Calculate and Purchase Your Environmental Liability Insurance

Environmental liability insurance is a business insurance policy that covers the costs of environmental damage. This can include environmental damage at your own location or environmental damage you cause at someone else’s location. Environmental damage caused by someone else at your location is also covered. Environmental damage can result from, for example, contaminated firefighting water, asbestos particles, leaking diesel, or certain cleaning products containing harmful substances.

Many business owners wonder whether environmental liability insurance is really necessary. Yet this type of insurance is needed more often than you might think. At first glance, your company’s activities may not seem to pose any environmental risks, but in the event of a fire, for example, hazardous substances can always be released. There’s also the possibility that your business premises contain asbestos. Furthermore, diesel leaks or the use of harmful cleaning products can, in some cases, cause environmental damage. That’s why environmental damage insurance can still come in handy.

Environmental liability insurance is not mandatory, but any business owner may face environmental damage. That is why environmental liability insurance is useful for every business owner. Environmental liability insurance is also important for self-employed professionals, because even as a self-employed professional, you can be held liable for environmental damage. With environmental liability insurance, environmental damage caused by someone else at your location is also covered. In addition, your surrounding locations are also insured!

Environmental liability insurance typically covers cleanup costs, investigation costs, and mitigation costs. Mitigation costs are expenses incurred to prevent or reduce damage. In addition, costs resulting from cleanup are often covered as well, such as the costs of repairing or replacing pipes, cables, pavement, and landscaping. Business interruption resulting from cleanup is also covered by environmental liability insurance.

Of course, you hope it won’t happen, but you may encounter asbestos in your business premises. Especially if your business is located in an older building, there is a greater chance of asbestos being present. Asbestos can be released during a fire or storm, for example, but also if you renovate the building. These asbestos particles can cause environmental damage. With environmental damage insurance, you’re covered for environmental damage caused by asbestos.

Environmental liability insurance is a type of business insurance. You can purchase this insurance as a business owner or as a self-employed professional. Even as a self-employed professional, you can be held liable for environmental damage. That’s when environmental liability insurance comes in handy.