If you run or operate a business that deals with hazardous chemicals or toxic emissions, you may be facing a lot more risk than you think. When it comes to working with dangerous chemicals, most people are well aware of the physical risks. What they are often not aware of are the risks of a financial nature that are involved with using such chemicals and producing emissions. If your business accidentally creates a pollution issue on a site, you could end up facing a litany of legal costs. Fortunately, pollution liability insurance can cover most of these costs if you end up in a tight spot.
Pollution Liability Insurance Defined
This insurance is a category of coverage customized to protect businesses and individuals working with hazardous chemicals or producing dangerous emissions. It can pay for things such as:
- Legal fees
- Medical bills
- Repair or replacement costs
- Cleanup costs
Unfortunately, there is not a set price that applies across the board for pollution liability insurance. Insurance providers typically look at a wide variety of factors when deciding how much to charge you. Some of these are your existing claim history, where your business is located, and how large a company it is.
Running a business that works with hazardous chemicals or produces dangerous emissions can be financially risky. The right insurance can help.