Green Business Insurance
Green businesses have started to grow in number in the recent years due to the dangers posed by global warming. However, since they are new, the insurance industry has given very little support to these new businesses.
Find out what green business insurance policies are and how important they are to these businesses.
With the effects of global warming coming up on us these days, there has been an emphasis lately on turning green. That includes businesses as well. There are more and more of the so-called “green” businesses joining the market everyday.
However, these businesses are not that special. They are unique from the other businesses, but these green businesses need protection as well. Because they are different from other companies, these green businesses need custom insurance to better suit their needs.
One type of green business insurance is the green building insurance. It has all the features of a standard building insurance policy. It covers you for any damage to your building property in case of events beyond your control like fire, earthquake and other calamities. However, it has coverage for things that are not otherwise covered by standard policies. For example, if you’re converting to a green business then you would have to spend a lot of money on reconstruction work in order to comply with the standards of an eco business. Green building insurance, unlike standard policies, will compensate you for that.
The problem with green businesses, however, is that so few insurers offer policies that are suitable for these kinds of businesses. You can also be sure, though, that no matter how few they are there are still some insurance companies that provide support for green businesses. Here are some examples:
Although not an insurance policy in its own right, a company gains compensation packages from the Fireman’s Fund each time it takes steps to become friendlier to the environment. For example, if a company installs a solar power system in its property, then it is made liable to receive packages from the Fireman’s Fund.
In addition to that, the Fireman’s Fund together with the American International Group Inc. and the Liberty Mutual Insurance company provides compensation on behalf of green companies in case of damages to their building properties like the green business building insurance described above. All a business needs to be eligible to apply for these insurance policies is to hold a Leadership in Energy & Environmental Design certification from the U.S. Green Building Council.
Since they are new to the market, it is fairly normal for insurance companies to shy away from providing policies to these businesses. Risk is what drives this action. However, it is evident that these companies are beneficial to the world in the long run and would need the support of insurance providers in order to prevent losses and disaster.
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