The ongoing drought across Alberta is creating bigger risks for businesses. With water resources stretched thin, pollution incidents are a growing concern.
EDMONTON, ALBERTA, CANADA, March 19, 2024 /EINPresswire.com/ — The ongoing drought conditions across Alberta are creating heightened risks for businesses, particularly those in the agricultural and oil sectors. With water resources stretched thin, the potential for accidental pollution incidents is a growing concern.
“Many businesses may not realise that their standard insurance policies likely offer minimal or no protection against environmental damage claims,” says Jean-Ryan Lim, Insurance Broker – Specialty Market UW Insure Brokers. “Pollution liability insurance is specifically designed to cover the costs associated with cleanup, lawsuits, and loss of income resulting from pollution events.”
What Does Pollution Liability Insurance Cover?
Remediation Costs: Covers expenses involved in cleaning up pollution, such as soil decontamination or water treatment.
Third-Party Claims: Protects against lawsuits from individuals or businesses affected by released pollutants.
Legal Defence: Covers legal fees associated with pollution-related litigation.
Business Interruption: Can help cover lost income if a pollution incident forces a business to temporarily shut down.
Why Do Businesses Need Pollution Insurance Now?
The current water shortage increases the risk of:
Accidental spills or leaks of hazardous materials during transport or handling.
Contamination of water sources due to agricultural runoff or oil operations.
Increased potential for environmental fines or penalties due to non-compliance with regulations.
“Don’t wait until a disaster happens to discover gaps in your coverage,” urges Jean-Ryan “Pollution liability insurance offers peace of mind and essential financial protection in an increasingly uncertain environment.”
UW Insure Brokers is committed to helping Alberta businesses assess their environmental risks and find the right pollution insurance solutions. Contact us today for a free consultation.
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About UW Insure Brokers
UW Insure Brokers is your trusted partner for innovative insurance solutions. With our award-winning InsurTech subsidiary, UW InsureTech, we harness the latest technology to streamline your insurance experience, saving you time and making the process hassle-free. Our team of experienced brokers offers a comprehensive range of property and casualty insurance products, providing you with tailored coverage and expert guidance to protect what matters most.
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