Exploration Drill Insurance: Questions You Can Ask Prior to Purchase

Exploration Drill Insurance

Are you still having issues about whether to buy exploration drill insurance or not? If you haven’t come to terms with the need to buy it now, perhaps these questions will be useful before deciding on the purchase.

Question #1 – Do I really need it even if I only operate a small business?

A challenging question to ask is, “Do I really need it even if I only operate a small business?” Many newbie entrepreneurs think because of the size of their business, an insurance policy like exploration drill insurance isn’t of equal importance to the other concerns when operating a small business. The truth is that in reality, small businesses aren’t excluded from risks. In fact, if a small business is badly hit by an unavoidable event that results in huge losses, being insured could very well be the best weapon during and after a trial.

Question #2 – Are there different insurance products?

To make sure there’s an appropriate business insurance policy for your type of operation, ask a licensed broker to help you out with this homework, identifying the different products available. Keep in mind, the insurance industry offers a wide range of insurance products and after assessing of your specific needs, it’s up to you to determine the right the level of protection. For example, if your business involves the frequent use of heavy equipment and machinery like an exploration drill, you might benefit from choosing an insurance policy with general liability coverage.

Question #3 – What type of insurance should I buy?

Now that you appreciate that your small business also needs insurance, the next question that will pop into your mind is, “What type of insurance should I buy?” If you can’t decide on your own, ask for the assistance of a licensed broker to get as many available insurance policies as possible suitable for your business’ operation needs. For example, if you are worried about the level of risk your exploration drill deals with then you need to consider buying an insurance policy that extends its protection to the unit itself and any of the other liabilities that can arise involving its use.

Question #4 – What else should I need to know before buying the insurance?

There are other things you need to know before buying any insurance policy, such as the:

  • Reputation of the insurer where you plan to buy the exploration drill insurance.

  • Availability of free quotes to help you make a wise decision.

  • Professional fees of a credible licensed broker.

  • Information you need to disclose when buying insurance like, your full name, address, credit score, report of previous insurance claims as well as market price of your exploration drill and where it is generally used.

These questions are intended to help you make a well informed decision. If you are still apprehensive about the whole idea of insuring your exploration drill equipment, I suggest you consult an insurance broker.

Earthmoving Insurance HQ are brokers that will work with you to make sure you have the best insurance policies to protect your business against risks involved with Exploration Drill equipment. Call us today to find out what we can do for you on 1300 815 344 or request a quote online.