Pollution liability insurance is essential to have, primarily if you work in a business that carries hazardous materials. The purpose of pollution liability is to protect carriers from business-related damages caused by hazardous materials. Once you understand the need for pollution liability insurance in OH, you can protect yourself as a business owner or independent contractor.
Why Do You Need Pollution Liability Insurance?
In the past, insurers included pollution liability under standard general liability coverage. Unfortunately, past the mid-1980s, insurance companies excluded pollution liability and made it a separate coverage. As an employer or independent contractor, you may have noticed that various jobs will ask you to show proof of pollution liability insurance in Ohio.
Accidents that require environmental cleanup can you or your company millions of dollars. When you think of hazardous waste cleanup, you may think of major companies and the costs of a significant disaster. For example, you may know that pol spills can cost billions of dollars to clean up, particularly when big oil rigs are involved. However, an oil spill of only eight gallons can cost about $40,000. You may be surprised to learn that in the case of oil spills, a gallon of oil costs more per gallon for minor spills.
Fortunately, pollution liability insurance can cover you and your employees if another party files a lawsuit against you due to the incident or you need to pay for cleanup costs.
Who Should Seek Pollution Liability Insurance in Ohio?
You need coverage if your career or company has a hazardous waste exposure business. Industries that require coverage include:
- Construction
- Asbestos abatement
- Waste depositories
- Excavation
The coverage could be helpful even in industries where you don’t have to deal with hazardous waste consistently. For instance, carrying protection might still be beneficial if you own an industrial site.
You cannot always guarantee that inspectors before you owned property, did their due diligence and ensured no underlying hazards. In some cases, people discover hazardous waste years after an inspection. Likewise, the laws on environmental liability are subject to change. If you do not have proper protection in the form of pollution liability insurance, it can spell disaster for your company.
What Types of Pollution Does This Cover?
While most people understand the need for this coverage when handling oil, other materials require hazardous waste cleanup or could harm others. Some common pollutants include:
- Petroleum
- Lead paint
- Contaminated soil
- Paint
- Varnish
Environmental coverage can protect disposal companies or owners of landfills. What happens if one of your trash haulers picks up improperly dumped chemicals? Those chemicals can leak into storm drains or contaminate other people’s property. This insurance plan covers many common chemicals that people may dispose of incorrectly.
Seeking Pollution Liability Insurance
Pollution liability insurance is typically an add-on or standalone policy for independent contractors and business owners. In some cases, you may find coverage with other commercial policies. If you own a landfill, industrial site, or if your business regularly disposes of hazardous waste, then pollution liability insurance in Ohio is necessary.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
