It’s well known that working in the mining sector comes with a lot of risk.
As a mining contractor, it’s important that you know what insurance is essential in the mining industry so that you are financially covered should anything go wrong.
One critical type of insurance for mining contractors that provide professional services is Professional Indemnity Insurance. For many mining companies, it’s so important that this insurance is mandatory for all contractors to even get on site.
Why Should You Have Professional Indemnity Insurance?
Mining contractors’ work involves specialised advice and services, and when these services and advice goes bad for a third party, the contractor can be sued for negligence. This is where Professional Indemnity Insurance comes in.
Professional Indemnity Insurance provides financial protection in the event that any omission or error results in monetary loss.
If a claim is made and you are found to be liable, the financial compensation that you are required to pay can be a hefty sum. Even if you’re not in the wrong, the legal fees involved in defending yourself can be quite significant. Without Professional Indemnity insurance, you’ll have to pay all of this yourself and risk bankruptcy.
What Does it Cover?
Professional Indemnity Insurance covers costs associated with any claims of damages or instances of financial impact to a third party so you don’t have to pay. The costs that may be covered can include:
- Legal fees
- Investigation costs
- Compensation claims
More often than not, these things aren’t cheap. Getting covered means paying a little to save you a lot in the long run.
What Else Do You Need to Know?
There are other factors that you need to take into account before getting Professional Indemnity Insurance.
We’ve got years of experience in insurance in the mining industry and can give you specialised advice about Professional Indemnity Insurance and get you covered so you can have peace of mind and value for money!