When it comes to insuring your business, knowing what you are not covered for under general liability policies is as essential as knowing what you are covered for. When it comes to pollution liability insurance in New Jersey, most businesses deemed to be at risk for pollution-based damages will need to purchase pollution liability insurance separately from other more general policies.
Taking Care of Business
In general, businesses that deal with hazardous materials or if there is the risk of harm being caused by contaminants or corrosives such as chemicals, toxic gases or fuels could be held responsible for clean-up costs and damages. This can include transportation businesses or contractors working in the construction industry, both commercial and residential. Companies that are engaged in demolition services or excavation work may also need this gap coverage. With more awareness of environmental issues and with such damages not covered by general policies, it can be beneficial to work with your insurer to devise a customized policy to ensure the best coverage. Some pollution liability insurance in New Jersey policies will also cover legal defense costs and you should make sure that you know if this is included in any policy you take out.
Beyond the Bottom Line
No one wants to cause harm to people or the environment during the course of running their business. In addition to work disruptions and costly legal claims, pollution-related incidents can cost a company dearly in terms of public relations. Having pollution liability coverage not only protects you should an incident occur, but it can also be a shield against negative public relations which can cost you future business. Being insured can demonstrate that you are a responsible business owner.