4 Ways Renewable Energy Insurance Can Benefit Your Company

millions of dollars in cleanup costs and lawsuits. Pollution coverage will help cover the cleanup costs. It will also help defray the costs of any lawsuits brought by third parties. In addition, this kind of coverage will protect not only fuel spills on your own property, but also spills in transit to wholesale or retail dealers.

3. Costs arising from workers compensation claims

The risk of employee injury is quite high for businesses within the energy sector. Adequate safety programs to protect your workers from injury are important to them and to you, since the cost of current claims affect your future workers compensations premiums.  An insurance carrier that specializes in the energy industry should be able to assess your business and help you put policies in place that reduce the amount of risk you and your employees face.

4. Losses due to equipment breakdown

Equipment is bound to wear out over time, which is expected and not typically insured.  Equipment breakdown though may be unexpected and catastrophic.  If you lose a piece of equipment, you lose income as well. The proper coverage will help you replace or repair the equipment and will assist with business interruption coverage. This means that any income lost due to the broken equipment will be replaced by your insurance coverage.

Risks abound in the energy sector, but if you have a comprehensive specialized policy, you