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Liability Insurance for Waste Businesses

Liability Insurance for Waste Businesses
Liability insurance for waste businesses is an area of our industry which has faced some challenges over recent years.   The risk profile of waste and recycling businesses can be difficult to assess and there is never a one size fits all insurance solution.  

There are a number of factors, including technology, which can either increase or decrease risk for individual sites and these need to be carefully considered when assessing the risk profile of individual businesses.  

Industry nerves...

The insurance industry has become nervous following high profiles fires and, albeit reducing, there are still high rates of workplace fatalities.   The rate of workplace fatalities within the waste and recycling industry is currently 15 times greater than the average across all industries. This is enough of an issue for the HSE to prepare a report, published earlier this year, looking at the common human factors involved in these incidents. 

The increase in serious fires at both regulated and unregulated sites is also currently newsworthy – see our previous blog 'Focus on waste site fires' for more on this.   Little wonder then that the relationship between the insurance requirements of the waste industry and the appetite for risk within the insurance sector are at odds with one another. 

Premiums on the up

This has meant that some waste businesses, particularly smaller sites, are finding it more difficult to obtain comprehensive and affordable business insurance, especially covering plant, property and liabilities.  The exit from the market by some larger insurers has meant that premiums have been driven up, at the same time as available policies are including more restrictive terms and conditions. 

Help arranging the cover you need

So, how can you make sure your waste and recycling business can access the cover it needs when arranging liability cover? 

  • Make sure you have a detailed and well considered Health and Safety policy in place. This will show that you are taking safety and risk seriously.  It is important that you are seen to be actively taking steps to minimise your risk profile. 
  • Use a specialist broker like GM to do the leg-work for you.  They will know which insurers are best to approach for your specific business.  It is also likely to save you time and hopefully money as well 
  • Don’t rush it.  Allowing adequate time to get cover in place is essential. It may be necessary to have a site inspection to properly assess risk.   Liability cover for waste businesses is not the sort of thing you can arrange in an afternoon – be prepared to take a little time to ensure you are getting the correct cover at the right price. 

Experts in Waste and Recycling

GM have been part of the waste and recycling industry for a number of years and, alongside our extensive experience in the sector, we have access to exclusive policies you wont find anywhere else.  For an initial discussion and a no obligation assessment of your current insurance arrangements, get in touch with our knowledgeable team now.       

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