Boilermaker Insurance

Boilermakers that we can help:

• If you are just starting your new business and unsure where to start with insurance.
• Established businesses needing a specialist in trades insurance to review the cover & cost.
• If you’ve been doing the rounds of insurers or brokers and haven’t made much progress and believe there’s a better way to do things – talk to us, you’ll get great service.

The difficulty in obtaining Boilermaker Insurance:

Getting the right Public Liability Insurance for Boilermakers is not rocket science however you do need to know what you are doing to make the journey easy.

You see, by default, insurers are designed to say NO to things. They hate to take on any customer that poses a risk.

Success is in convincing them that the likelihood of a claim is low by demonstrating your skills, capabilities etc. i.e. present plenty of information to convince them to take you on as a customer.

We can help with that and in our experience, they want to understand the things listed below.

Turnover

Insurers want to know what your turnover is going to be like for the next 12 months. It’s a fairly standard question. The higher the turnover, the greater the assessed risk usually.

Limit

Do you require a limit of $20 Million, $10 Million or something else? Now this make a difference to the premium but within reason.

Experience

Most underwriters would want to know about the duration or tenure of your experience as a boilermaker. How many years have you spent working for others? What type of jobs did you work on?

Industries Serviced

This is a huge factor for boilermakers, what type of industries you serve determines the risk and also the controls you have to implement.

Do you service a high risk industry and then also subcontract work out to somebody else who perhaps may not be as skilled as you?

As an example: Do you service refineries and gas plants? Could a failure in your work result in a huge fire?

Do you service Meatworks and Breweries or Cold Storages? Could a failure in your work result in massive contamination and food spoilage?

Do you do cryogenic welding?

There are a lot of things that influence the decision making of the insurers.

We’ve got a good understanding of which insurers are interested in what type of risks and help put together the story to get the cover for you at the right price.

Common Exclusions

Every insurer wants to make sure that you are not taking on necessary risks. Risks particularly those for which they have not agreed to, usually listed on your policy in the form of exclusions.

Common exclusions for Boiler makers are:

Using Labour Hire

Labour hire involves temporary hiring of unskilled workers who work under the directions of the hirer. They are often a big source of claims for insurers and hence avoided by many.

Subcontractors

Similar to labour hire but not as much a source of concern for insurers but many insurers would want to know what percentage of your work is completed by subbies, what do they do.

Insurers may want to put exclusions regarding sub-contractors or they may put a special excess on injuries to sub-contractors.

Welding Conditions Endorsement

This is usually done to ensure that your work is in compliance with the Australian Welding standard.

Professional Indemnity Exclusion

Noting on your policy that advisory work is excluded by the policy.

What other insurances you may need?

Boilermaker Insurance term should also consider a number of other insurance classes that you may need. For example:

Property Insurance

This is to insure your factory if you have one. As the occupation is classed as high risk for fire related damage, you would find that insurer apply loading to insure a factory that conducts welding.

If you run your business in a shed or your garage at home, you may want to check with your home insurer or landlord if you are a tenant because, the home insurer might not like that.

Business Interruption Insurance

As a very high level explanation, a business interruption insurance policy covers you for loss of revenue/profit due to an insured event which results in the interruption of your business.

Let’s say, a storm/cyclone event resulted results in a major damage to the factory which takes 6 months to repair can cause a significant stress for the business owner. A business interruption policy can be very useful.

Marine Insurance

Marine insurance protects you from financial loss in the case of an event where your goods get damaged or lost whilst they were getting transported.

Imagine a scenario where one of your key products that was shipped overseas is dropped by a crane at a shipping ports whilst in transit before it reached the customer.

Or, your product is being transported interstate on the back of a big truck that’s involved in an accident damaging your goods.

Other Insurances that you may need

Depending on the size of a business, to complete the package of Boilermaker Insurance, you may need to cover your Vehicles, Management Liability, Machinery Breakdown Insurance etc.

Long story short, there’s a lot that goes into a properly set up policy, let the professionals at CoverTradie sort it out for you.