Truck - Tip Truck & Heavy Transport
Tipping trucks are a critical part of an earthmoving company’s ability to do business every day, so losing the truck temporarily to an accident, theft or damages can cause some significant problems for a company and even can go as far as cause financial burdens.
The recommended insurance to protect the business are the following, liability insurance protects you when your tip truck has had an at-fault accident either by your employee or yourself – if you don’t have liability insurance the best thing you could do to protect yourself Is have a cover called basic liability (which is required by law in most states) it can most commonly be arranged as a split limit policy or a combined single limit policy.
Split limit policies will determine the amount paid to both the individual and overall accident liability whereas combined limit policies will only define the maximum payable amount your policy will pay per accident. Liability insurance most commonly covers two areas bodily injury which is an injury that happens directly to the person. If the tip truck is found to be at fault if an accident was to occur and as a result people have been injured the company is legally liable to pay for the medical bills. If you choose the split limit liability on your company's tipping truck, then there are two to three numbers defined on the policy. The first number will state the maximum amount your policy will pay per person who has been injured, the second number will define the maximum total amount your policy will pay per injury caused by the accident and the final number will indicate the maximum your policy will pay for property damage. Medical payment insurance will cover your tipping truck driver / passengers if there is an auto accident, the coverage applies to medical care and related expenses (and the benefits are paid regardless of who is at fault).
With the amount of potential hazards the tipping trucks will face on a day to day basis, Property Damage insurance could be the way of protecting your truck from those damages.
Earthmoving - Excavating & Earthmoving
Earthmoving and excavations can be unpredictable, combined with the heavy machinery and physical nature of the role there are a large range of risks involved. In order to protect your business from these risks as best possible select an earthmoving insurance plan that is tailored to your industry and understands your business needs. The most common insurance options for earthmoving businesses include public liability, professional indemnity insurance, worker’s compensation.
Public liability insurance protects your business should a member of the public sustain an injury on your worksite or as a result of your worksite and its conditions; this insurance option covers any medical or hospital expenses that result from the injury. Whilst professional indemnity insurance is usually reserved for the medical or legal professions, there are instances through which your professional advice can lead to damages or financial losses for a client due to negligence or malpractice. Not only will professional indemnity insurance cover financial losses that result from claims against your business but any legal costs that may arise. Workers compensation is legally required for any business in Australia, this insurance protects your employees if they become ill or injured on the worksite or due to worksite conditions. Not only will medical and hospital costs be covered but it also relinquishes an employee’s right to legal action once worker’s compensation has been agreed upon.
Certain industries can be more risky and dangerous than some, but these risks can be managed through a comprehensive insurance plan that provides your business long-term protection.