4 Ways Renewable Energy Insurance Can Benefit Your Company

4 Ways Renewable Energy Insurance Can Benefit Your Company

If you own a business within the energy sector, specialized renewable energy insurance coverage can really help save your bottom line. While you probably carry commercial property insurance, that type of coverage does not address all the unique problems that your business faces on a daily basis. A specialized policy will fill in all the gaps and keep you covered in case of an accident. Here are four ways you can benefit from renewable energy coverage:

1. Losses due to property damage

Let’s say your company’s primary assets consist of a wind power facility. A tornado hits your wind farm and damages the blades on several turbines. Depending on how your coverage is structured, you may be faced with one or several deductibles.  A single turbine can cost million to construct, and replacement parts are hard to come by.  You could face a loss of income until you can get your turbines back on line.  Specialized coverage will help you pay for the repairs and will cover the lost income your company suffers until it is back online.  The difference between a well constructed wind energy insurance program and a standard program could mean millions of dollars in your costs and the possible bankruptcy of your company.

2. Problems arising from pollution

If you are a biodiesel producer, then you need comprehensive pollution coverage. All it takes is one fuel spill to cost your business