Pollution liability coverage used to be included in most business insurance policies but that changed in the 1970’s with the emergence of many expensive asbestos claims. Now this coverage is largely excluded and must be purchased separately. Pollutions claims are not limited to large manufacturers. These claims can be filed by state and local governments, other businesses, landlords and people who live near your business. Do not allow a pollution claim to bankrupt your business; protect it with pollution insurance.
An independent insurance agent in the Trusted Choice® network can help determine your business’s coverage needs and can explain your insurance options. Member agents work with several different insurance companies so they can present you with a variety of policies and can help you compare them before you make a selection. Contact a local member agent today for more information about pollution insurance coverage.
The American Lung Society credits the Clean Air Act with the decline in air pollutants and expects that recent amendments will save more than 230,000 lives by 2020. If your company is required to make major changes or perform a pollution clean-up to remain complaint with changes to the law, pollution insurance coverage can assist you with associated costs.
Pollution insurance is a type of coverage created specifically to manage the costs associated with pollution clean-up, as well as to cover liability claims for pollution-related injuries, illnesses or deaths. This type of commercial insurance was created in response to the problem that liability claims were bankrupting companies, and therefore victims were not being compensated.
Policies cover any type of small-scale pollution that causes contamination of soil, groundwater or property. They also provide coverage for air-borne contaminates like smoke and emissions. Many policies will even cover pollution that occurred in the past before the harmful effects of waste-products was known. For larger, more extensive pollution incidents, an environmental impact liability insurance policy may be needed.
When many people think of pollution insurance, they picture large factories with billowing smokestacks but many small businesses can benefit from this coverage. Any business that uses environmentally unsafe chemicals, such as a hair salon or a dry-cleaning service, runs the risk of a pollution lawsuit. Similarly, garages, junkyard and industrial manufacturers face these charges.
Even contractors who construct buildings have a need for pollution insurance if the work they do can affect long-term air or environmental quality. A specialized form of pollution insurance called contractors pollution liability insurance can meet the needs of the construction industry.
Pollution liability insurance provides coverage for any claims brought against your company that are related to pollution of property or that causes harmful effects to people. Damage awards for these claims can be extremely costly, so having this sort of insurance can protect your business from severe financial challenges or even bankruptcy.
Most of the coverage options listed below come standard with a pollution insurance policy but some companies may require you to purchase additional endorsements to get full coverage. Be sure to read the policy details well before selecting a provider. You can expect pollution insurance to cover:
Contractors work on other people’s property. If work that they do now uses materials that are later found to be hazardous, the contractors are liable for damages and clean-up. Many contractors went bankrupt in the 1970’s when they were forced to clean up asbestos-filled insulation from buildings they had worked on. Contractors pollution liability insurance is designed to protect contractors from these unmanageable losses.
Contractors pollution liability insurance provides contractors with coverage against claims of bodily harm or injuries and provides coverage for any related court costs and legal fees.
The cost for a pollution liability insurance policy will differ significantly from one business to the next. A business that uses a lot of hazardous chemicals will have higher premiums than one that uses only a few. Some factors that influence costs include:
The only way to find out how much you can expect to pay to insure your particular business is to review actual pollution insurance quotes from one or more insurance companies. This will ensure that the policy you choose provides adequate coverage at a competitive rate.
For assistance with finding a suitable pollution insurance policy for your business, you can turn to an agent in the Trusted Choice network. These agents understand the needs of business owners in their communities and are dedicated to providing exceptional service and ethical advice.
Member agents have offices in more than 27,000 locations across the country, so it is easy to find an agent who is conveniently located close to your home or business. Contact an agent in the Trusted Choice network today to learn more and to start comparing competitively-priced pollution insurance rates.