Daily BulletinDaily Bulletin

Insurance

  • Written by News Company


With expensive machines and high risks to employees, a mining industry can be extremely challanging. Therefore it is extremely necessary to make you and your company safe by getting insurance for your mining industry.

How Does Insurance Companies Work?

An insurance company assesses your company’s risks, perform extensive loss planning and develop methods of how to recover them. They ensure to retrieve your company’s damage by paying you upto the agreed amount in insurance policies.

How Can I Choose Best Insurance Company For Me?

There are numerous insurance companies declaring the best policies for you. Make sure you consider asking these 5 questions before selecting an insurance provider for yourself:

Questions You Should Ask Insurance Provider Before Selecting A Policy For Your Mining Industry:

  1. What is your insurance coverage for mining industries?

  1. What is the premium of your policies?

  1. Will you cover third party’s losses too?

  1. Do you have contestable period in your insurance policy?

  1. What is surrender value for your policy?

  1. What is your “insurance coverage” for mining industries?

This is the foremost question you should ask insurance agent before purchasing any policy. You should know what areas will your insurance policy will cover and what losses it will recover. You must make sure that the policy you are buying will cover the following:

  • Property

  • Liability insurances

  • Natural disasters like floods and earthquakes

  • Employees insurance (health, accidents)

  • Machines and Equipment

  • Travel losses

  1. What is the premium of your policies?

Premium is the amount you pay for the policy you buy. It can be monthly, quarterly or annually depending on the plan till the time of maturity.

It is very important that you know the amount and frequency of premium of the policies. Also you should compare it with the standard companies like Connect Business Insurance. You can also compare their benefits to the offered policy. This will ensure that you buy a proper plan according to your requirements and affordability.

  1. Will You Cover Third Party’s Losses Too?

Third parties losses may include the losses made to third companies like the land where mining is done. A well-known company offers insurance for the third party claims and damages. Therefore you should include this question in your list to ask from insurance providers.

  1. Do You Have Contestable Period In Your Insurance Policy?

Contestable period is a time when an insurance company can decide whether or not to pay to the insured. It is often 1-2 years when company investigate you have given accurate information or not.

This is an extremely important information you should ask from an insurance company. Make sure that it does not exceed beyond 2 years.

  1. What Is Your Surrender Value Policy?

Surrender value is the amount you as a policyholder will get if you decide to exit the policy before maturity. Surrender charge is deducted from surrender value which varies from policy to policy. You should check out for the surrender charges and time they will take to return your surrender value

Vital Signs: Shorter meetings but longer days – how COVID-19 has changed the way we work

arrow_forward

The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Did BLM Really Change the US Police Work?

The Black Lives Matter (BLM) movement has proven that the power of the state rests in the hands of the people it governs. Following the death of 46-year-old black American George Floyd in a case of ...

a Guest Writer - avatar a Guest Writer

Scott Morrison: the right man at the right time

Australia is not at war with another nation or ideology in August 2020 but the nation is in conflict. There are serious threats from China and there are many challenges flowing from the pandemic tha...

Greg Rogers - avatar Greg Rogers

Prime Minister National Cabinet Statement

The National Cabinet met today to discuss Australia’s COVID-19 response, the Victoria outbreak, easing restrictions, helping Australians prepare to go back to work in a COVID-safe environment an...

Scott Morrison - avatar Scott Morrison

Business News

Reinventing The Outside Of Your Office

Efficient work is a priority in most offices. You need a comfortable interior that is functional too. The exterior also affects morale. Big companies have an amazing exterior like university ca...

News Company - avatar News Company

Kaspersky and Ferrari partnership: tailoring cybersecurity for an iconic brand

Kaspersky is commemorating the 10 year anniversary of its strategic partnership with iconic, global brand - Ferrari. The cybersecurity company is a sponsor of the brand’s Formula One racing team...

News Company - avatar News Company

Instant Steel Solutions Review

Are you keen on having the right guidance, knowledge and information about the right kind of steel purchases for your industries? If yes, then you are in the right place. There is no doubt that ...

a Guest Writer - avatar a Guest Writer



News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion