Pollution is a byproduct of industry, a fact of life that few companies can get away from. For the most part, pollutants are dealt with cleanly and legally, with minimal impact on society and the environment as a result of day-to-day business activities. But every now and then there is a catastrophe that brings to light how damaging they can be, and not just for the environment.
Lawsuits that result from injury, death, and environmental damage can cripple the company responsible, leading to millions of dollars worth of legal and clean-up costs.
That’s where pollution insurance comes in. This is a type of insurance designed to cover the costs associated with pollution, and for companies in some sectors it can be essential.
What is Pollution Insurance?
Simply put, pollution insurance is an insurance policy that provides cover in the event that pollution causes damage to the business, the environment, or a person. This includes the cost of cleaning up land that has been contaminated by pollution and rendered unusable due to severe soil contamination or the presence of nuclear waste.
Pollution can be caused by a number of contaminants and is a growing problem in the developing and developed world, with between 8 and 10 million people dying every year as a result of exposure to pollutants like asbestos, industrial chemicals, and more.
Why is Pollution Insurance so Important?
Pollution insurance is important because a disaster in this field can destroy a company of any size. There are insurmountable costs associated with these disasters, not to mention irreparable reputation damage. These are the extreme scenarios, of course, as evidenced by BP’s Deepwater Horizon Spill, which cost the company over $61 billion and tarnished their reputation for years, but even the smaller disasters can prove damaging.
Pollution insurance helps to offset some of this damage, dealing with the financial costs and helping with the cleanup to ensure that the coffers are not emptied and that the company’s reputation is carefully mended.
What Does Pollution Insurance Cover
Pollution insurance covers the costs relating to pollution, ranging from the costs of an environmental cleanup, to costs that result from injury or death. It is generally assumed that standard business insurance will cover these costs, but many general business insurance policies include a pollution exemption, and will provide no assistance whatsoever.
Pollution insurance covers environmental contamination that results from business practices or the business premises, and it also covers pollution that occurs within the business premises. This is true whether the source of the contamination was the result of negligence or factors outside the company’s control. The specific policy will determine the extent of coverage and will also determine the payout restrictions, among other things, but this can all be discussed with your insurance broker beforehand.
For the best pollution insurance in Toronto, look no further than our own comprehensive policies here at KASE.
Who Needs Pollution Insurance
Any business that handles toxic materials, from nuclear waste to asbestos and everything in between, should get pollution insurance. It is also essential for contractors who handle toxic materials. Not only will such an insurance policy cover them in the event of bodily or property harm, but it also helps the contractor to prove their worth, showing potential clients that they are well equipped to handle hazardous waste.
It’s worth noting that a policy like this cannot be purchased after the fact, and by not purchasing it as soon as possible you are needlessly exposing yourself and your business to harm. If you are concerned about the cost or other aspects of this insurance, you can discuss it with one of our pollution insurance experts here at KASE Insurance.
Why go with KASE Insurance
KASE Insurance provide an extensive coverage on our pollution insurance in Toronto. We work with businesses big and small and payout for a wide range of circumstances, the specifics of which will be outlined by the policy. We provide:
• A wide range of insurance types for Canadian businesses
• An unmatched level of support
• A team of experts to discuss your policy with
• Innovative insurance types rarely seen in this industry
The experts at KASE Insurance have years of combined experience in fields like this and we pride ourselves on innovation and advancement, while always putting the customer first. For unbeatable pollution insurance in Toronto, get in touch with one of our insurance specialists today and see what we can do for you.
I had the pleasure of working with Arian Ebrahimi at KASE Insurance. He was very knowledgable about the industry, was very responsive throughout the whole process. I felt that he acted in my best interest and I would definitely recommend him to anyone!
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The KASE team helped us in arranging the best possible insurance policy for our business. We were very impressed by their overall knowledge and effort in getting us the right the policy. Highly recommended!