Mining companies face a unique set of challenges in Canada. From environmental regulations to the inherent risk that comes with working in a mine, there are many things that can go wrong. That is why mine insurance is so important. This type of commercial insurance can protect your mining company from all kinds of risk, and ALIGNED can help you find a great policy.
Safeguard your mining company with comprehensive insurance coverage
Mining companies can decide which insurance coverages to include with their policies. Some of the most common are:
- Commercial general liability insurance: Commercial general liability coverage, or slip and fall insurance, protects your mining business against claims of third party bodily injury and property damage. It can cover the cost of injury or damages to a third party, the cost of a lawsuit (e.g. defence and court fees), and more.
- Commercial property insurance: Commercial property insurance protects your mining company’s office, equipment/machinery (underground and above ground) or other places of business, as well as any business-related contents from damage caused by an insured peril. Insured perils this coverage might protect against include water damage, fire, theft, windstorms, vandalism, etc.
- Professional liability insurance: Professional liability insurance, also known as errors and omissions insurance, is important for companies who provide mining and/or geological services/support to mining companies that depend on these professionals and professional service provided companies work. This type of coverage can pay for legal fees (e.g. defence costs, settlements) if a claim of negligence, error, omission, misconduct, or failure to deliver an service is brought against your company by a mining company client.
- Equipment breakdown insurance: If a piece of your mining equipment suffers a mechanical or electrical breakdown due to an insured peril, equipment breakdown insurance might help cover the cost of repairing or replacing it.
- Commercial auto insurance: Commercial auto insurance is important if your mining business uses vehicles for commercial purposes, such as to transport tools and equipment or travel to and from job sites. Commercial auto insurance policies vary but may feature third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
- Pollution liability insurance: As the work of a mining company involves numerous environmental hazards, pollution liability coverage is important. This coverage can protect your mining business from claims of third party bodily injury, property damage, or environmental damage resulting from your work.
- Directors & officers liability insurance: If your mining business is publicly traded and has a board of directors or officers, you may wish to include directors & officers liability insurance with your mine insurance policy. This coverage option can cover the cost of a lawsuit if any of your board members are sued.
- Business interruption insurance: Business interruption insurance can protect your mining company from lost income if it is forced to close due to an insured peril. Again, insured perils covered by business interruption insurance vary but can include theft, fire, vandalism, windstorms, water damage, and more.
The cost of mine insurance explained
The cost of mine insurance varies considerably as premiums are dependent on a multitude of factors. For example, the location of your mining company, its size, its annual and projected revenue, the number of workers it employs, and the services offered can all influence mine insurance rates.
Further, the coverages you choose, along with the limits and policy deductibles can influence mine insurance premiums. An insurance company will also consider one’s personal claims history when calculating their rates. Those with little to no insurance history or lots of claims may face higher premiums. To learn more about the factors that impact the cost of mine insurance, get in touch with ALIGNED. We can explain the cost and even provide an accurate estimate.
Getting coverage for your mining company has never been easier
Ready to purchase mine insurance? Business/commercial insurance brokerages like ALIGNED are here to make purchasing insurance for your mining company easier than ever before. Here at ALIGNED, our fully licensed brokers do the work for you, obtaining quotes from the top insurance companies and comparing them on your behalf. Brokers are also insurance experts and are knowledgeable about a wide range of products. However, it’s worth noting that insurance brokers do not set premiums. So while a broker at ALIGNED can help you shop around for a great policy, unlock discounts on your behalf, modify your policy in the future, or even help you navigate the claims-filing process, insurance premiums are ultimately determined by insurance companies.
What are you waiting for? Purchase mine insurance with ALIGNED today
Looking for a quality mine insurance policy that is custom built for your operations, preferences and budget? ALIGNED is here. Our team consists of commercial insurance experts, any of whom can help you find a mine insurance policy that meets your needs. Using our unparalleled resources, expertise, and decades of experience, we will match your mining company with flexible, customized coverage. What are you waiting for? Give us a call to speak with an ALIGNED insurance broker now or click here for a free quote.
