Everything You Need To Know About Mining Insurance

Insurance companies view the mining industry as high-risk and therefore you’ll find exclusions in standard policies for work carried out on mine sites. That means you won’t be covered…

So if you work in the mining industry, check your policy!

The increased risks that come with working in the mining industry mean you need specific insurance policies to protect you,  your business, equipment and property.

Here we’ve made it simple and explained everything you need to know about mining insurance.

Types of Insurance for the Mining Industry

Public and Products Liability Insurance

This policy covers you for financial costs associated with an incident or physical action caused by you that results in damage or injury. Many major insurers exclude mine work from policies, so it’s important to specifically take out Public and Products Liability Insurance for work carried out on a mine site.

Professional Indemnity Insurance

Professional Indemnity Insurance covers financial loss resulting from your professional negligence. Essentially it protects you from being sued for an error or omission you made at work that causes a fault or other issue.

Today, with the increase of litigations, this insurance is a must-have for professionals in any industry, including mining.

Tools and Heavy Equipment Insurance

Tools and heavy equipment are essentials for in the mining industry and they are busy dangerous places, so insurance to cover these items is a must.

Tools and Heavy Equipment Insurance covers items for damage, destruction or theft that occurs through no fault of your own or your employees.

Statutory Liability Insurance

All businesses in Australia must comply with statutory laws and legislation relating to safety at work. If a breach of these laws occurs, Statutory Liability Insurance helps protect your business and you. But it’s important to have the right cover for the mining industry.

To Finish

Now you know what to look for regarding insurance and the mining industry…

Remember, a standard insurance policy will not cover you when it comes to incidents that occur on a mine site. The mining industry includes a variety of increased risks because it’s not a standard workplace.

So get advice from an insurance professional to make sure you’re properly protected.

Get mining insurance advice!

Regional Insurance Brokers are experts in mining insurance and can provide the right insurance program to protect you. Get in touch with our friendly team.

 

Topics: Mining Industry