5 Potentiala Risks Covered by Environmental Insurance
Environmental concerns continue to be a leading societal and business risk issue, sometimes posing serious unexpected challenges. We’ll work with you to create a custom solution to help protect your business against environmental risks. Here are 5 potential risks covered by environmental insurance:
1. Business Income
Risk Factor
If a building is contaminated by mold, lead, asbestos, or other hazardous materials, it may be deemed uninhabitable. Owners who are unable to collect rent from tenants can suffer from their significant income loss as a result.
Solution
A premises pollution policy can also provide coverage for business interruption losses including rental income, relocation, mitigation, net profits, and payroll.
2. Absestos
Risk Factor
Asbestos is a heat-resistant material that was commonly found in insulation, drywall, ceilings, and floor tiles up through the mid-1970s and later. Asbestos is known to cause severe lung damage.
Solution
Because asbestos was so prevalent in construction materials and can still be found in buildings today, purchasing premises pollution insurance that includes coverage for asbestos remediation, property damage, legal defense for bodily injury claims, and medical monitoring can protect your financial investment.
3. Lead
Risk Factor
Many old apartment buildings contain lead-based paint, which is known to be very harmful if absorbed into the body. Small amounts of lead can cause serious health issues and larger amounts can be fatal.
Solution
Premises pollution policies provide coverage for removal of lead-based paints and other lead hazards. It can defend against legal claims of injury by the lead as well as medical monitoring for ongoing concerns.
4. Mold
Risk Factor
Some water leaks are very obvious so they’re able to be repaired timely. Others are more discreet, causing mold to grow unnoticed. Mold is a health hazard that can make tenants very sick.
Solution
Premises pollution policies can include coverage for remediation of mold and damage to the property. It can also provide coverage for defense of claims of bodily injury as well as court-awarded damages.
5. On-Site Oil Spill
Risk Factor
A broken pipe or the misdelivery of heating oil can result in a hazardous spill and a costly clean up. Other chemical spills can be equally detrimental for building owners. Spills can also go beyond the property line, causing third-party damage.
Solution
It can be very expensive to clean up after a hazardous material spill like oil or gasoline. If the damage extends beyond your property onto your neighbors, those costs go up exponentially. Because this sort of accident can happen quite easily, proper premise pollution insurance is essential to help mitigate the financial risk.
Get Coverage Today!
The Satanoff Agency, located in Wayne, PA, is an independent insurance agency based in 42 states across the United States, working to supply our customers with quality assistance and insurance. Our independent agents offer their services to help you as the customer get the unique coverage you need.
To request a quote for environmental insurance, click here and we will have one of our agents contact you.
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