Mines, unlike quarries, explore what’s beneath the ground and extract precious metals. Mining is a hazardous business. Your equipment may malfunction. Natural disasters, such as earthquakes, can lead to the collapse of mines. These unforeseen accidents will lead to the destruction of property or loss of life. Thus, you need to cushion your mining company from such eventualities by having mining insurance.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance is a policy that protects your mining company from various lawsuits and claims. In case of accidents or injuries, this policy will cover them. This insurance for the mining industry will cover the following:
Bodily injury
Property damage
Advertising injuries
Legal costs such as settlements, court judgments, and attorney fees
Contractual liability
The coverage limit of this mining liability insurance is $1,000,000-$5,000,000 for each occurrence. This is the amount your insurer will pay your business after an accident. In case of unforeseen events, such as property damage, you can use the money for replacement or repair.
Cyber liability insurance–This optional coal mining insurance covers financial losses due to cyber-attacks, data breaches, or other technology-related incidents
Professional liability insurance–Protects professionals against claims of negligence, errors, or omissions. Carriers and mining insurance brokers might not offer this as an add-on but as a separate policy
Product liability insurance–Covers damages or injuries caused by a faulty product
Yes, this insurance policy is fundamental if you are in the mining industry. It covers the most common risks, such as third party property damage and bodily injury.
Mining insurance brokers will charge higher premiums for large businesses. Also, your exposed risks will affect the premiums you will pay. Location and number of employees are also a crucial factor.
| CoverWallet (Best) | NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
| Deductible | $500 | $500 | $500 | $500 | $500 |
The mining industry is quite sensitive. Any mistake or error can lead to the loss of lives and destruction of property. Professional indemnity insurance for mining will cover legal claims that arise from professional services in your mining business.
Professional liability insurance for mining operations has a coverage limit of $1,000,000-$10,000,000. Remember that the mining business attracts a multitude of risks, and you need to undertake a sufficient coverage limit.
You don't have to worry if a negligence claim is made against your mining company. Your insurer will investigate the validity of the claim. If the claim is valid, they will offer compensation.
Most policies will cover claims that are made in the current policy period. But some insurers will offer you retroactive coverage. This coverage will also cover other claims before you purchased the policy.
Gas leaks, oil spills, or overflows may occur during the mining process. All these pollutants will damage the environment and endanger the lives of nearby people. As a mining company, you need pollution liability insurance.
This coal mining insurance coverage will offer financial protection in the event restoration of land is required after pollution. Pollution liability insurance will provide coverage for the following:
Accidental spills
Release of pollutants
Contamination of soil or groundwater
Breach of stipulated environmental regulations
Property damage due to pollution
Bodily injury due to pollution
The coverage limit is $100,000-$2,000,000 for each occurrence. It is essential to select the ideal coverage limit by considering the size of your mining business. You must also take into account all the potential risks.
No, this mining contractors insurance will not cover damages due to natural disasters. For such risks, you need to have a separate insurance cover.
Yes, some mining insurance companies may impose specific limitations on the insurance policy. This means you will not get compensation for the limited or excluded acts.
Public liability insurance will protect your mining business from any third-party claims. It covers accidents that occur either on the mining premises or outside the mining premises and result in property damage or bodily injury to third parties. It will typically cover the following:
Personal injury
Death
Legal claims
Incident investigation
Accidental damage
The insurance company can offer coverage limits between $10,000,000 and $20,000,000. If you select higher coverage rates, your insurer will ask you to pay higher premiums. But generally, you should choose the limits depending on your exposed risks in the mining business.
No, these two are entirely two different policies. General liability will cover any accidents on your premises, while public liability covers on and off-premises accidents. The public Liability policy is customized for accidents that affect third parties.
Public liability insurance typically does not provide coverage for reputational damage. But you can add it to your policy.
Get all the best quotes from leading providers in a click of a button!
_u2TCZ5DOB.png)
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $340,000 | $25,000/$500,000 | $35,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Your mining business has buildings, inventory, or equipment. Fire outbreaks or earthquakes may occur and damage your assets. Replacing them can be expensive for your business and may lead to financial problems. But with Commercial Property Insurance, you can safeguard your business from such losses. This insurance covers perils such as:
Fire
Theft
Vandalism
Natural disasters
Commercial property insurance has a coverage limit similar to your assets' value. This means that your coverage limit is equal to the value of a destroyed or damaged property.
Business interruption insurance–Will cover your lost income if your business is closed due to an accident
Equipment breakdown insurance–Covers the cost of repairing or replacing damaged equipment that is essential to your mining business's operations
It depends on your insurance provider or terms of the policy. Some policies may include coverage for equipment breakdowns.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $35,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner’s policy for mining combines general liability and commercial property insurance into one policy. It may also offer other business insurance solutions such as professional liability and pollution liability insurance. Go for a BOP because it offers comprehensive coverage at lesser premiums than when you bought different insurance products as separate policies.
A BOP offers a $1 million-$2 million general liability coverage and a $25,000-$500,000 commercial property coverage. Higher limits are available if you decide to talk things out with the insurance company.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Mining equipment insurance is a coverage that covers the backhoes, loaders, and other machinery used in your mining operations. This can be an add-on to a general liability policy or commercial property insurance. Coverage limits for underground mining equipment insurance coverage range from $25,000-$1 million depending on the actual market value of the items covered.
Limits for mining equipment insurance are $100,000 to a few million dollars depending on the valuation of all business equipment you have listed as insured the terms of the policy.
Excess liability insurance will provide your business additional coverage beyond the limits of your primary policy. This underground mining insurance protects your company from claims and expensive lawsuits. It will offer your business extra protection, reducing financial risks.
The coverage limit of this mining industry insurance is not static. Every insurance has its specific coverage limit. Your insurer will help you gauge the ideal amount of the limit.
No, this type of insurance is not compulsory. But your mining business will require it to safeguard itself from large claims.
Income protection for miners will offer financial support to you if you can't work after an accident or illness. It will offer a percentage of your salary to help cover your expenses during this period. Income protection insurance for mining contractors will protect you in the following events:
Accidents that cause physical injuries
Occupational illnesses
Chronic illnesses
Mental health conditions
The coverage limits vary from one business to another. The insurer checks your income. For instance, the insurer may offer you up to 75% of your income.
Death benefits provide financial support to the dependents of a deceased employee
Rehabilitation benefits cover the costs associated with your employee's medical treatment and recovery following a work-related injury or illness
Income protection insurance for miners typically pays a monthly benefit that replaces a portion of the miner's income if they cannot work due to an injury or illness.
The mining business is classified as a high-risk venture. Your employees may be injured by falling debris or collapsed mines. It would be best if you catered for their medical bills and, in some circumstances, death benefits. That is why you need workers compensation insurance. This mining contractor insurance covers the following:
Medical expenses
Lost wages
Rehabilitation costs
Death benefits
Employer's liability insurance–Covers legal expenses and damages related to workplace injury claims
Occupational disease coverage–This optional add-on to your coal mine workers compensation insurance provides financial support for employees who develop an illness due to their job
Yes, all employers must provide workers compensation insurance. The failure to get this coverage mat result in hefty fines and penalties.
Mining subsidence insurance will cover your company from damages due to land sinking after mining. Ideally, mining activities can cause the land above to settle or sink. This may lead to significant damage. This policy will cover the following:
Property damage
Business interruption
Liability claims
The coverage limits are different for each business. The insurer will base the limit on your purchase policy and needs. Most companies will offer a limit of up to $5,000,000.
You can include additional coverage on your subsidence insurance, and they include:
Lost income coverage will provide your mining business financial protection for lost income due to a covered loss
Environmental damage coverage covers the costs associated with the cleanup and restoration of the environment after a pollution incident
Yes, subsidence insurance can provide coverage for damages caused by mining-induced earthquakes.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $85 | $1,020 | $0-$500 |
| Professional liability insurance | $87 | $1,044 | $500-$1,000 |
| Pollution liability insurance | $94 | $1,128 | $500-$1,000 |
| Excess liability insurance | $89 | $1,068 | $500-$1,000 |
| Subsidence insurance | $96 | $1,152 | $500-$1,000 |
| Commercial property insurance | $100 | $1,200 | $1,000-$2,000 |
| Business owner’s policy | $180 | $2,160 | $1,500 |
| Equipment insurance | $92 | $1,104 | $500-$1,000 |
| Income protection insurance | $110 | $1,320 | $1,000-$2,000 |
| Workers compensation insurance | $130 | $1,560 | $2,000-$5,000 |
The average mining insurance cost is $85 per month or $1,020 per year for a $1 million general liability policy. Factors that affect the cost of premiums are:
Type of insurance coverage required
Size of the mining operation
Number of employees
Nature of the mining activity (i.e., surface or underground)
Location of the mining operation
Previous claims history
Level of risk associated with the mining activity
Deductible chosen for the policy
Add-ons or endorsements added to the policy
In connection, here’s a table showing the cost of a $1 million general liability insurance from the best mining insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $55 | $660 | Best overall; Fastest general liability insurance for mining companies |
| CoverWallet | $59 | $708 | Comparing mining insurance quotes online |
| The Hartford | $64 | $768 | Small to mid-sized mining companies looking for a user-friendly online experience |
| Tivly | $67 | $804 | Mining companies looking for a modern, tech-driven approach to insurance |
| Thimble | $70 | $840 | Small mining companies or independent contractors in need of short-term insurance coverage |
| Hiscox | $73 | $876 | Mining insurance with automatic renewal |
Get all the best quotes from leading providers in a click of a button!
Multiple insurance companies offer mining insurance coverage. The choice of the insurer will depend on your needs. Here are some of the reputable mining insurance companies available in the market. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for mining companies
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is a company that offers tailored insurance businesses. They mainly target small businesses with few employees. This is the ideal company if you are looking for mining insurance coverage options, such as underground mining equipment insurance.
Best for: Best overall; Fastest general liability insurance for mining companies
Average cost: $55 per month
Our rating: 10/10
Competitive pricing
Customizable insurance options
Easy to access an online platform
Not an insurance company but an insurance broker
CoverWallet is a digital insurance platform that offers multiple policies for small businesses. They have collaborated with leading insurance carriers to offer you flexible options. It is important to note that this is an insurance brokerage.
Best for: Comparing mining insurance quotes online
Average cost: $59 per month
Our rating: 10/10
An established insurance company
Multiple coverage options
Great customer service
Limited add-ons to general liability insurance
The Hartford is a great insurance company with many options; it mainly offers policies for drivers. The company is also known for property insurance. It is recognized for its best service excellence and integrity. You can also find the best mining insurance policies.
Best for: Small to mid-sized mining companies looking for a user-friendly online experience
Average cost: $64 per month
Our rating: 10/10
The marketplace of several carriers
Compare quotes over the phone
Great rates
You must talk to a representative to get a quote
Tivly is a business insurance platform connecting you to the ideal insurance carrier. When filing a claim, you must file through the carrier and not through Tivly. The process of obtaining coverage is relatively easy. Call now to compare quotes over the phone.
Best for: Mining companies looking for a modern, tech-driven approach to insurance
Average cost: $67 per month
Our rating: 9/10
Offers numerous add-ons to general liability insurance
On-demand policies available
Best for short-term and long-term users
You can’t reach customer service by calling
Thimble is well known for offering short-term and on-demand policies. This company also offers long-term options. Thimble allows you to include numerous add-ons to its general liability policy, such as cyber liability and HNOA coverage.
Best for: Small mining companies or independent contractors in need of short-term insurance coverage
Average cost: $70 per month
Our rating: 9/10
Automatic policy renewal
Quote online or through an agent
Comprehensive coverage options
Online quoting not available all the time due to periodic site maintenance
Hiscox offers multiple insurance policies for business owners. This company was founded as early as 1901 and offers quality deals. If you are looking for a reputable company that can offer mining insurance, this should be your number one choice.
Best for: Mining insurance with automatic renewal
Average cost: $73 per month
Our rating: 9/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
