Miners Insurance
The mining boom in Australia has lead to a huge demand for tradies and other workers in certain parts of the country.
Working in the mines can be hugely attractive for many tradesmen and other workers, and the wages paid by the mines are often many times higher than what a tradie could earn in the city.
With no sign of the mining boom slowing and billions of dollars worth of projects coming up, it is expected than many more tradesmen and other workers will end up in mining industry.
Insurance for Miners
Regardless of whether you’re a qualified tradesperson or an unqualified mine worker, insurance is vital for all miners.
Unlike other tradesmen, many mine workers are employees of the mining company, meaning that business insurance such as public liability cover is generally not required.
This is not the case however if you are working as a subcontractor, in which case you will almost certainly require public liability insurance to work on the mine site.
One of the most important forms of insurance for miners is income protection. Whilst many mine workers earn very healthy incomes, they also face fairly high living costs, especially when renting or buying a home in the local area.
If you cannot work for a period due to illness or injury your sick leave will probably disappear fairly quickly and you will have to cover your costs without an income.
Workers compensation might help if you are injured on the job, but it won’t help if you simply fall ill or are injured away from work.
Types of Insurance Available
The major forms of insurance taken out by miners are as follows:
- Disability Income Insurance
- Life Insurance
- TPD Insurance
- Critical Illness Insurance
Self-employed miners and subcontractors will also need to consider the following forms of cover:
- Public Liability Cover
- Tool Insurance
There are other forms of insurance are available for tradesmen and other mine workers who operate their own business, and you should speak with your insurance broker to see if any of these covers are required in your case.
If you are taking out public liability cover, you need to be aware that most policies issued by the mainstream insurance companies specifically exclude mine sites from the policy. You need to find a policy that includes cover for mine sites.
Obtaining Quotes
Mine sites can be dangerous places, and the risk of serious injury and even death is very high when compared to many other work sites.
Because of this many insurance companies are more cautious when issuing a policy to anyone working on a mine site, especially if they work underground or are involved with explosives.
When seeking quotes for miners insurance you will most likely find that many insurance companies will not be able to offer cover. Thankfully however there are a number of insurers who can help miners and other mine workers.
You will need to shop around to find the insurers that will cover you, and this will be even more difficult if you handle explosives or work underground. Non-qualified tradesmen may also run into some difficulties.
Rather than going through the hassle yourself it is much easier to use an insurance broker or financial adviser who specialises in miners insurance and can quickly identify which insurers are going to offer the best cover and value for you.
More Information
For more information on insurance for miners we recommend you speak with an insurance professional who specialises in the mining industry. If you are a qualified tradesman you can request a quote on your insurance via our website.
