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If 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.
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. That means now, more than ever, it’s important to consider an environmental policy for your business.
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:
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.