Mining Insurance: Cost & Quotes From $55/mo

Table of contents
4 Public Liability Insurance for Mining

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.

General Liability Insurance for Mining

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

Coverage Limits of General Liability Insurance for Mining

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.


Add-Ons to General Liability Insurance for Mining

  • 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

Do You Need General Liability Insurance?

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.


What Will Determine the Cost of Your General Liability Insurance?

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. 


Professional Indemnity Insurance for Mining

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. 


Coverage Limits of Professional Indemnity Insurance for Mining

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.


What Will Happen if a Customer Makes a Negligence Claim Against Your Company?

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.


Can Your Professional Indemnity Insurance Cover Claims That Occurred Before You Purchased the Policy?

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.


Pollution Liability Insurance for Mining

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

Coverage Limits of Pollution Liability Insurance for Mining

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. 


Will Your Pollution Liability Insurance for Mining Cover Damages Due to Natural Disasters?

No, this mining contractors insurance will not cover damages due to natural disasters. For such risks, you need to have a separate insurance cover.


Are There Any Limitations to Your Pollution Liability Insurance?

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 for Mining

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 

Coverage Limits of Public Liability Insurance for Mining

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.


Is Public Liability Insurance for Mining Similar to General Liability Insurance?

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.


Can Public Liability Insurance for Mining Protect You Against Reputational Damage?

Public liability insurance typically does not provide coverage for reputational damage. But you can add it to your policy.

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A towering crane in the middle of a vast field at dusk, serving as a pivotal asset for mining operations.


Commercial Property Insurance for Mining

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

Coverage Limit of Commercial Property Insurance for Mining

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. 


Add-Ons to Commercial Property Insurance for Mining

  • 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

Does Commercial Property Insurance for Mining Cover Equipment Breakdowns or Malfunctions?

It depends on your insurance provider or terms of the policy. Some policies may include coverage for equipment breakdowns.


Business Owner’s Policy for Mining

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. 


Coverage Limit of BOP for Mining

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. 


Mining Equipment Insurance

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. 


Coverage Limit of Mining Equipment Insurance

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 for Mining 

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.


Coverage Limits of Excess Liability Insurance for Mining

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.


Is Excess Liability Insurance Compulsory?

No, this type of insurance is not compulsory. But your mining business will require it to safeguard itself from large claims.


Income Protection Insurance for Miners

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

Coverage Limits of Income Protection Insurance for Miners

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.


Add-Ons to Income Protection Insurance for Miners

  • 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

How Does Income Protection Insurance for Miners Work?

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.


Workers’ Compensation Insurance for Mining

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

Add-Ons to Workers’ Compensation Insurance for Mining

  • 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

Is Workers Compensation Insurance Compulsory for Miners?

Yes, all employers must provide workers compensation insurance. The failure to get this coverage mat result in hefty fines and penalties. 


Subsidence Insurance for Mining

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

Coverage Limits of Subsidence Insurance for Mining

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.


Add-Ons to Subsidence Insurance for Mining

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

Can Subsidence Insurance Cover Damages Cause by Mining-Induced Earthquakes?

Yes, subsidence insurance can provide coverage for damages caused by mining-induced earthquakes.

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Mining Insurance Cost

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

Compare Cheap Mining Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Mining Insurance Companies

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. 


NEXT Mining Insurance

Pros

  • 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 

Cons

  • 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


CoverWallet Mining Insurance

Pros 

  • Competitive pricing

  • Customizable insurance options

  • Easy to access an online platform

Cons

  • 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


The Hartford Mining Insurance

Pros

  • An established insurance company

  • Multiple coverage options

  • Great customer service

Cons

  • 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


Tivly Mining Insurance

Pros

  • The marketplace of several carriers

  • Compare quotes over the phone

  • Great rates

Cons

  • 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


Thimble Mining Insurance

Pros

  • Offers numerous add-ons to general liability insurance

  • On-demand policies available

  • Best for short-term and long-term users

Cons

  • 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


Hiscox Mining Insurance

Pros

  • Automatic policy renewal

  • Quote online or through an agent

  • Comprehensive coverage options

Cons

  • 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

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