IS GOING GREEN A GOOD BUSINESS DECISION?
Naturally The Environmental Business Is Growing
An Overview Of The Green Industry In The USA
The environmental technology industry is prominent in the United States market. The industry comprises 25 percent of the international market, valued at approximately $1.8 trillion. An estimated 114,000 firms in the industry provide employment for roughly 1.6 million workers. An expanding market, the market in the United States single-handedly brings in $345 billion revenue. Of this, 54 percent derives from services, 21 percent from equipment and 25 percent from resources. Small and medium-sized businesses comprise the vast majority of the industry, specifically 99 percent. Although large corporations comprise the remaining 1 percent of the industry, it is responsible for approximately 44 percent of industry revenue, more than doubling the 18 percent that small and medium-sized businesses achieve. The public sector leads the supply of water utilities, sewerage treatment works and waste management services.
Business Risks In The Environmental Technology Sector
The environmental technologies industry is prone to dramatic change. Historically the sector has been dynamic, and the trend is expected to continue. Despite this, it is seen as a thriving industry. Nonetheless, the the environmental technology industry is prone to risk. The securing of appropriate insurance against potential risks and loss by businesses within the industry is likely to encourage prolonged investment. Measures like these measure will make the industry appear viable to potential stakeholders. Improved environmental research and the production of innovative technology and materials come at a price that many start-ups, small businesses and established or larger businesses are prepared to pay.
The Global Risk Report addresses environmental risks which may be encountered within the sector. As of 2018, the vast majority of overall risk is dedicated to extreme weather events, pollution and failure in climate change mitigation. We cannot control external factors such as these, but we can change the way we address the cause. Insurance mitigates loss by providing security for the erosion of infrastructure, breakdown of equipment and technological failure. Environmental liabilities and threats are underwritten to ensure clean and sustainable technologies in the move towards the United States emerging as a Green country.
Living With Risk
It is wise that business owners in the green industry prepare to take advantages of developments in this industry. It is also wise to prepare against unforeseen dangers that come with a dynamic industry like this one. Business owner policies that are customized for your business will allow you to keep your doors open even when faced with liability claims and legal costs. Every business is vulnerable to accidents, theft, data breaches and worker or third party injury.
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Insurance In The Environmental Technology Industry Is A Business Saver
The American Water Works Association holds that there currently exist 2,900 water utilities throughout the United States. These utilities undertake to provide 80 percent of all drinking water and treats nearly half of all wastewater nationally. The water industry includes services such as the supply of municipal drinking water, wastewater conveyance, and water treatment.
The air pollution control and monitoring sector applies to both stationary and mobile sources which use boilers and thermal energy. Monitoring and control have its place in sub-sectors such as electricity, cement, oil, mining and gas. Air quality has improved in the United States by approximately 70 percent. Equipment and service revenues are estimated at roughly $21.5 billion.
The waste management and recycling sub-sector applies to waste management, recycling, resource recovery and pollution prevention. This sub-sector relies heavily on technologies. Revenue was estimated at $143.9 billion in 2018. A great emphasis is placed on recycling which contributes largely to the country’s economic activity.
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