Operating a company in the construction business means having to grapple with environmental liabilities on a regular basis. If your construction company has not yet protected itself with dedicated construction industry environmental liability insurance, here are some of the main reasons to do so.
Companies Working With Hazardous Materials May Encounter Several Environmental Issues
For better or for worse, many construction companies have to handle hazardous or semi-hazardous materials as part of their daily business. These materials, if improperly handled, can lead to environmental disasters for which the company may then be held liable. These incidents can include, but are not limited to:
- Oil or fuel spills
- Hazardous materials or wastewater discharge
With Environmental Liability Insurance, You Can Cover Common Claims
When a construction company has proper environmental liability insurance in place, any claims arising from the material disasters outlined above could potentially be covered or partly mitigated. Insurance could potentially help cover resultant expenses and losses like:
- Lost income and other business interruption-related expenses
- Fees and penalties related to relevant regulations
- Legal fees and consulting expenses
- Cost of cleanup
The construction industry involves several types of environmental liabilities that need to be accounted for, mitigated when possible and protected via insurance for the good of the environment and for the survival of individual companies. If you operate a business in this industry, consider finding construction industry environmental liability insurance today.