There are often times when a business will encounter an environmental disaster. This happens mostly with companies that work with toxic materials that can harm surroundings should an accident occur. If you run a business where you handle various toxic materials, it is important to have added insurance that will cover issues that may arise after an accident happens. While business carry general liability, this type of insurance does not cover the expenses involved with toxic material accidents. These types of accidents can cost a business a lot of money if they are not covered and there are several ways to ensure you have the right type of coverage. With the help of Quaker Special Risk, you can be sure that you have the right type of coverage for the type of business you conduct.
Types of Environmental Insurance
There are three simple types of insurance available with the first being environmental impairment. This insurance will cover cleanup cost, any interruption of the daily business, and any extra expenses. Then there is the contractor’s environmental liability, which will cover any pollution that occurs. Lastly, Professional liability will cover the insured should their employees be affected by the problem. The most common problem that occurs with this type of liability coverage tends to be asbestos. It can be very deadly to people who are constantly around it and the effects are long-term and take time to become noticeable. There are also other optional policies that can provide extra insurance to a company that may cause an environmental hazard. Some of those include; dumping insurance, reputational damages, and any extra expenses that are a result of the accident.
Why it is Important
Any business that handles or deals with any type of hazardous material should have environmental insurance. There is always the possibility that an accident can occur and the costs involved with cleaning up the mess can prove to be detrimental to the business. There may also come a time when one of your employees does something negligent and as a result, a chemical spill occurs. In a case like this, you will want to have environmental insurance to cover the expensive costs involved with clean-up and damage it has caused. Anyone can be affected by an environmental hazard that gets out of hand. Employees, residents, and the environment itself can have long term problems depending on the type of chemicals or hazardous materials that cause the issue.
If you run a business and you know that your company handles hazardous material or you will be, you should first obtain environmental insurance. It can protect those that are handling it as well as the people that may be affected by its mishandling. Not only can people get hurt, the cost to clean up the problem can get very expensive as it is hard to dispose of hazardous materials. It is also hard to restore the area affected back to its original state. Having insurance for this specifically can save your company a lot of money in the long run.