Understanding the most common insurance claims can help you improve your risk management and better protect your business.
Let’s take a look at the common insurance claims for those in earthmoving and civil industries.
Liability Claims
Minimise your exposure to liability claims, such as damage to third parties’ property with these tips:
• Implement quality assurance controls to minimise product liability risks.
• Keep walkways, floors, steps, and stairs dry and clear of trip hazards.
• Improve visibility in these areas with extra lighting.
• Restrict public access to more dangerous parts of your business, such as areas with running machinery or hazardous materials.
• Adopt policies and systems to ensure your staff or sub contractors handle property carefully.
Property Damage
Accidental and malicious property damage is another major concern.
To mitigate this risk:
• Maintain your business premises with regular repairs and servicing.
• Enhance your security measures to deter vandals and other malicious activities.
• Remove waste material from your site instead of letting it accumulate.
Machinery/Equipment Breakdown
To reduce the risk of machinery or equipment breakdown, which can severely impact your business, consider the following approaches:
• Implement regular planned maintenance and servicing of your machinery and equipment.
• Store machinery and equipment safely
• Ensure machinery and equipment are used only as intended.
• Address any incidents, near misses, or concerns raised by operators.
• Develop a business continuity plan for unexpected events.
Theft
Theft is a common claim, especially things like tools and equipment on site.
Some simple ways you can make theft less likely includes:
• Install webcam security and motion sensor lights.
• Ensure doors and windows are securely locked with deadlocks and key-locks when the premises are unattended.
• Boost external lighting.
• Keep a track and manage your inventory.
• Store valuables and cash in a safe place or off site.
Storm Damage
Storm or flood damage claims are increasingly common, especially in Queensland.
Here’s ways to protect from any storm or weather damage.
• Regularly maintain your roof, ceilings, and roof space
• Routinely clear blocked gutters and drains.
• Identify and address flooding or water pooling risks on your site with the help of a plumber.
• Trim excess vegetation, especially trees overhanging your building.
• Securely anchor outdoor equipment or furniture and store loose items under cover when possible.
By understanding the main risks and how to manage them, you can better protect your business.
Strengthen your risk management strategies with HMIS’s advice and insurance coverage.
We’ll also help review your existing coverage and identify any gaps or underinsurance issues, ensuring your business is well-protected.
Give us a call to find out more on 1800 629 701.