When you start a business, there are a lot of things to consider. You even purchase insurance, but it can be difficult to cover all your bases. Environmental disasters, for example, can be costly, and if you don’t have insurance coverage, you could be out of business and on the hook for millions in damages, fees, settlements, fines, and judgments.
Look over these 10 reasons to purchase environmental insurance so that you understand why this type of coverage is a necessary expense in the modern marketplace.
What is Environmental Insurance?
Environmental insurance is a type of insurance that protects your business against environmental risks and claims of environmental damage levied against your business. Generally, environmental insurance covers:
- Claims of environmental damage
- Violations of local statutes
- Lawsuits filed against your business due to claims of environmental damage
Remember, anyone could claim that you’ve harmed the environment, polluted the ecosystem, or broken the law. Because large businesses that work in the community are often quite visible, it’s easy for someone to say you spilled unclean water, improperly removed a heating oil tank, allowed dangerous smoke to enter the atmosphere, etc.
With environmental liability insurance, you have a financial parachute that can catch you when upset parties come forward. (Yes, even if you make an honest mistake.)
Top 10 Reasons to Purchase Environmental Insurance
Yes, businesses face many risks, but some that are out of their control. You may be in complete control of the situation and accidentally violate a local statute or violate a best practice for your field. No one is perfect, but your environmental liability policy can help. Environmental coverage can:
- Protect your business against untrue accusations.
- Provide a legal defense when needed.
- Pay for judgments or settlements.
- Prevent the loss of key employees.
- Help keep projects running on-time.
- Provide additional safety support.
- Provide your clients with the assurance that you have protected yourself.
- Help you retain clients who would have otherwise terminated their contracts.
- Prevent costly business interruptions.
- Protect the business’ assets from massive lawsuits (when paired with an excess or umbrella policy.)
Who Needs Environmental Insurance?
Everyone! Every business should consider how it impacts the environment and the issues that could arise. Don’t be afraid to look into an environmental liability policy before something happens and you’re stuck paying for it out-of-pocket.
Contact The Dale Group for Assistance With Environmental Liability Insurance
At The Dale Group, we understand that your business might spend quite a lot of money on insurance coverage every year, but we also know that environmental insurance coverage is one of the most important policies you can carry. We’re happy to answer your questions, market a new policy, and ensure that you and your business and properly protected.