Solar Farm Insurance in Vermont

What is Solar Farm Insurance?

Running a solar farm comes with a certain amount of risk, and those risks include both general risks and ones that are particular to the solar industry. Solar farm insurance helps solar farms in Vermont protect themselves from many of the risks they’re exposed to.

Solar farm insurance policies are specially crafted commercial insurance policies made for solar farms and similar businesses. Most policies are written as package policies that come with multiple protections, and businesses can normally adjust the protections in their particular policies so that the coverages are well-suited to their situation.

What Factors Impact How Much Solar Farm Policies Cost?

Insurance companies look at a wealth of variables when setting premiums for solar farm policies. A few of the items that might influence how much a policy costs include:

How involved the farm is in constructing solar panels
How tall projects are if the farm is involved in construction
Where the farm’s operations are located
What coverages and limits the farm chooses
How many insurance claims the farm has filed

Whatever premiums paid are generally tax-deductible so long as the insurance is solely used to protect a business. (Farms should consult a qualified tax professional before deducting any expense, as tax laws can change and must be applied to particular situations.)

What Coverages Do Solar Farm Policies Offer?

There are many different policies that solar farm policies might offer. Lots of these coverages can be grouped as property or liability protections, but there are other protections as well.

Some of the property-related protections that policies often make available are:

Commercial Property Coverage, which may protect company facilities and equipment
Inland Marine Coverage, which may protect company equipment while it’s being transported to or from a site
Equipment Floater Coverage, which may cover the cost of materials and labor invested in a project during construction
Equipment Breakdown Coverage, which may cover malfunctions of essential equipment

Some of the liability-related protections that policies often make available are:

General Liability Coverage, which may cover common accidents that harm third parties or their property
Professional Liability Coverage, which may cover errors made when developing software or doing other work
Cyber Liability Coverage, which may cover online attacks and data breaches
Commercial Umbrella Coverage, which may afford additional liability protection in the event of an expensive lawsuit

In addition to these, policies can frequently also include commercial auto insurance and business interruption coverage. Business interruption coverage normally provides supplemental payments if revenue decreases following a covered incident, and it may provide coverage for incidents that affect owned and/or leased equipment.

An insurance agent who specializes in solar farm policies can help farms make informed coverage decisions when comparing policy options.

Does Bodily Injury Coverage Cover Employees’ Injuries?

The bodily injury coverage found in general liability policies is typically meant to cover certain injuries that are sustained by third parties, such as customers and vendors. In most cases, this coverage doesn’t extend to employees who suffer on-the-job injuries.

Workers compensation coverage is the insurance that’s normally designed to cover employees’ on-the-job injuries and illnesses. Most insurance agents who are familiar with general liability policies can also help businesses find workers compensation policies (as well as liquor liability and product liability policies).

What is a Solar Revenue Put?

A solar revenue put generally serves as an assurance that a solar farm will produce a minimum amount of power. If the farm doesn’t meet the minimum threshold, the put usually provides payment.

Solar revenue puts are becoming increasingly common, and some solar farms may need one to acquire financing. Because these are so uniquely specialized and different from traditional insurance protections, though, they’re usually procured as separate agreements. A specialized insurance agent may be able to help with searching for a put, or they might be able to provide a referral to a company that offers puts for the solar industry.

What Vermont Businesses Need a Solar Farm Policy?

The vast majority of solar farms in Vermont should have a solar farm policy. These businesses are generally exposed to a variety of risks, and this is usually the type of insurance that best protects against those risks.

How Can Solar Farms in Vermont Get Solar Farm insurance?

For help insuring a solar farm in Vermont, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have the expertise necessary to find you a policy that provides the protections your farm needs, and they can show you multiple available solar farm insurance policies from different insurers since we’re an independent agency.