Environmental pollution is a huge area of concern in India. A recent study by the Lancet Planetary Health blamed pollution for the death of roughly 24 Lakh people in a year.
The major culprit? Air Pollution, around 51% of which comes from industrial activities. Companies operating in the chemical, transport, energy, fashion and construction industries account for the bulk of pollutants.
Environmental issues need to be dealt with rapidly in order to prevent further damage. And one way businesses can do this is through Pollution Liability Insurance.
This policy helps businesses cover the cost of restoring damage caused by air, water, or land pollution. The cost of cleanup after a spillage or accident, property damage claims, and compensation for illness or injuries caused to third parties can all be covered under a Pollution Liability policy.
This ensures that the business is financially well equipped to handle the immediate consequences of both sudden and gradual pollution conditions. Although more commonly available in the UK and EU countries, Pollution Liability Insurance can also be availed in India through select insurers.