Benefits of Going Green with Your Business | World Insurance

Going green is not just a passing trend; it’s necessary to achieve widespread environmental sustainability. Powering your business through renewable energy sources and other eco-friendly means of operation not only gains the admiration of your customers but also creates a safer and less costly work environment. Fueling your business with these environmentally conscious practices is a recipe for success in this current social climate. To truly understand the value, take a look at some of the benefits of going green with your business. 

How Your Business Can Benefit from Eco-Friendly Alternatives 

Going green greatly reduces pollution, thereby preserving the environment, but the benefits extend to your business as well. Not only are you fulfilling your social responsibility and motivating your team, but you’re also helping your business in the following ways: 

• Going Paperless: Technology is capable of achieving nearly all documentation requirements. Save money on paper products, time, and space by moving all information to the cloud.
• Replacing Light Bulbs: Replace your lighting with CFL or LED bulbs. You’ll initially pay more for these lights than incandescent bulbs, but over time, you’ll make more than your money back in energy savings.
• Creating a Healthier Workplace: Move away from chemical-based cleaning products to eco-friendly alternatives to avoid staff exposure to carcinogens and harmful toxins.  

Going green will also help decrease the likelihood of a worker's compensation or disability insurance claim by reducing the chance of employees becoming injured or sick from the use of unsafe chemicals. 

Attract More Customers by Going Green 

Beyond fulfilling your environmental obligations as a business, don't lose sight of one of the most important goals of any business: attracting customers. The concern for the environment is growing amongst all generations, most significantly Millennials and Gen Z, who now outnumber their predecessors. So instead of using foam containers at your restaurant, for example, switch to recyclable containers, or offer the option for paperless receipts. Showcasing your business’s commitment to going green on social media and other marketing avenues will earn you loyalty amongst your consumers.  

How Going Green Saves You Money 

The misconception is that going green will be costly for your business, but the reality is that you can earn recognition from investors as well as customers and clients while saving on recurring costs. If your business is in the market for investors, you’re more likely to attract backers when they see you’re making a conscious effort to maintain your reputation and keep fixed costs down. If you plan to invest in more extensive changes, such as transitioning into renewable energy, there are tax incentives granted by the government to reimburse your green efforts.  

Prepare for Climate Change Risks with Insurance 

Everyone must do their part to preserve the environment, but with escalating climate change risks, there’s a higher probability of severe weather disrupting your business’s operations or the lives of your employees. Purchasing a business interruption policy – especially if you’re located in a region already known for unpredictable weather – will replace your lost income, operating expenses, and so forth in the event of a fire or natural disaster. Additionally, make sure you have a good worker's compensation program in case your workers are affected by harsh environmental working conditions. 

The benefits of going green with your business can't be overstated, as it has a profound impact on your operations and the climate. Employing eco-friendly measures will gain loyalty from your team and your consumers and will set a great example for your competitors. Of course, you also want to invest in insurance to help manage any adverse impacts of climate change. If you’re seeking help protecting your business from natural disasters, contact World Insurance today. 

This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.