Pollution liability is something some businesses should consider investing in to protect themselves from devastation. Pollution is among the biggest causes of climate change, respiratory illness, and environmental harm. While individual people can mitigate the problem by recycling and minimizing their use of wasteful products, the problem will continue as long as companies don’t make an effort to change — including yours. Some states have attempted to curb companies’ carbon emissions and pollution by enforcing fines and incentivizing sustainable practices.
Emphasis on Pollution Liability
This increased emphasis on sustainability has led many companies to wonder, does my business need pollution liability insurance — and how can pollution liability affect your business? Learn about pollution liability to find the answers to these questions.
Causes of Worksite Pollution
There are many sources of pollution, including material waste, chemical runoff, and airborne emissions. Each of these is equally detrimental to the environment and your community’s residents, but you should start by assessing which is most likely to correlate to your line of work. Construction companies, for example, are liable to cause material waste if items are left behind on a worksite. On the other hand, an agricultural business might cause chemical runoff from its use of pesticides. Identify the potential sources of pollution that your company may be responsible for to gauge your liability accurately.
Why Worksite Pollution Matters
It may seem like the increased awareness of pollution is a newfound issue. Indeed, the push for more sustainable business practices — and increased accountability for companies who pollute — has come to a head in recent years. However, environmentalists have sounded the alarm for decades, warning about the many dangers of pollution. Worksite pollution should be of particular concern to businesses because it poses a liability to your company. If you pollute during the ordinary course of business, it could cause harm to another property or party. If they pursue damages to compensate for this harm, you may be on the hook for payment.
How to Prevent Pollution
Of course, the best defense against pollution liability claims is to prevent pollution. If your business regularly handles chemicals, implement a system that contains the chemical runoff. Thus, doing this will ensure that it does not make its way into any body of water. Similarly, if your business is at risk of airborne emitting pollution, invest in green technology that can help to reduce these emissions.
How to Minimize Liability From Pollution
Even with the best prevention practices, eliminating pollution is impossible. Even if you attempt to do so, pollution can occur inadvertently. To minimize your liability for the problem, you should consider investing in an insurance policy that can shield you from the potential damages that a third party may pursue.
About SB One Insurance Agency
At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.