Every year, we visit the Diggers and Dealers Mining Forum in Kalgoorlie to talk about mining insurance. As Western Australia’s mining industry grows every year, it’s great to see so many in the industry, from big players to start-ups and mining contractors, taking insurance seriously. With more activity comes more risk. Our proactive and personalised approach to mining insurance and mining contractor’s insurance means our powerhouse industry can grow with confidence.So until we see you at Diggers and Dealers, here is a refresher on the types of insurance required in the mining industry.
Public liability insurance
Mining is an inherently risky industry.Most companies and contractors nowadays require their partners to carry public liability insurance, although it is not a legal requirement.This type of insurance protects your business against third-party claims, including:
- Accidental damage
- Personal injury and death
- Legal claims
- Incident investigation
Public liability insurance is essential for miners and mining contractors, as it prevents the financial fallout of a claim from crippling the company.
Worker’s compensation insurance
Unlike public liability insurance, worker’s compensation cover is legally required.Not just in mining; any Australian company that employs workers must carry this insurance.Failing to carry insurance or falling short of requirements will attract heavy penalties from WorkCover, not to mention exposing the company to risk if anything happens to an employee.Worker’s compensation insurance covers the costs of illness, injury or death related to an employee’s job or working environment.These costs include medical bills, lost wages, rehabilitation, legal fees, and even lump-sum payments for permanently disabled employees.The costs can quickly mount, so worker’s compensation is a crucial type of mining insurance.
Plant and equipment insurance
Mining equipment operates in some of the most challenging conditions.And it often has to travel a long way to get there.Plant and equipment insurance provides replacement cover for tools and equipment that are damaged, vandalised, lost or stolen in the course of work.From mobile machinery to earthmovers – even hired plant – equipment insurance is a lifeline to minimise out-of-pocket expense.
Contract works insurance
This type of insurance for mining contractors is similar to public liability cover, with a few key differences.Contract works insurance covers contractors for all construction-related activities, even after leaving the site.Should another contractor or the project owner file a claim relating to the contractor’s work, contract works insurance covers the costs, including:
- Debris removal
- Legal fees
- Investigation costs
- Defects liability period
- Variations costs
Mining projects have long lives.It is worth considering the benefits of contract works insurance to prevent a claim from causing financial hardship after you have left the site.
Management liability insurance
Business owners may be exposed to risk if the company breaches the Corporations Act.Even alleged breaches bear a heavy financial burden.The most common management liability claims are for bullying, harassment and wrongful dismissal.But this type of insurance also covers major crimes like fraud, and the cost of defending and settling claims launched by outside parties.Management liability insurance for mining covers the costs of defending directors, managers and employees against liability claims and shields them from personal financial risk.
Professional indemnity insurance
Every engineer, consultant and contractor wants to do the best possible work.But mistakes happen. When an error in your work causes your clients to incur a loss, you need professional indemnity insurance to prevent those costs from impacting your personal situation.We are pleased to include professional indemnity cover in mining insurance policies tailored to specialist roles:
- Mining engineers
- Business consultants
- Safety inspector
- ERZ controller
A tailored indemnity insurance policy will also cover employees, giving you peace of mind to grow your business.
Transport and logistics play a significant role in the mining sector.For mining companies and contractors involved in loading, hauling, storing and shipping, transport and logistics insurance provides crucial cover.Transport and logistics insurance covers raw material, goods and equipment, including heavy mining machinery and raw iron ore.Plus, a tailored policy covers vehicles, goods and staff, bundling several mining insurance policies into one.So, although you may not consider your company part of the transport and logistics sector, this type of cover is a valuable addendum to a mining insurance policy.
Specialised insurance for the mining industry
Mining operations involve an array of specialised roles not specifically covered in standard insurance policies.A few examples include:
- Blasting and shot firing
- Offshore work
- Subsea engineering
- Underground mining
- Working with explosives
These tasks require specialised insurance.Contact Connect Business Insurance, and we will do everything possible to tailor a comprehensive, affordable mining contractor insurance policy to suit your situation.
What roles do our mining insurance policies cover?
Connect Business Insurance is Perth’s mining and mining contractor insurance specialist.Our experience means our clients benefit from comprehensive cover tailored to their business.We can tailor an insurance package for mining roles including, but not limited to:
- Civil contractors
- Drilling contractors
- Quarry and open-cut mining contractors
- Camp construction
- Crushing and screening contractors
- Project managers
The insurance requirements are different for all these roles.For example, a contractor tasked with building a mining camp may need a higher public liability limit than a Surveyor, whereas a Surveyor’s professional indemnity insurance is crucial.
How to get the best mining insurance in Perth
Mining is one of Perth’s most important industries.And the right mining insurance plays a mission-critical role in keeping the sector on track.The only way to ensure you get the best mining insurance policy in Perth is to speak with Connect Business Insurance.We take care to understand your business in detail before tailoring a policy to suit your requirements.Our team has been providing mining insurance and mining contractors insurance for decades between them, and we will continue to support the industry long into the future.Contact Perth’s mining insurance specialists on 1300 477 662 or request a quote through our website.