Some modern entrepreneurs are in search of ways to reduce their carbon footprint. Business owners who are looking for environmentally friendly methods to deliver their products and services may encounter obstacles. They may be required to make significant investments in new equipment to change their business processes. Fortunately, the insurance industry is making it easier for businesses to go green. Here’s how.
Green Endorsements: Business owners may be able to add a green endorsement to their commercial property insurance. Options include Green Materials and Equipment endorsements and Green Construction and Related Costs endorsements. The first covers the additional cost if you decide to rebuild with environmentally friendly equipment that is more expensive than your original property. The second covers the cost of green certification, design, and engineering.
Green Coverage: Other customizable options may be available to further your green efforts. For example, you may need longer business interruption coverage to allow time for green rebuilding. You may also need expanded policies to cover new environmental features that would extend beyond standard coverage.
Green Savings: Your green initiatives may result in savings on your insurance premiums. Does your business use hybrid vehicles? You may be eligible for a discount on your commercial vehicle policy. Have your green construction methods made your building more stable and disaster-resistant? You may be able to save on your property insurance. Contact your insurance agent for more details.