Site Pollution Insurance for Cannabis Businesses

What is Site Pollution Insurance for Cannabis Businesses?

Site pollution insurance protects your business for costs associated with testing, remediation, and liability associated with pollutants found on your site, whether they were there before or after your business moved to the location.

Certain cannabis businesses work with large volumes of chemicals, both organic and inorganic. Chemical spills can happen, sometimes waste is disposed of improperly, or soil tests by the EPA show that there are pollutants that need to be cleaned up. Many cannabis businesses are zoned in industrial areas, and the typical industrial business will have some pollutants on site. With site pollution, your business is protected from legal liability, environmental liability, and remediation for having hazardous material found on your property (asbestos, led paint, mold, etc.).

Contractor’s Pollution & Liability Coverage

If your business you to transport materials that, if spilled, would cause damage to rivers, dirt, or the environment in general you will want to consider contractor’s pollution.  Contractor’s pollution differs from site pollution by following your employees and work from location to location while site pollution is limited to your business’s location.

What are the benefits of having site pollution insurance? 

Defense Coverage

Much like the budding cannabis industry, environmental liabilities are relatively new and can drag your business into endless litigation. If you’re sued for injured third parties, or if you’re facing penalties due to broken government regulations, your court defense could cost your business hundreds of thousands by the time it’s all said and done.

With site pollution coverage, you can rest assured that should you ever find yourself facing litigation, your policy should be able to mitigate most – if not all – of the costs.

Clean-up Efforts

If you’re legally liable for cleaning up contaminants, site pollution insurance will help cover a portion of the costs. Speak with your insurance specialist about stop-loss policies that put a limit on the amount that your company will be responsible for handling during the clean-up phase.

This will especially come in handy if additional pollutants are identified as you’re cleaning up the original environmental hazard, which could significantly escalate costs.

Specialist Assistance

A site pollution claim isn’t as simple to sort out as a car accident. In many instances, you’ll have to deal with government officials, angry neighbors, and the press.

With site insurance pollution coverage, you’ll be working hand-in-hand with specialists who can offer guidance as well as damage control for your business. It’s easy for business owners to feel overwhelmed when dealing with so many factors at once, but with specialist assistance, you can rest assured you’ll be making the right moves every step of the way.

Mitigates Damages to Third Parties

Businesses who find themselves on the wrong end of site pollution litigation are often less concerned about the time needed to clean up the environmental liability, and more so focused on the combined costs of property damages, bodily injury, and the loss of third-party business income.

These expenses can seem nearly bottomless and can spell doom for smaller businesses. Site pollution insurance provides coverage should you encounter this situation, providing a financial buffer against potential bankruptcy.

Tips for Choosing Site Pollution Insurance

Ensure your Policy Covers All Business Risks

Check with your insurance agent to ensure your insurance policy covers all of your business risks. There may be exclusions in your policy that may catch you off guard if you’re not thorough, so it always pays to read between the lines.

Find a Qualified Broker

You must work with a qualified broker that understands not only the ins and outs of your business but also your industry. That way, they can craft a coverage policy specifically tailored to meet the needs of your business.

Ensure your Coverage is Enough to Cover your Policy

Settling for the cheapest policy may be tempting, but you may come to regret your decision if a customer files a claim against your business. Take the time to pick the policy best suited for your business, even if you have to pay a higher premium.

Get a Site Pollution Insurance Quote

For a quote or to learn more about site pollution insurance, reach out to us today.

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