The mining industry is a proud part of the Australian economy and one that is greatly protected. For employees, mining is unlike any other industry – it’s a complex job that involves working with large machinery, working underground and often with explosives. If you work in mining, drilling, oil or gas, where risk of injury or illness is high, it’s important that you protect yourself with the right insurance cover. While you might have high levels of health insurance, life/death insurance or spouse insurance, you might want to ask yourself, ‘what about income protection insurance?’
What is Income Protection Insurance?
Income protection insurance is there to cover you in the event that you fall ill or become injured (whether on or off the job) and can’t work for a period of time. This might be as little as two weeks or as long as a year or more. You might work as a full-time employee with only a certain amount of sick days and annual leave, or you might work as a contractor who doesn’t have the benefit of paid leave.
While your health insurance covers you if you need an operation and your death insurance will provide for your loved ones if you die, income protection is there to provide you with a percentage of your income (usually 75%) should you not be able to work.
How is Income Protection Different for Miners?
Obtaining insurance for miners can be a challenging task. Mining employees are at a much higher risk than workers in other industries and so general providers may be reluctant to take you on.
Instead, your insurance needs to be tailored to your specific occupation in the mining industry, your qualifications, experience, your work history in mining, what types of mines (hard/soft and above ground/underground) you work in and what machinery you work with. A driller, for instance, will require a different level of cover from a shotfirer or someone who works in predictive maintenance. For this reason, your income protection is best obtained from an insurance company that specialises in mining or high-risk occupations.
A good mining income insurance agency should offer you the choice of lifetime benefits – or at least benefits until the retirement age of 65. While people like office workers, for instance, usually only need 5 years or less of benefits, a mining accident can mean you’re incapacitated for 5 years or longer. Some companies may limit your benefits to 5 years or less, so it would be wise to search for a provider who has no limits on their benefit periods.
One of the key inclusions in income insurance for miners is working with explosives. This hazardous work is one of the key risks of your job. Ensure that if you do work with explosives, you obtain an insurance policy that covers it. Some companies will not include explosives at all, while others will offer the inclusion for slightly higher premiums. When you do obtain the right insurance, ensure that you are covered long term, since injuries from explosives can be very serious.
Other Types of Insurance
As a miner, if you find that income protection insurance doesn’t cover all of your financial needs, or if you’re simply keen for a little extra peace of mind, you can also look into trauma insurance, total permanent disability insurance and loss of independence insurance, which you can also claim in conjunction with your income protection insurance.
Stay tuned to BellTheBull Blog for more on income protection insurance.Google+