General Contractors Need Targeted Pollution Liability Coverage
As a general contractor, protecting yourself from potential liabilities is crucial to the success and longevity of your business. One essential insurance coverage that should not be overlooked is project-specific pollution liability.
Why Is Pollution Liability Insurance Important?
It’s vital to ensure that you’re not left exposed when it comes to environmental risks. Many businesses mistakenly believe these risks are covered by their property insurance or general liability insurance, so project-specific pollution liability fills a significant gap in coverage.
Previously, pollution liability insurance was only prioritized by businesses in certain sectors. Now, business owners increasingly understand the environmental exposures their organizations face and are taking proactive steps to address potential environmental hazards.
What Is Pollution Liability Insurance, and What Does it Cover?
Designed to address environmental risks and pollution-related issues during construction projects, project-specific pollution liability insurance provides protection against costly legal liabilities and expenses not budgeted into a project.
Project-specific pollution liability insurance covers damages and costs associated with pollution incidents caused by the insured’s contracting activity at a specific project site, such as the release of hazardous materials or silt and sediment runoff that could harm the environment or neighboring properties. The policy also provides coverage for pollution incidents related to transportation to and from the job site, as well as for project-related disposal sites.
Protect Your Business With Pollution Liability Insurance
With environmental claims on the rise, it’s more important than ever for general contractors to ensure they have adequate liability coverage, not only to protect their business but also to demonstrate their commitment to environmental responsibility. Prepare for potential environmental hazards by investing in comprehensive pollution liability insurance today.
Strategies for Procuring Proper Coverage and Competitive Pricing
Ready to learn more about the importance of project-specific pollution liability insurance and how it applies to your business? Read the full article to find out more.