Mining companies need to consider more than the health and welfare of their employees. They also need to ensure that the raw minerals that those workers unearth are properly insured while they are in transit and also in storage. After all, these raw materials are the company’s livelihood, so if they’re damaged, the company automatically loses money. Why? Because those are now goods that can’t be sold.
Thankfully, there are a lot of insurance options to choose from when it comes to protecting your raw materials. Let’s take a look at a few.
What Types of Raw Materials Do You Unearth?
There are numerous types of raw materials that mining companies obtain and sell, so in order to find the best insurance plans and related coverage, you first need to consider the materials themselves. For example, do they require special handling? Some raw materials, like coal, marble, and different types of stone are fairly hardy and not as fragile as things like gold or semi-precious stones. How they are managed, both in storage and in transit, is incredibly important.
Other considerations are where those items will be stored, as well as how they’re transported. Using coal as an example, they are moved in bins or special train cars. Other minerals, like chunks of silver or other precious materials are kept in locked boxes and transported similarly either in a semitrailer or via a special transportation service. Proper handling is an important aspect of your insurance coverage.
Important Insurance Options
When it comes to choosing insurance plans for your company’s raw materials, there are several options, including:
Cargo Insurance – Designed to cover your raw materials while they’re in transit, this insurance provides coverage should your coal, semiprecious stones, or other goods get damaged going from your warehouse to that of whoever ordered them. If the truck or train crashes, you won’t be out the money that your company would make from the cargo.
General Liability – A general liability policy covers many different things, including damage to your raw materials while in your storage warehouse. Should they get lost, stolen, or damaged while they’re in the building, your insurance can help cover some of the money that your company would lose.
Building or Warehouse Coverage – Another useful policy, this one covers your building or warehouse and its contents. You can’t control the weather and what it might do to the raw materials inside of the building, but you can be prepared should your warehouse get damaged by wind or rain. This type of policy covers fires as well.
Additional Mining Insurance Policies
There are numerous other types of insurance for mining companies, including options that protect mineral rights, workers’ compensation insurance for your employees, equipment breakdown insurance, and also special mining insurance that can protect your company from having to pay for damages and other things out of pocket.
Have Questions? Contact Charlotte Insurance
Want to learn more about insuring your company’s raw materials? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plans your business needs.