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Why is Mining Contractors Insurance so important

Why is Mining Contractors Insurance so important
Why is Mining Contractors Insurance so important

The mining industry is a vital part of Australia’s economy, overseeing the safe retrieval of the land’s natural resources and accounting for an impressive 60% of overseas exports. The sheer number of jobs created and maintained by this lucrative sector is an imperative part of our country’s success, particularly in the past few years, providing work to established tradies of all specialties.

While the fiscal benefits of mining work are undisputed, these jobs also carry a level of risk unique to this intensive sector. Having suitable Mining Contractors Insurance is essential to upholding the continuing growth of your business, mitigating potential dangers with a level of cover applicable to your particular needs.

If you’re still in any doubt about the importance of niche insurance for Mining Contractors, read on to learn more.

What is insurance for mining contractors?

Mining Contractors Insurance is a combination of multiple policies specifically created to target risks undergone by tradespeople within the mining sector. Each company has unique perils and exposure points depending on their role, making custom coverage a must for all different trade positions.

Reaching total cover is a key part of maintaining a healthy and secure business, removing the risk of going under should an unfortunate accident or incident occur. Outside of intentional damage, illegal undertakings or personal injury, comprehensive public liability insurance is available to suit a wide range of high (and low) risk work activities.

The value of niche coverage

Mining is a sector unlike other intensive industries such as manufacturing or construction.The sheer combination of particular trades required to complete successful projects on remote mine sites shows the intricacies and potential risks involved.

Contractors are typically required to have their own form of insurance coverage before starting work on a mine site, as while standard employees are covered by their employer’s insurance, self-employed tradies are not. Given each contractor offers their unique skill set, it's important to have the right protection in place for your needs, whether that involves working with hazardous materials or operating heavy-duty machinery.

From on site accidents and incidents causing injury, to property damage or harm to a third party, suitable Mining Insurance Perth is the only way to guarantee complete coverage should the unfortunate occur.

Relevant occupations

While there are new roles continually being created and developed as the mining industry evolves, there are certain trades that should absolutely consult with trusted mining insurance specialists to secure suitable coverage.

As well as offering peace of mind day-to-day, you can rest assured you’re protected against potential claims for financial compensation should an incident occur. Applicable roles include (but are not limited to):

  • Mining contractor
  • Mineral exploration
  • Mine relining
  • Water drilling
  • Dewatering contractor
  • Drilling contractor
  • Electrical contractor, including auto
  • Mechanic
  • Diesel fitter
  • Machinery maintenance
  • General plant maintenance
  • Welder or boilermaker
  • Air leg miner
  • Dragline operator
  • Rock bolters
  • Shaft sinkers
  • Project manager
  • Plant operators
  • Continuous miners
  • Tenements

Key policies to include

Ensuring you have all appropriate policies included in your custom Mining Contractors Insurance from Connect Business Insurance is the only way to have peace of mind around potential financial liabilities while working on site.

There are many variations and formats of policies available, the suitability of which depend on the nature of your work, but two common forms of coverage are recommended for all mining contractors.

Public Liability Insurance

This policy offers financial protection should accidental damage be caused to property, or injury be caused to a person, due to your work activities. As well as covering the cost of hiring a lawyer and other legal bills should you be brought to court, it protects you from having to pay the full cost of any harm done.

With public liability you could be held personally responsible for the loss of income to a person, or the entire mine if it shuts down; risking bankruptcy for most self-employed businesses. This makes it an essential policy to have in place for all mining contractors.

Professional Indemnity Insurance

Providing protection against responsibility for the financial loss of a third party, Professional Indemnity Insurance acts as a safeguard should your advice or services turn out to be negligent.

The role of many mining contractors is to provide detailed plans and educated consultation services, and should this information turn out to be faulty, or result in financial loss due to error, you could be responsible for full compensation. A professional indemnity policy secures you against potentially serious financial implications, protecting the stability of your business.

Finding the best Mining Insurance Perth

The uncommon risks undertaken when working within the mining industry requires niche coverage. Standard insurance companies who don’t understand the ins and outs of these complicated sectors often fail to accurately mitigate particular risks undertaken by specific contracting operations, placing you and your business and risk should an unfortunate incident take place.

Working with mining and civil insurance specialists, like the experienced team at Connect Business Insurance, enables you to deal directly with experts in your field who can create customised coverage that works for your specific needs.

Setting up high quality cover that directly targets your risk exposure is an essential investment for your future, with ongoing competitive rates enabling you to work to your highest standards without the risk of going under.

Your trusted Mining Contractors Insurance experts

The Australian mining industry has proven its incredible value to our nation's booming economy and commercial success. With this continued growth comes a new level of risk, and it's vital to manage both opportunities and potential dangers as you carry out your essential contracting work.

Connect Business Insurance are proud to be leading specialists of Mining Insurance Perth, helping valuable companies safely navigate the dangers of mining work by managing risks before they occur. For comprehensive coverage designed to allow your contracting business to run smoothly, our team of experts are on hand to assist, advise, and create custom policies perfect for your needs.

Learn more by contacting us today, or to get a customised quote.

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