capital, labor, energy, materials, and services - employed to produce the units of output. The output may be sold to other establishments and receipts or sales recorded, or the output may be provided without explicit charge, that is, the good or service may be "sold" within the company itself. The establishment is generally a single physical location, where business is conducted or where services or industrial operations are performed (for example, a factory, mill, store, hotel, movie theatre, mine, farm, airline terminal, sales office, warehouse, or central administrative office). There are cases where records identify distinct and separate economic activities performed at a single physical location (e.g., shops in a hotel). These retailing activities, operated out of the same physical location as the hotel, are identified as separate establishments and classified in retail trade while the hotel is classified in accommodation. In such cases, each activity is treated as a separate establishment provided that: no one industry description in the classification includes such combined activities; separate reports can be prepared on the number of employees, their wages and salaries, sales or receipts, and expenses; and employment and output are significant for both activities. Exceptions to the single location exist for physically dispersed operations, such as construction, transportation, and telecommunications. For these activities, the individual sites, projects, fields, networks, lines, or systems of such dispersed activities are not normally considered to be establishments. The establishment is represented by those relatively permanent main or branch offices, terminals, stations, and so forth, that are either (1) directly responsible for supervising such activities, or (2) the base from which personnel operates to carry out these activities. Although an establishment may be identical with the enterprise (company), the two terms should not be confused. An enterprise (company) may consist of more than one establishment. Such multi-unit enterprises may have establishments in more than one industry in NAICS. If such enterprises have a separate establishment primarily engaged in providing headquarters services, these establishments are classified in NAICS Sector 55, Management of companies and enterprises. Although all establishments have output, they may or may not have receipts. In large enterprises, it is not unusual for establishments to exist to solely serve other establishments of the same enterprise (auxiliary establishments). In such cases, these units often do not collect receipts from the establishments they serve. This type of support activity is found throughout the economy and involves goods-producing activities as well as services. Units that carry out support activities for the enterprise to which they belong are classified, to the extent feasible, according to the NAICS code related to their activity. This means that warehouses providing storage facilities for their own enterprise will be classified as warehouses. If you have any questions regarding this video, please ask in the comment section below. And of course, “like’s” are very much appreciated! Thank you so much for watching! Now that you’ve learned about The definition of the “Establishment,” you can continue your journey to become a NAICS code expert by watching the next video in this series, “Determining the Industry Classification of an establishment.”
Views: 47 Class Codes
What is NAICS Code 531390? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-531390/ What is NAICS Code 531390 Other Activities Related to Real Estate This industry comprises establishments primarily engaged in performing real estate related services (except lessors of real estate, offices of real estate agents and brokers, real estate property managers, and offices of real estate appraisers). Cross-References. Establishments primarily engaged in-- • Acting as lessors of real estate--are classified in Industry Group 5311, Lessors of Real Estate; • Selling, buying, and/or renting real estate for others--are classified in Industry 531210, Offices of Real Estate Agents and Brokers; • Managing real estate for others--are classified in Industry 53131, Real Estate Property Managers; • Estimating fair market value of real estate--are classified in Industry 531320, Offices of Real Estate Appraisers; and • Researching public land records for ownership of titles and/or conveying real estate titles--are classified in U.S. Industry 541191, Title Abstract and Settlement Offices.
Views: 183 Class Codes
What is NAICS Code 112112? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-112112/ What is NAICS Code 112112? This U.S. industry comprises establishments primarily engaged in feeding cattle for fattening. Establishments primarily engaged in operating stockyards for transportation and not buying, selling, or auctioning livestock are classified in U.S. Industry 488999, All Other Support Activities for Transportation.
Views: 3 Class Codes
What is NAICS Code 811192? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-811192/ What is NAICS Code 811192 Car Washes This U.S. industry comprises establishments primarily engaged in cleaning, washing, and/or waxing automotive vehicles, such as passenger cars, trucks, and vans, and trailers. Illustrative Examples: • Automotive detail shops • Mobile car and truck washes • Car washes
Views: 30 Class Codes
What is NAICS Code 332919? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-332919/ What is NAICS Code 332919? This U.S. industry comprises establishments primarily engaged in manufacturing metal valves (except industrial valves, fluid power valves, fluid power hose fittings, and plumbing fixture fittings and trim). Illustrative Examples: • Aerosol valves manufacturing • Firefighting nozzles manufacturing • Lawn hose nozzles manufacturing • Lawn sprinklers manufacturing • Metal hose couplings (except fluid power) manufacturing • Metal pipe flanges and flange unions manufacturing • Plumbing and heating inline valves (e.g., check, cutoff, stop) manufacturing • Water traps manufacturing Cross-References. Establishments primarily engaged in-- • Manufacturing fluid power valves and hose fittings--are classified in U.S. Industry 332912, Fluid Power Valve and Hose Fitting Manufacturing; • Manufacturing industrial valves--are classified in U.S. Industry 332911, Industrial Valve Manufacturing; • Manufacturing plumbing fixture fittings and trim--are classified in U.S. Industry 332913, Plumbing Fixture Fitting and Trim Manufacturing; • Manufacturing plastics aerosol spray nozzles--are classified in U.S. Industry 326199, All Other Plastics Product Manufacturing; • Casting iron pipe fittings and couplings without machining--are classified in U.S. Industry 331511, Iron Foundries; • Manufacturing metal couplings from purchased metal pipe--are classified in U.S. Industry 332996, Fabricated Pipe and Pipe Fitting Manufacturing; and • Manufacturing plastics pipe fittings and couplings--are classified in U.S. Industry 326122, Plastics Pipe and Pipe Fitting Manufacturing.
Views: 3 Class Codes
Introduction to the Workers Compensation Classification System
 
02:54
USER LINKS: The Employer’s Workers Compensation Classification Guide: https://gumroad.com/l/workers-compensation-classification-guide VIDEO SCRIPT: Hello, and welcome to the Introduction to the Classification System. This video is an excerpt from "The Employer's Workers Compensation Classification System.", linked in the description below. The workers' compensation classification system was developed to provide an orderly method of grouping similar employers where each workers’ compensation class code would reflect job exposures that are common to insureds in their respective industry. Under the classification system, the business of the insured (the employer) is classified instead of each separate occupation within the company. Most business operations are classified into what is known as the governing classification. The governing classification is the single workers' compensation code that most accurately describes operations being performed by the insured. The classification assigned to an insured can greatly impact the cost an insurer pays for workers’ compensation premiums from the point of classification forward. The code will be essential in determining the premium rate and is used with the experience modifier (the company’s experience rating), and the insured’s payroll per $100. Payroll X Base Rate X Experience Modifier = Premium The workers' compensation classification system is different than the Standard Industrial Classification (SIC) and the North American Industry Classification System (NAICS). Many insurance professionals do not entirely understand all the nuances of the classification system. Employers tend to solely rely on the knowledge and expertise of their insurance agent. This is acceptable if you have an experienced and knowledgeable agent that truly understands the specifics and day-to-day operations of an insureds business. But many times, nobody knows the business of the insured better than the business owner, and there are many pitfalls that could be avoided if the business owner had a strong grasp of the classification process. The efforts of even the best insurance agent can be improved with the help of a knowledgeable and informed insured. Insurance underwriters are much savvier in catching classification mistakes that are costing them money. They continuously monitor their loss history with each client, searching for red flags that would indicate more dangerous work is being performed than is allowed by an assigned class code. However, they do not necessarily search for loss history that would suggest the insured is paying for higher risk than their exposure. Continue watching this series to learn more about the workers compensation classification system, and to equip yourself with knowledge that could help you avoid costly mistakes in the present and future. In the next video, we will learn about NCCI and the Scopes Manual. And of course, likes and follow's are very much appreciated!
Views: 48 Class Codes
What is NAICS Code 336214? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-336214/ What is NAICS Code 336214? This U.S. industry comprises establishments primarily engaged in one or more of the following: (1) manufacturing travel trailers and campers designed to attach to motor vehicles; (2) manufacturing pick-up coaches (i.e., campers) and caps (i.e., covers) for mounting on pick-up trucks; and (3) manufacturing automobile, utility and light-truck trailers. Travel trailers do not have their own motor but are designed to be towed by a motor unit, such as an automobile or a light truck. Illustrative Examples: • Automobile transporter trailers, single car, manufacturing • Camper units, slide-in, for pick-up trucks, manufacturing • Camping trailers and chassis manufacturing • Horse trailers (except fifth-wheel-type) manufacturing • Pick-up canopies, caps, or covers manufacturing • Travel trailers, recreational, manufacturing • Utility trailers manufacturing Cross-References. • Establishments primarily engaged in making manufactured homes (i.e., mobile homes) designed to accept permanent water, sewer, and utility connections and equipped with wheels, but not intended for regular highway use, are classified in U.S. Industry 321991, Manufactured Home (Mobile Home) Manufacturing.
Views: 6 Class Codes
What is NAICS Code 531210? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-531210/ What is NAICS Code 531210 Offices of Real Estate Agents and Brokers This industry comprises establishments primarily engaged in acting as agents and/or brokers in one or more of the following: (1) selling real estate for others; (2) buying real estate for others; and (3) renting real estate for others.
Views: 60 Class Codes
What is NAICS Code 491110? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-491110/ What is NAICS Code 491110 Postal Service This industry comprises establishments primarily engaged in providing mail services under a universal service obligation. Mail services include the carriage of letters, printed matter, or mailable packages, including acceptance, collection, processing, and delivery. Due to the infrastructure requirements of providing mail service under a universal service obligation, postal service establishments often provide parcel and express delivery services in addition to the mail service. Establishments primarily engaged in performing one or more parts of the basic mail service, such as sorting, routing and/or delivery (except bulk transportation of mail) are included in this industry. Cross-References. Establishments primarily engaged in-- • Providing bulk transportation of mail on a contract basis to and from postal service establishments--are classified in Industry Group 4841, General Freight Trucking; • Providing services outside of the basic mail service, such as mail presort, mail consolidation, or address bar coding services, on a contract or fee basis--are classified in U.S. Industry 561499, All Other Business Support Services; • Providing courier services--are classified in Industry 492110, Couriers and Express Delivery Services; • Providing mailbox services along with other business services--are classified in U.S. Industry 561431, Private Mail Centers; and • Providing local messenger and delivery services--are classified in Industry 492210, Local Messengers and Local Delivery.
Views: 3 Class Codes
What is NAICS Code 511130? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-511130/ What is NAICS Code 511130 Book Publishers This industry comprises establishments known as book publishers. Establishments in this industry carry out design, editing, and marketing activities necessary for producing and distributing books. These establishments may publish books in print, electronic, or audio form. Cross-References. • Establishments publishing books on the Internet exclusively are classified in Industry 519130, Internet Publishing and Broadcasting and Web Search Portals; • Establishments primarily engaged in printing books without publishing are classified in U.S. Industry 323117, Books Printing; • Establishments known as music publishers are classified in Industry 512230, Music Publishers; • Establishments, such as trade associations, schools and universities, and social welfare organizations, that publish books for distribution to their membership, that are not commonly known as book publishers, are classified according to their primary activity designation; and • Book clubs primarily engaged in direct sales activities without publishing are classified in Industry 454390, Other Direct Selling Establishments.
Views: 13 Class Codes
What is NAICS Code 333519? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-333519/ What is NAICS Code 333519? This U.S. industry comprises establishments primarily engaged in manufacturing rolling mill machinery and equipment and/or other metalworking machinery (except industrial molds; special dies and tools, die sets, jigs, and fixtures; cutting tools and machine tool accessories; and machine tools). Illustrative Examples: • Assembly machines manufacturing • Cradle assemblies machinery (i.e., wire making equipment) manufacturing • Metalworking coil winding and cutting machinery manufacturing • Rolling mill roll machines, metalworking, manufacturing • Wire drawing and fabricating machinery and equipment (except dies) manufacturing Cross-References. Establishments primarily engaged in-- • Manufacturing industrial molds--are classified in U.S. Industry 333511, Industrial Mold Manufacturing; • Manufacturing metal cutting and metal forming machine tools--are classified in U.S. Industry 333517, Machine Tool Manufacturing; • Manufacturing special dies and tools, die sets, jigs, and fixtures--are classified in U.S. Industry 333514, Special Die and Tool, Die Set, Jig, and Fixture Manufacturing; and • Manufacturing accessories and attachments for metal cutting and forming machine tools (except saw blades)--are classified in U.S. Industry 333515, Cutting Tool and Machine Tool Accessory Manufacturing.
Views: 6 Class Codes
The Development of NAICS | Class Codes
 
03:01
NAICS Code Tutorial Series - The Development of NAICS. This is the third video of a seven-part series designed to help viewers better understand the NAICS classification system. USER LINKS: (1/7) The Purpose of NAICS: https://www.youtube.com/watch?v=j0c0efVVVLU (2/7) Historical Background: https://www.youtube.com/watch?v=oJlMZM3LW7s (3/7) Development of NAICS: https://www.youtube.com/watch?v=xWkix70UJsI (4/7) Conceptual Framework of NAICS: https://www.youtube.com/watch?v=VQFA8CLX2Gw (5/7) Structure of NAICS: https://www.youtube.com/watch?v=v1JuEvYm_rI (6/7) Defining the "Establishment": https://www.youtube.com/watch?v=059pQaafAQk (7/7) Determining Industry Classification of the Establishment: https://www.youtube.com/watch?v=QKA6WaKTnc0 SCRIPT FOR THE DEVELOPMENT OF NAICS: Hello, and welcome to the NAICS Code Tutorial by Class Codes. This series is designed to help you become a NAICS code expert. Showing here is a list of all the videos in this series. We have provided links to all of these videos in the description below. Today, we’ll be going over the development of NAICS. NAICS was developed by the ECPC (Economic Classification Policy Committee) of the United States Office of Management and Budget, along with Statistics Canada, and Mexico's INEGI (Instituto Nacional de Estadística y Geografía). The three countries agreed upon four pillars in which the conceptual framework and principles of the new system would be developed. * The first pillar of the Economic Classification Policy Committee was that NAICS would be based on a production-oriented or supply-based conceptual framework. This means that producing units using similar production processes would be grouped together in NAICS. * Second, special attention would be given to developing production-oriented classifications for * (a) new and emerging industries * (b) service industries in general and * (c) industries engaged in the production of advanced technologies. * Third, time-series continuity would be maintained to the extent possible. However, changes in the economy and proposals from data users would be considered. In addition, in order to create a common system for all three countries, adjustments would be made where the United States, Canada, and Mexico had incompatible definitions. * And fourth, in the interest of a wider range of international comparisons, the three countries would strive for greater compatibility with the International Standard Industrial Classification of All Economic Activities (ISIC Revision 3). I would like to quickly add that if you have any questions regarding this video, please ask in the comment section below. And of course, “like’s” are very much appreciated! Moving on, in effort to assist with the development of NAICS, a user committee meeting was called in November 1994. The meeting included governmental organizations, economists, and business and trade associations from each country. A coordinating committee and subcommittees, which covered agriculture, mining, manufacturing, construction, distribution networks, finance, insurance, real estate, business services, personal services, health services, social assistance, and public administration, all worked together to help develop the proposed structure of NAICS. Proposals from all three countries concerning individual industries were considered for acceptance if the proposed industry was based on the production-oriented concept of the system. The structure of NAICS was developed and accepted by Statistics Canada, INEGI and the Office of Management and Budget of the United States on December 10, 1996. Thank you so much for watching! Now that you’ve learned about The Development of NAICS, you can continue your journey to become a NAICS code expert by watching the next video in this series, The Conceptual Framework of NAICS.
Views: 26 Class Codes
What is NAICS Code 311423? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-311423/ What is NAICS Code 311423? This U.S. industry comprises establishments primarily engaged in (1) drying (including freeze-dried) and/or dehydrating fruits, vegetables, and soup mixes and bouillon and/or (2) drying and/or dehydrating ingredients and packaging them with other purchased ingredients, such as rice and dry pasta. • Milling rice and packaging it with other ingredients--are classified in U.S. Industry 311212, Rice Milling; • Manufacturing dry pasta and packaging it with other ingredients--are classified in U.S. Industry 311824, Dry Pasta, Dough, and Flour Mixes Manufacturing from Purchased Flour; • Manufacturing vegetable flours and meals--are classified in U.S. Industry 311211, Flour Milling; • Mixing purchased dried and/or dehydrated potatoes, rice, and pasta, and packaging them with other purchased ingredients, and mixing purchased dried and/or dehydrated ingredients for soup mixes and bouillon--are classified in U.S. Industry 311999, All Other Miscellaneous Food Manufacturing; and • Manufacturing dry salad dressing and dry sauce mixes--are classified in U.S. Industry 311942, Spice and Extract Manufacturing.
Views: 7 Class Codes
What is NAICS Code 339999? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-339999/ What is NAICS Code 339999? All Other Miscellaneous Manufacturing. This U.S. industry comprises establishments primarily engaged in miscellaneous manufacturing (except medical equipment and supplies, jewelry and flatware, sporting and athletic goods, dolls, toys, games, office supplies (except paper), musical instruments, fasteners, buttons, needles, pins, brooms, brushes, mops, and burial caskets). Cross-References. Establishments primarily engaged in-- • Manufacturing medical equipment and supplies--are classified in Industry Group 3391, Medical Equipment and Supplies Manufacturing; • Manufacturing jewelry and flatware--are classified in Industry 339910, Jewelry and Silverware Manufacturing; • Manufacturing sporting and athletic goods--are classified in Industry 339920, Sporting and Athletic Goods Manufacturing; • Manufacturing dolls, toys, and games--are classified in Industry 339930, Doll, Toy, and Game Manufacturing; • Manufacturing office supplies (except paper)--are classified in Industry 339940, Office Supplies (except Paper) Manufacturing; • Manufacturing signs--are classified in Industry 339950, Sign Manufacturing; • Manufacturing gasket, packing, and sealing devices--are classified in U.S. Industry 339991, Gasket, Packing, and Sealing Device Manufacturing; • Manufacturing musical instruments--are classified in U.S. Industry 339992, Musical Instrument Manufacturing; • Manufacturing fasteners, buttons, needles, and pins--are classified in U.S. Industry 339993, Fastener, Button, Needle, and Pin Manufacturing; • Manufacturing brooms, brushes, and mops--are classified in U.S. Industry 339994, Broom, Brush, and Mop Manufacturing; • Manufacturing burial caskets--are classified in U.S. Industry 339995, Burial Casket Manufacturing; • Manufacturing Christmas tree glass ornaments and glass lamp shades--are classified in U.S. Industry 327215, Glass Product Manufacturing Made of Purchased Glass; • Manufacturing Christmas tree lighting sets--are classified in U.S. Industry 335129, Other Lighting Equipment Manufacturing; • Manufacturing beauty and barber chairs--are classified in U.S. Industry 337127, Institutional Furniture Manufacturing; • Manufacturing burnt wood articles--are classified in U.S. Industry 321999, All Other Miscellaneous Wood Product Manufacturing; • Dressing and bleaching furs--are classified in Industry 316110, Leather and Hide Tanning and Finishing; • Manufacturing paper, textile, and metal lamp shades--are classified in U.S. Industry 335121, Residential Electric Lighting Fixture Manufacturing; • Manufacturing plastics lamp shades--are classified in U.S. Industry 326199, All Other Plastics Product Manufacturing; • Manufacturing matches and electronic cigarette vapor refills--are classified in U.S. Industry 325998, All Other Miscellaneous Chemical Product and Preparation Manufacturing; • Manufacturing metal products, such as metal combs and hair curlers--are classified in U.S. Industry 332999, All Other Miscellaneous Fabricated Metal Product Manufacturing; • Manufacturing plastics products, such as plastics combs and hair curlers--are classified in U.S. Industry 326199, All Other Plastics Product Manufacturing; and • Manufacturing electric hair clippers for use on humans--are classified in Industry 335210, Small Electrical Appliance Manufacturing.
Views: 44 Class Codes
What is NAICS Code 424130? | Class Codes
 
00:33
https://classcodes.com/lookup/naics-code-424130/ What is NAICS Code 424130 Industrial and Personal Service Paper Merchant Wholesalers This industry comprises establishments primarily engaged in the merchant wholesale distribution of kraft wrapping and other coarse paper, paperboard, converted paper (except stationery and office supplies), and/or related disposable plastics products. Cross-References. Establishments primarily engaged in the merchant wholesale distribution of stationery, office supplies, and/or gift wrap are classified in Industry 424120, Stationery and Office Supplies Merchant Wholesalers.
Views: 10 Class Codes