The way our culture thinks about environmental issues has changed dramatically over the past several years. People are more educated and aware of problems stemming from pollution releases and are more willing to take legal action against each other. While some businesses are required to carry coverage, many don’t understand the impact of a pollution release until a lawsuit is brought against them. And with recent high profile pollutionrelated lawsuits ranging from six figures to well over a billion dollars, all it takes is one claim for a company to be forced to close its doors.
It is not just a “courtesy” to discuss specialty coverages with your insureds, it has become an important part of your commitment to your clients.
What can happen if you don’t offer Pollution Coverage to your clients?
You lose opportunities to maintain & grow your book of business.
Every account has a pollution exposure, whether it relates to the insured’s operations, site, transportation, or disposal. Adding Pollution coverage to an account generates additional revenue and helps to secure the future renewal.
Your clients will discover that you aren’t addressing all coverage concerns.
Discussing pollution exposures and related coverages demonstrates your competence and ability to provide superior service. Not only does this show your agency’s expertise, it provides broader coverage for your client and builds trust.
If you don’t offer it, someone else will.
Most agents are aware of the importance of offering Pollution coverage and are well versed in the potential claims that can result from pollution releases. Environmental lawsuits are at an all-time high and coverage to offset the risk is available and competitive. If you aren’t discussing this with your clients, not only could this be an E&O exposure for your agency, it will leave you vulnerable to losing the business.
For more information on pollution exposures and the coverages to address them, please contact the SPG Environmental team today.