There are over fifty thousand logging-related businesses in the USA alone. Thus, having a logging company means you are part of a diverse industry. Did you know that there are systems in place to help businesses such as yours and that Insurance is only one of them?
This article will help you understand the different insurance policies you might need to look into for your logging crew. By understanding these you can choose the insurance packages that work best for you. So read on and understand the world of logging coverage before you need it.
Why Does a Logging Company Need Insurance?
The following is a list of the different insurance coverages you might need for your logging company. Each of them relates to a different area of logging. You should discuss with your logging insurance agent whether they supply that specific insurance or not.
Injuries
With the varied and dangerous work that loggers carry out, there is always the chance of injury. If an employee suffers a workplace injury, having workers' compensation will mean you do not need to worry about their medical care. This is important as due to the nature of logging and its potential injuries, these costs can be very expensive.
If a worker is off due to injury, workers' compensation insurance will also compensate them for their wages should they need to take time off. This will continue throughout their recovery period until they are fit enough to return to work.
You should note that injury compensation is not the only method you must have of offsetting harm. Many times, insurance will only pay out if you have appropriate safety checks in place to prevent such incidents from occurring. Your workers should also have the appropriate training to make use of the equipment, including safety training.
Breakdowns
A logging crew uses many types of equipment. Nothing is worse than one piece of equipment breaking down and harming the logging process. For this reason, the faster you repair or replace any part of the production line, the better.
Logging insurance can cover all pieces of equipment in a logging camp. This does not only mean the items used to cut down and process the trees, but also any vehicles used to transfer the lumber that you produce daily. You can also choose which items to insure with specific types of insurance, giving you the best deal based on your workplace methods.
Cargo Safety
Whenever you are moving your lumber from your job site to another location, you may come across situations that are out of your hands. This is especially true if you are not the person who is hauling your cargo on your company vehicles. A single vehicle going missing or late for any reason can lead to you losing a large amount of profit in a way that you cannot control.
Cargo insurance can offset that. If the cargo gets damaged or lost, your insurance can cover the monetary loss you take. This means you can move forward with the assurance that you have coverage for any eventuality.
Protests and Sabotage
On government land, any kind of logging runs the risk of encountering protests as it continues. This is especially true in older forests, which protesters are more likely to protect.
You should treat these protests as a serious problem. Their presence can shut down production due to a danger of injury to both protesters and their logging crew. Also, some protesters sometimes sabotage equipment, putting a complete stop to any work occurring for long periods.
Insurance can cover the period of time where these protests happen. They can reimburse you for lost profits and assist with repairing or replacing broken equipment.
Pollution Liability
On occasion, accidents happen. It is a terrible thing when the chemicals or materials you use pollute a landscape. But when you are working with nature it is almost guaranteed to happen at some point.
In these situations, fines can start to rack up as the environment becomes damaged by a spill, leak, or another form of natural tainting. Luckily, pollution liability insurance can prevent you from needing to pay out of pocket for some of these issues.
When accidents occur, you can put in a claim to help you with the cost of the cleanup. This means you can have comfort knowing you have the funds to clear out foreign substances.
Individuals
Besides the company getting insurance as a business, you should be encouraging your workers to look into their own insurance too. No matter what your role is on a logging crew, there is always the risk of danger occurring daily as with any other manual job. For that reason, insurance can give you peace of mind when it comes to the potential for having to pay out-of-pocket after an accident.
Also, while a job site might have business insurance and workers' compensation, that might not cover everything. There may be limits to what and why the policy is paying out. Getting your own insurance lets you have a safety buffer in case the worst happens.
Where to Get Logging Company Insurance
You should now have a much better idea of the options you have from logging company insurance. As your logging company grows, you will need to investigate these options, but if you have questions about what to do we may be able to help you answer them.
Our specialists are on-hand to talk to you about insurance. So you need only pick up the phone and our people will be able to give you the advice you need to move forward.
