Business Insurance for Recycling Centers
Recycling centers are excellent modern business opportunities. Some centers travel around to pick up recyclable materials through a municipality contract. Other recycling centers simply process materials that are brought to them by consumers, groups and individuals. Regardless of which approach you use for your business, carrying the right types of business insurance protection is critical to its success.
General liability is a broad level of business insurance that helps protect your customers at the same time it protects your recycling centers. This insurance is designed to help prevent your company from suffering massive financial losses when accidents happen or lawsuits arise. General liability grows with your company so that when you add new recycling center locations they’re automatically covered from the start.
General Liability Insurance Includes:
- Premises Liability – Premises liability coverage is particularly important for recycling centers that allow drop offs by customers. If a customer or other person is injured while they’re on your business premises, they may sue your company for the medical and recovery bills they incur because of the accident. Premises liability can pay those bills so that your company does not have to.
- Products Liability – Products liability protects your recycling center when you sell products to your customers. If you sell a specialized collection bin for recycling materials for example, and that product is later found to be defective and harmful to your customers, those customers may sue your company for selling them the product. Products liability can help pay your legal defense fee and the customers medical bills or award claims.
- Completed Operations – If your recycling company picks up customers recyclable materials, they may sue your company after you have completed the services. If your customers feel that your completed operations caused them harm in the form of bodily injuries or property damages, they may sue your company. Completed operations coverage can pay for your litigation expenses as well as the customers medical bills or property damage repairs.
Business Owners Policy
General liability insurance is automatically included in another type of small business insurance known as a business owners policy, or BOP. A BOP provides you with direct protection for your business assets.
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance protects your company when auto accidents happen. This is particularly important coverage if your recycling center provides pick up services to its customers. Business auto insurance pays for physical injuries and property damages caused in an accident. Additional levels of coverage can protect your vehicles from losses due to theft or damages caused by natural events.
Workers comp insurance provides protection to your recycling center employees. If they are injured while performing their work duties, workers comp coverage pays for their medical bills.
Umbrella insurance can give your company extra protection. If your other business insurance policies reach their maximum limitations on a claim, your umbrella policy can take care of the difference.