As a recycling company, it is important to have the right insurance in place to protect your business. There are several types of insurance that are essential for recycling companies, including property coverage, general liability insurance, and commercial auto insurance.
Let’s take a closer look at recycling industry insurance.
Recycling Industry Insurance Must-Haves
As a recycling company, you are exposed to a number of risks. That’s why it’s so important to have the right insurance in place. Here are some of the must-have types of recycling industry insurance:
Property Coverage
If you own a recycling facility, you will need property coverage to protect your building and contents in the event of a covered loss, such as a fire. This coverage will also protect you if your recycling equipment is damaged or destroyed.
General Liability Insurance
General liability insurance will protect your recycling company from third-party claims of bodily injury and property damage. This type of insurance is essential if you have customers who visit your recycling facility.
Commercial Auto Insurance
If you have company vehicles, you will need commercial auto insurance to protect them from damages. This type of insurance will also cover the costs of repairs if your vehicle is involved in an accident.
Worker’s Compensation
If you have employees, you will need worker’s compensation insurance to protect them in the event of a work-related injury or illness. This type of insurance will cover the costs of medical treatment and lost wages.
Other Recycling Industry Policies
In addition to the types of insurance listed above, there are other recycling industry-specific policies that you may need, such as pollution liability insurance. This type of insurance will protect your recycling company from third-party claims arising from environmental pollution.
Recycling Industry Insurance Challenges
One of the challenges of recycling industry insurance is that it can be difficult to find insurers who are willing to provide coverage. This is due to the high risk involved in recycling operations. As a result, recycling companies often have to pay higher premiums for their insurance.
Another challenge facing recycling companies is that insurers may exit the marketplace altogether. This has been a problem in recent years, as a number of insurers have stopped offering insurance coverage to the recycling industry. This has made it even more difficult for recycling companies to obtain coverage.
To overcome these challenges, recycling companies should work with a broker who specializes in recycling industry insurance. A broker can help you find the coverage you need at a competitive price.
Recycling Industry Insurance Costs
The cost of recycling industry insurance will vary depending on the types of coverage you need and the amount of risk your recycling company faces. However, you can expect to pay higher premiums for this type of insurance than you would for other types of business insurance. Average costs range between $5,000 and $10,000 per year.
Conclusion
As a recycling company, it is essential to have the right insurance in place. There are a number of must-have types of recycling industry insurance, including property coverage, general liability insurance, and commercial auto insurance. While recycling companies often have to pay higher premiums for their insurance, the costs are necessary to protect your business.