If you own and run a business that produces hazardous waste emissions, you should be aware that you are constantly at risk of facing claims of pollution or damage. Claims of this nature can be financially devastating to a business and can even force you to shut down if you don’t have the funds necessary to deal with them. Luckily, you can purchase pollution liability insurance to help you face any claims head-on.
What Is Pollution Liability Insurance?
Pollution liability insurance is a type of business insurance coverage that can protect you in situations where a third party goes after you legally with a pollution claim. It applies to claims of both bodily injury and property damage and can even cover the cost of cleaning up any contamination.
What Businesses Need Pollution Liability Insurance?
If your business deals with or produces toxic waste materials, it is vital that you have pollution liability insurance. Some examples of industries that need this type of coverage are:
- Oil businesses
- Construction companies
- Excavation companies
- Waste management businesses
- Asbestos abatement businesses
How Much Does Pollution Liability Insurance Cost?
The price of pollution liability insurance can vary widely. Some of the factors that can affect the price are:
- Your location
- Your claim history
- Your experience
Dealing with hazardous waste materials can be risky to both your physical safety and your financial security. Pollution liability insurance can go a long way towards helping everything run more smoothly.