Even if you ask around, insurance people will tell you that any business necessitates the owner to have commercial property insurance. However, if you manage a company that has to do with the energy sector, your company needs to have renewable energy insurance. In this article, we’ll discuss the important things you need to know about this specialized coverage.
Renewable energy insurance is a type of plan that specially addresses concerns that are unique to the energy sector and not usually covered by a commercial policy. This kind of policy provides you and your business protection against the following:
* Property damage – covers damage such as lightning destruction to a wind mill during a storm;
* Equipment breakdowns – if any machinery is damaged and taken off-line, this policy will provide coverage for income loss and repairs;
* Business interruption – if your equipment damage interrupts your business, your lost income can be replaced;
* Workers compensation – protects your company and pays the medical and legal fees if an employee is injured on the job;
* Liability insurance – basic coverage if your company is held liable for injury or property damage to a third party;
* Business auto insurance – protection for the company’s vehicle fleet;
* Umbrella policy insurance – protection over and above what your basic liability policy pays out in the event of a catastrophe;
* Pollution insurance – if you have a chemical or fuel leak that requires cleanup and possible incites allegations from third parties.