Protect your business from the potential risks of pollution with environmental insurance.
The cost of environmental damage to businesses.
Environmental concerns continue to be a leading societal and business issue, sometimes posing serious and unexpected challenges. These days, businesses face tougher environmental laws and greater public scrutiny. So, when your business accidentally causes pollution, contamination, or other environmental damage, it can be costly all around. By having an environmental insurance policy in place, you may help protect your business against the environmental risks you face.
Areas where business insurance alone is not enough.
The loss of business and replacement or repair of your equipment is a hefty price in itself, but your business could also face damages for the clean-up operation. Usually, these types of costs are not covered by general business liability insurance, so you’ll need an environmental policy to help protect your business. Here are some common environmental risks that your business may cause and would need coverage for:
Why your business needs environmental insurance.
Insurance is particularly essential if you face long-term risks, such as historic contamination that results from business operations in the past, but causes damages now. Many environmental insurance policies may also cover the costs of defending claims, whether or not they result in a damages award. Additionally, holding environmental insurance for your business may even be a great public relations move—it shows you’ve given thought to the risks and have taken the advice insurers offer to reduce the likelihood of an incident.
Some policies automatically update with regulations.
When selecting an environmental insurance policy, look out for options that are automatically updated to reflect changes in the rules and amounts that apply to damages for breaching environmental regulations. This may help you in the long term to avoid potential gaps in the protection of your business.
Not sure if you need environmental insurance for your business? Contact us to go over your potential risks and coverage options.