Every company needs insurance, including businesses in the oil and gas industry or other environmental sectors. Depending on your business sector, general liability or property insurance policies may not offer enough coverage. If you manage or own an organization in an environmental sector, environmental insurance is a viable way to protect you and your business during detrimental or unexpected situations.
Environmental Insurance
Environmental insurance protects you and your business in the case of unexpected loss or damages resulting from releases of pollutants or other environmental damages. Typically, this type of insurance will cover insurance claims involving property damages, business interruption, injury, or the costs of cleanup.
Types of Coverage
Generally, environmental coverage plans incorporate liabilities involving pollution. For example, most environmental plans will cover pollution caused by transportation, company products, or pollution that comes up suddenly or accidentally.
Environmental coverage will also protect your company from claims involving contamination and company operations. Usually, these types of claims involve poor air quality, toxic levels of mold, asbestos, or lead paint.
As environmental issues grow more complicated, you can expect more and more ecological insurance claims to ensue. However, you can protect yourself and your business by preparing for emergencies with environmental insurance coverage plans.
