Environmental & Pollution Liability Insurance protects business owners against losses resulting from pollution incidents caused by covered operations including work performed by subcontractors that are not normally covered under a general liability insurance policy. Covered losses may include claims for bodily injury or property damage, and environmental damage giving rise to clean-up costs.
Reasons Why You May Need Environmental & Pollution Liability Insurance
General Liability Insurance Excludes Pollution Coverage.
A General Liability Insurance policy will automatically exclude Pollution coverage. Some policies will allow you to endorse your policy for a small amount of coverage, with limited protection.
Whom Should Have This Coverage?
Contractors, Manufactures, Transporters of Goods, and many others. Any business that would have exposure of spreading any type of contaminates.
What Limits Should I Have?
This will depend on the size and type of your business. In some cases, you may be able to add a small amount of coverage to your General Liability policy. However, usually, you will need a separate policy. The more exposure your business has the higher the limits needed to be protected.
Is Environmental & Pollution Liability Insurance Expensive?
If you can endorse your General Liability policy, a small amount of coverage should cost around $300 a year. If you obtain a stand-alone policy, the entry premium is around $2500 a year.
What is covered under this policy?
Depends on the insurance carrier and how broad of coverage you want. A policy should include the cost of cleanup, legal, bodily injury, government penalties, and compensatory damages. We also suggest adding loss of business income, and public relations/image restoration coverages if possible.
Whom Should I Purchase Environmental & Pollution Liability Insurance From?
We suggest that you find an insurance agent that specializes in Pollution Liability Insurance. Having a pollution/environmental claim could be a back breaker if you do not have the right combination of coverages. An environmental incident is not just a cleanup issue, but more importantly a PR issue. This type of claim could ruin your good name and create a significant loss of business income. Make sure you choose an agent that can recognize your potential exposure and offer a cost-effective solution to protect your business.
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