Given the poisonous nature of chemicals, those companies dealing with the matter – whether liquid, solid or gas – need a special form of insurance protection.
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Chemical Manufacturer Insurance
Businesses that manufacture chemicals must have significant liability insurance limits to shield them from lawsuits associated with the involved perils. The considerable environmental impairment risks add to the challenge as well. Due to the corrosive character and risk of explosion when chemicals are mixed, Property and Business Income coverage is a difficult focus.
Workers Comp exposure is extremely elevated, necessitating wide ranging loss preventive management. In addition, Commercial Auto and Inland Marine exposures differ according to the manner in which chemicals and base elements are transported.
Chemical Distributor Insurance
Chemical distributors are much like chemical manufacturers in regard to insurance protection.
Chemical distributors must have significant liability limits. This is to protect them from environmental impairment lawsuits that may occur as a result of a possible discharge of storedand distributed chemicals.
Chemical Distributors also face considerable Workers Comp exposure because of the noxious character of the products in addition to the catastrophic potential for an explosion. Moreover, related property and business income exposures present challenges.
Associated auto exposures include standard motor carrier issues plus environmental impairment risks that occur in a collision.
Various forms of insurance protection for the chemical manufacturer and distributor:
- Business Income
- Commercial Auto – Fleet
- Inland Marine
- Commercial Umbrella
- Crime and Employee Dishonesty
- Workers Comp
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Summary: Those that manufacture or distribute chemical products have unique exposures that require unique insurance protection.