It is important for business equipment to always work properly in order for the business to run smoothly. When business equipment breaks down, not only does it halt business activities, causing a loss of revenue, it will also cost an amount to service the equipment. What happens if the equipment is damaged for good? The business owner will have to source for funds needed to buy or lease new equipment, this will cause a lot of money to be lost through unexpected and avoidable repairs and purchases.
Business equipment insurance is an insurance policy covering any owned or rented equipment and tools used to run a business or company. Mining insurance is a special type of business insurance. It provides all the coverage options needed to properly insure a mining company against the hazards of the industry. Getting special mining insurance rather than general business insurance is beneficial as the former provides various coverage options that are unique to the mining business.
Below are some of the different types of insurance coverage options available for mining industries.
Boiler and Machinery Coverage
Machines and tools used in mining are extremely expensive, thus, it is important that they are properly covered by your business insurance policy. This insurance should provide coverage for the inspections, testing, repairs and replacements of parts of tools and machines.
Cargo Insurance Coverage
This insurance will protect the equipment, ore and other materials while they are being conveyed from one place to another.
Commercial Auto Liability Coverage
This insurance provides coverage for the fleet of company-owned vehicles including cars, tractor trailers and crew-buses.
Foreign and Multinational Liability Coverage
This applies to mining companies who engage in drilling or mining operations outside of their country. This coverage protects the business from potential lawsuits while doing business outside of your home country.
Pollution and Environmental Liability Coverage
Although, precautions are often taken, a lot of times, mining operations can be messy and can damage the environment. This insurance provides coverage for legal defence and clean-up, should the company be sued for pollution.
Please note that it is important to take insurance on your business as soon as possible, this will ensure that your expensive equipment are protected at all times.
Insurance policies can be very complex, thus, it will be beneficial to get a broker to assist you in choosing the best coverage options for your mining business. Also, the above listed are not the only policies available to mining industries. There are other different ways to protect your company from a future disaster such as a min cave-in. A broker will have the skill and experience to find the policies that are best suited for your business.
Disclaimer: Please note that at Heavy Metal Holdings, we connect our clients with expert brokers who will assist them in purchasing or leasing equipment. We do not provide loans or leases but can assist you in acquiring one. In the same way, Heavy Metal Holdings is not an insurance company and will only assist in picking the right insurance policies for our clients.
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