Insurance Cover Options for Earthmoving Equipment

Insurance Cover Options for Earthmoving Equipment

Businesses in the earthmoving, construction, mining and similar industries have complex insurance needs. The nature of this type of work can be dangerous due to the intense conditions in which you operate.

Taking out the right earthmoving equipment insurance is a must for any business that wants to protect its assets, employees and financial investment.

 

Insurance Cover Options for Earthmoving Equipment

Every business has different insurance needs and the only way to fully determine the type and extent of cover you need is to consult with a specialist insurance broker. That said, below are some of the different types of cover that can be added to a tailored earthmoving equipment insurance package:

  1. Public Liability Insurance
  2. Product Liability Insurance
  3. Professional Indemnity Insurance
  4. Management Liability InsuranceEarthmoving Equipment
  5. Plant and Equipment Insurance
  6. Personal Accident Insurance

 

1. Public Liability Cover

Excavators cover a broad range of machinery and tools that can do some serious damage. It only takes one accident or mishap to injure someone on-site or damage a client’s property. This could result in a claim that could leave you liable to pay thousands of dollars in compensation. Public Liability Insurance can cover you for legal and compensation costs (whether you are at fault or not) if your business activities damage third party property, or your employees or other individuals are injured or die.

 

2. Product Liability Cover

Similar to Public Liability, Product Liability Insurance can cover financial costs if any of the products you distribute, manufacture or supply are alleged to have caused personal injury or damage to third party property.

 

3. Professional Indemnity Cover

Contractors are usually hired for their expertise and skills in a particular niche. Your clients trust your word and the advice you offer. If something happens or goes wrong and your client suffers financial loss, personal injury or property damage as a result of your services or advice, you could be liable to pay compensation. This could leave you in a very difficult and stressful financial position. Professional Indemnity Insurance can protect your business from this financial exposure by covering legal fees, compensation and other associated costs.

 

4. Management Liability Cover

Managing a business and employees comes with a number of risks that could threaten your business, reputation and bottom line. It’s easy to glance over Management Liability Insurance as a small business, but claims relating to unfair dismissal, bullying and harassment, occupational health and safety, tax compliance and fraud are just as much of a risk as they are for large companies. Management Liability Insurance an assist you with legal fees and related costs of a management-related claim.

 

5. Plant and Equipment Cover

Earthmoving, Plant and Equipment Insurance (also known as Yellow Plant Insurance), is like most other truck insurance policies with varying cover options ranging from comprehensive to third-party. Policies can cover your plant and equipment for fire, accidental damage, theft, vandalism, consequential loss, vehicle breakdown and more.

 

6. Personal Accident Cover

Contractors and earthmoving equipment operators often work in extreme conditions and face a huge risk of injury, and even death. Falling objects, being hit with machinery and falling into excavated areas are just a few risks for on-site workers. Personal Accident Insurance can provide financial compensation to workers to assist with medical care, rehabilitation and lost income. Businesses must be aware of such risks and meet all safety requirements to protect their employees. Failing to meet your workplace health and safety obligations means an insurer may not cover the injury or damage caused and could result in a lawsuit against your business.

Truck Insurance HQ is a leading insurance broker for businesses in the truck, transport and earthmoving industries. We’ve been working with small businesses and sole traders for over a decade and we pride ourselves on the services and support we provide. Working with a specialist broker can be the difference between finding good and bad cover and also winning or losing a claim. Contact Adam Pile today for a detailed discussion of your needs.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Adam Pile, Insurance HQ Pty Ltd, ABN : 33606759228, AFSL : 363610 , AR Number: 314707, CAR Number: 1244546

This article originally appeared on Truck Insurance HQ and has been published here with permission.

Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Adam Pile.

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