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.
The loss of business and replacement or repair of your business’ equipment is a hefty price in itself, but your business could also face damages for the clean-up operation. Usually, these type of costs are not covered by general liability insurance, so you’ll need environmental liability insurance to protect your business.
Environmental 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 also cover the costs of defending claims, whether or not they result in a damages award.
Not sure if environmental insurance is a good fit for your business? We can help you determine if it’s necessary.