Solar is big business and for a good reason. The cost of solar panels in the US has dropped, making solar a competitive energy option for many households. More than 250,000 people work in the solar industry in the US as installers, developers, contractors, salespeople, and more. There are over 3 million solar installations producing enough energy to power close to 19 million homes, so the market potential for growth is untapped.
The solar industry has unique insurance needs, though, so businesses in the field need to understand and plan for their insurance coverage requirements. There are some specialty insurance products that could be useful for solar businesses.
Commercial General Liability Insurance
Commercial general liability insurance or a Business Owner’s Policy is a starting point for most commercial ventures. The coverage provides protection for property and liability losses common to many businesses. It is broad coverage but does not cover all the specialty risks your solar business faces.
Solar businesses may need a Builders Risk policy, which is insurance coverage designed to help protect property in the course of construction. Your property at the worksite and stored offsite can be covered by a Builders Risk policy.
Cyber Risk and Privacy Insurance
If your solar business has an online presence or does any business digitally, it could be at risk for a data breach or cyber-attack. It can be expensive to recover your data after an attack, and the loss of business and goodwill from impacted customers can cost time and money. Cyber and privacy insurance can help protect your business from these growing risks.
Excess or Umbrella Insurance
Your solar business may benefit from the extra protection afforded by excess limits on your policies or by purchasing an umbrella policy to give you additional coverage. Ask your agent for more help deciding if excess or umbrella insurance is right for your solar company.
Workers’ Compensation is often mandatory coverage, depending on how many employees you have. It is designed to protect your employees and your company. Solar installment contractors face a risk of injury when on the job, so a sound risk management plan to accompany Workers’ Compensation coverage is important.
The solar industry is growing, and along with that growth comes new and heightened risks. Companies in the industry employ solar developers, installers, contractors, and others. There are lots of hazards these professionals face, so your solar business needs to have the right insurance coverage in place.
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