Environmental protection insurance is a specific insurance protection for environmental companies that provide professional services and external field operations. It’s a type of all-inclusive protection policy that includes contractor’s pollution liability cover and errors and omission cover. It effectively covers any gaps that may exist and is also a more cost effective way of buying pollution insurance. It avoids the necessity of having to buy separate insurance coverage’s with the associated variance in premiums and make working out any deductibles easier and they are all included in the one policy.

Expect an environmental protection policy to include as standard the following benefits:

– Combined pollution legal liability and professional liability cover in one policy.

– One single premium payment for the combined cover.

– Covers contracting, subcontracting and consulting work.

– Cover is worldwide.

– Provides cover for services and contract work undertaken by other companies on your behalf.

– Claims can be reported for a period of time after the policy has expired, providing the initial pollution incident occurred during the policy period.

– Policy includes terrorism, transportation, natural resources and microbial matters.

– The ability to reset and increase policy limits during the policy period if desired.

Many insurance carriers provide direct contact to pollution management specialists who can help and assist quickly in the event of a pollution incident occurring. Pollution management specialists can arrange for emergency response contractors, regulatory specialists and waste disposal companies to attend the pollution site in a timely manner. They can also manage community issues and deal with media questions.

Environmental protection insurance is considered mandatory if your company works for state or government-owned sites. Places such as the Department of Energy, the Department of Defense and the United States Environmental Protection Agency insist that adequate environmental protection insurance is in place.

Combined pollution and errors and omission protection cover is ideal for companies that not singularly involved in environmental issues. It is also available to purchase for one-off projects where under usual circumstances this type of protection isn’t required.

Some policies offer reductions in the deductible if mediation between the parties is agreed as opposed to court procedures.

As is the case with all insurance products, researching the market pays dividends. Not all insurance carriers offer the same terms and conditions and premiums and deductibles can vary significantly between companies. Understanding what you need to protect and the amount of cover you need is important in the decision making process. Talk to professional independent brokers and advisors before purchasing the cover. Compare the different insurance schedules and particularly read any exclusions that may apply. All insurance companies will provide you with a copy of their policy wordings for you to read prior to making your final decision.

Accidents can happen, no matter how careful you are and what preventative measures you have in place. Ensuring you are prepared by having the correct environmental protection insurance in place provides peace of mind and means you can get on with operating the side of the business you know best.

Learn more about Environmental Consulting Insurance here and visit Beacon Hill Associates here.

Learn more about Environmental Consulting Insurance http://www.b-h-a.com/packaged-coverages-contractors-consultants and visit Beacon Hill Associates http://www.b-h-a.com.

Author Bio: Learn more about Environmental Consulting Insurance here and visit Beacon Hill Associates here.

Category: Business Management
Keywords: Environment, Insurance, Business