Wheel Loader Owner OperatorWorkCover Insurance Alternative: Common Mistakes To Avoid

Looking for a reliable wheel loader owner-operatorWorkCover insurance alternative? Workcover or workers compensation benefits are a statutory  requirement for all employees working in the Construction and Building sector in Australia. To an earthmoving owner operator, however, such benefit can be forfeited as they may not be considered “regular” employees but rather labeled as contractors to aid in projects. Nonetheless, not many are complaining as this means more freedom to their self-employed status. With many companies using this cost-cutting scheme, an upward rise in the number of self-employed earthmovers is also visible over the years. While having their own insurance policy can provide a needed safety net while more projects are pouring in, there are certain pitfalls that these earthmovers must learn to avoid.Looking for a reliable wheel loader owner-operatorWorkCover insurance alternative? Workcover or workers compensation benefits are a statutory  requirement for all employees working in the Construction and Building sector in Australia. To an earthmoving owner operator, however, such benefit can be forfeited as they may not be considered “regular” employees but rather labeled as contractors to aid in projects. Nonetheless, not many are complaining as this means more freedom to their self-employed status. With many companies using this cost-cutting scheme, an upward rise in the number of self-employed earthmovers is also visible over the years. While having their own insurance policy can provide a needed safety net while more projects are pouring in, there are certain pitfalls that these earthmovers must learn to avoid.
 Unverified Projects. Just because a company is interested in your professional services and can give you big bucks it doesn’t mean that you just take its project proposal hook, line and sinker. Take time to verify the  company and assess the contract proposal carefully before you accept and sign on the dotted line. Further, do not also get involved in any project without any legal advice. While it is important to get the most out of a situation, it is also crucial to make sure that such a situation works to your advantage.
 Assuming the best without expecting the worst. Wheel loader owner- operators tend to depend on signed contracts. While there are prudent companies out there who see contracts as they are, it is also important to check for company reputability in the industry. A small business like yours can easily be toppled by industry bigwigs with only a little loophole on a written contract. Before you sign, see to it that this is reviewed by a legal professional.
 Not putting focus on relationship building. Do not just rely on referrals and high demands in the market. As much as possible, put more focus on developing highly collaborative relationships with clients. Deliver not just topnotch but also extra mile services. Open your communication lines and build a network with trust on its core. There is more to building business relations in the earthmoving industry than just making money.
 Too much focus on revenues. Let’s admit the fact that people work foris  money. As an owner-operator of an earthmoving vehicle, however, your focus should not be on the short-term. As important as counting your revenues effort should be placed on cultivating positive core values. This will not only put more efficiency in your services but will increase your overall services as well.
 Failure to set up proper cash flow management system. Managing money coming in and out of your small earthmoving enterprise should never curtail efforts on cultivating proper cash flow system in place. While you may be doing everything, it is imperative to get your hands on how to manage expenses, receivables, payables, preventive maintenance costs, insurance and the likes.
 Not obtaining income protection. Just because you are earning good and have steady projects coming in should not be reason enough not to have insurance protection for your income. This specialty insurance can be utilized as a Workcover or workers compensation alternative. It provides a sense of continuity and a much needed safety net should you fall ill or get injured. Take note that even when such an incident doesn’t takes place on a worksite, the insurance coverage of income protection can be enjoyed.

Being your own boss as an earthmoving operator is a truly liberating experience. It opens a lot of opportunities for growth allowing you more opportunities to  expandyour expertise and business savvy. Try to take note of these pitfalls though to ensure you can realiseyour success goals. For all your wheel loader owner-operator WorkCover insurance alternative needs, call our contact number or email to request a free quote.