Many businesses are moving towards green energy initiatives. Several of these companies are drawn to the benefits of these initiatives.
The initiatives save them money. They reduce their dependency on fossil fuels. And, they help to build a reputation for being a green company.
Yet, installing systems like solar panels can be expensive. These assets are often quite large, and they bring significant risks with them.
Additionally, not all commercial property insurance policies automatically cover these structures. So, some further research is required. Consider the following questions.
What Do You Own?
When investing in solar panel systems for your business, determine if you own or will lease them. Some solar panel companies allow users to lease the solar panels from them. This means your company does not outright own the panels.
In this case, the company that owns the panels has an obligation to maintain them. That generally means they are responsible for the insurance on the panels.
If you own the panels, on the other hand, you must maintain property insurance. This will ultimately help to ensure your investment in those assets have protection. This is an important first step to take.
What Are The Liability Risks?
Most often, business owners consider the commercial property insurance they need for solar panel systems. There is also a higher liability risk with these items. Systems accessible to third parties or customers can put those individuals at risk. If they are not well maintained, they could fall and create greater damage. With these risks in mind, the goal is to ensure you have ample liability insurance in place.
How Does Your Existing Policy Meet Your Needs?
If you own solar panels, talk to your Bruening Insurance agent. Discuss the value of these items. Discuss the current value of your total coverage. Then, adjust your business insurance coverage to match this risk.
Your goal will always be to have ample coverage to protect your assets. This includes protection from theft, vandalism, lightning, and wind damage. Be sure that you understand which incidents your policy covers, too. It is the combination of these factors that play a big role in your long-term outcome.
Commercial property insurance should be thorough. And it should represent all assets at your location. With the right policy, you do not have to worry about the costs associated with managing your business.
So, get started today! Update your policy with your Bruening Insurance agent.