As the UK accelerates its transition to renewable energy with wind, solar, and hydro power playing key roles in the transition to net zero emissions, businesses in the sector face unique challenges and risks.
While general commercial insurance policies provide some protection, they often fail to address industry-specific exposures. That’s why renewable energy businesses need specialised insurance to safeguard their operations, assets, and financial stability.
Unlike traditional businesses, those in the renewable energy sector encounter complex risks, including:
Businesses must stay ahead of potential risks. At Omni Davis, we can help with insurance solutions for renewable energy companies, providing customised policies that offer complete protection.
A tailored insurance solution helps ensure comprehensive cover for the unique requirements of renewable energy businesses. Standard commercial insurance policies often have exclusions or limits that leave renewable energy businesses vulnerable. Key types of cover include:
– Material Damage Insurance – Covering physical damage to stock (including lithium-ion batteries) & contents from natural disasters, fire, and theft.
– Business Interruption Insurance – Compensating for revenue losses due to catastrophic incidents to their premises.
– Liability Insurance – Protecting against third-party claims, such as accidental spills, pollution, or damage to ecosystems & environmental damage, as well as any claims from employees, this can be costly
Case Study: How We Helped a Solar Panel Business Optimise its Insurance
At Omni Davis, we recently worked with a solar panel wholesale and installation company to review their insurance cover, helping ensure they had the right protection while reducing unnecessary costs. The renewable energy sector is growing rapidly, with solar power playing a crucial role in the UK’s transition to net zero emissions.
The client, a well-established solar panel business with over 10 years of experience, was experiencing significant growth due to the increase in demand for renewable energy solutions. As their work load expanded, they realised the need for a review of their insurance policies. Upon assessment, we identified several issues:
– Their insurance was spread across multiple policies with different insurers, leading to extra admin
– There were gaps in cover that left them exposed to potential risks
– Some areas of cover were duplicated, resulting in unnecessary costs
After a detailed review, we restructured their insurance policies to provide better protection and cost efficiency.
While online quotes may seem like a quick solution, they can leave businesses exposed to risks. Working with an experienced broker ensures you get tailored cover, expert advice, and cost-effective solutions.
At Omni Davis, we specialise in finding the right insurance for businesses.
Contact us to discuss your needs and secure the best protection for your business.
