Do you operate a small but thriving earthmoving business? Perhaps, a project-based owner-operator for a Bobcat or skid steer loader as a means of providing support for your family? Apart from insuring your heavy machinery, you may also be wondering if it is important to obtain a skid steer loader owner- operator income protection insurance policy as an added safety net for your family. Income protection insurance brings peace of mind.
The Need For Protection
A skid steer loader is one of the most in demand pieces of machinery in the earthmoving industry. This dynamic machine can help streamline costly manual labour. It is designed to handle various types of attachments to push, load and unload, dig, and excavate earthly materials. Somehow, this is used in areas where huge excavators cannot penetrate. Whilst they are useful, many construction businesses no longer invest in them but rather look for private owner-operators and hire them on a contractual or per project basis.
Signing a contract with a business, however, does not make you an employee of the company. So when you fall ill with the flu, for instance, you’ll be earning zero wages for days you’re not on the job. When you get injured due to an accident while on the road, the company can’t be held liable for that, too. In short, you will be left to fend for yourself on your own with no protection. Even with huge savings on hand, money lost during these days can create a dent to your savings as you provide for your day-to-day and cover your costs of being an owner-operator. This is where skid steer loaded owner operator income protection insurance comes in.
Income Protection 101
Operating heavy machinery or any type of machinery is not without risk. As owner-operators are the contractual workers for the earthmoving businesses, the need to find a safety net that allows steady flow of income in the event that one cannot work due to sickness or injury, or when one suffers from temporary disability as a consequence is a welcome development. Income protection offers round-the-clock protection, 7 days a week, and worldwide cover to its claimants.
While each insurer offers different types of coverage, exclusion and limitations, most deliver around 75 percent of salary earned in the 12 months preceding the incident. This, however, is largely dependent on the insurance company, coverage you need, and other policy benefits deemed important by you and your chosen insurer. Insurance cost also differs from one policy to another and from one insurer to the next. The idea is that, premium payment is largely dependent on the risks involved in operating your heavy machinery.
Prioritize Safe Operations
Without a doubt, income protection for skid steer loader owner operators can help greatly when tough times arrive. Whilst insurance can help tide things over when the unexpected happens, it is also important to exercise caution when operating skid steer loaders and other machinery. Preventive maintenance must be done on a regular basis. Safe work practices must be strictly observed. When thinking of tailoring your skid steer loader owner operator income protection insurance policy, call our hotline above or ask for a free quote now.