In today’s litigious society you don’t need to be an expert in business to know that insurance is something you need to have. What you might not be aware of though is how certain companies and business operations are losing out on the security they need by not investing in a policy that will fully protect them – namely Environment Insurance.
What is Environmental Insurance?
Much like a typical policy this covers some of the general areas you would often associate with commerce:
– Legal: This protects against any claims made against you covering the costs of any legal fees incurred as a result of a lawsuit or defense case. Always make sure you do a Florida license lookup before you choose a professional.
– Third Party: Which pays for damages to property, if a third-party suffer illness or injury as a result of exposure your materials or medical costs.
What is different about EI though is that it offers cover for more specialist areas; here is just a selection of some of the different types:
– Clean-up: if your company fails to fulfil their duties in the clearing or clean-up of an incident or following the use of hazardous materials – which could potential cause damages or contamination. This could range from crime scene investigation to post-construction clearing of debris and resources.
– Pollution Liability: cover for the costs stemming from any potential pollution incidents caused by your operations.
– Transport of Hazardous Materials: cover for your business should any hazardous and potentially dangerous materials cause damage or an incident when being transported by your firm.
– Real Estate Development: covers you in the development, building and operating of any property you are currently involved with – including cover for workers.
Essentially what you can do is tailor the cover to suit the needs of your business rather than buying a comprehensive package that includes cover that does not apply to you.
Which businesses?
You may have noticed that many of the above specialist covers can overlap into different lines of work; what follows is a breakdown of just some of the businesses who would invest in Environmental Insurance:
– Construction, building and Real Estate
– Engineering and Manufacture
– Hazardous materials – production, supply and transportation
– Storage Facilities
– Public Services – Police, Fire and Rescue, Medical and Emergency Response
– Some Military Operations
Final Thoughts
To return to a point raised at the beginning of this post, we are regrettably living in very litigious time where liability is exploited to the nth degree and you can never be too careful in business to ensure you are fully protected against any potential legal and litigation problems.
The fundamental advice to take away from this is that if you do feel any uncertainties regarding your cover you need to research into and invest in some Environmental Insurance.
What’s more, see it as an investment, not just in your current business operations but in the future of it and with that will come your own peace of mind.