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Eco-Friendly Business: 6 Types Of Insurance Sustainable Business Should Have

Did you know that earth’s temperature rises by 0.14° per decade? Climate change is no longer a government problem but everyone’s problem. After all, we’re feeling the effects of climate change every day.

So, what can you do to promote a greener and healthier earth? Simple: adopt green practices at home and conduct sustainable business. You can conduct eco-friendly business in various ways. One of them is by buying sustainable insurance covers.

Not sure what they are? Read on as we explore the insurance covers every sustainable business should know.

1. Green Building Insurance

It covers buildings that meet sustainability standards provided by bodies like Energy Star. Insurers offer incentives to encourage commercial building owners to use sustainable building materials. This aims to conserve energy and water to reduce pressure on Mother Nature.

Many insurers offer to help commercial building owners design their buildings from scratch. They also cover green technologies like radiant ceilings to encourage green building solutions.

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Depending on your insurer, this cover can also act in a similar manner as mortgage protection insurance. It can pay off your commercial real estate loan if you die before finishing payments.

2. Green Agriculture Insurance

This is a must-have cover if your business is agriculture-based. There’s a high demand for high-quality agricultural products, but agriculture is risky. Predicting climate changes has become challenging, exposing farmers to unpredictable weather risks.

Green agriculture insurance covers you if unprecedented changes occur and damage your crops. It also offers subsidies for buying more sustainable technologies. You don’t have to break the bank investing in sustainable business practices.

3. Renewable Energy Insurance

Let’s face it: The initial costs of switching to renewable energy sources are astronomical. Luckily, you can protect your business by buying a renewable energy insurance cover.

This insurance cover protects you from risks in the transitioning phase. This includes risks like injuries during installation, business interruptions, and revenue loss.

4. Green Travel Insurance

Does your business involve a lot of traveling? If so, you’ve most likely already heard speeches on the impacts of traveling on the environment.

Luckily, you can offset the environmental impacts of travel by buying this cover. It mitigates pollution by donating a fraction of your premiums to environment-based businesses. This offsets your carbon footprint, allowing you to contribute to a healthier earth.

5. Green Car Insurance

This insurance cover offers two main options. The energy-efficient car option discounts your premiums if you buy an electric car.

The second, the Pay as You Drive (PAYD) option, offers incentives for driving less. You can get discounts on your premium payments if you don’t drive your regular car often.

6. Green Liability Insurance

Though not closely tied to sustainable materials, this insurance offsets negative environmental impacts. That’s because insurers who offer it partake in sustainable practices.

They may take part in reforestation efforts directly or donate to environmental projects. Why buy your insurance from a company that doesn’t care about the environment when you have this option?

Buy The Right Insurance To Run A Sustainable Business

Running a sustainable business has never been as vital as it is today. You can play your role by choosing the insurance covers discussed in this article.

Some, like the renewable energy cover, contribute directly to a greener earth. Others like the traveling and car insurance covers, do so indirectly.

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