Insurance helps to cover the risks arising from any situation that can lead to financial losses. Since welding is a risky business as the work involves fire, it is implied that business organizations render welding as a service or use welding as a business process. Professional welders should have an insurance cover that can protect them from financial losses should anything go wrong.  The insurance company’s business revolves around accepting the risks in exchange for a small fee, known as a premium, which you can pay annually.

During the insurance policy period, you will receive financial compensation for damages to the extent of the coverage subject to the terms and conditions of the policy. To ensure maximum benefit, read the policy’s terms and conditions carefully, and be ready to pay a higher premium.

Welding is a risky business

The welding process is applicable across all industry segments. It is the most dependable method for working with metals, whether cutting or joining pieces of metal to create a strong structure. Although most of the jobs go without a hitch, there remains a chance when you could face a threat to your livelihood.

Here are the reasons why you should take insurance

An accidental fire at the site

Despite taking all safety measures, it is hard to rule out the possibility of fire during welding. Fire is the biggest threat faced by welders and remains most unpredictable, like any other natural calamity. A tiny spark is enough to start a fire that can raze a massive building to the ground and damage lives and property worth millions of dollars. Although it might be possible to save lives, property damage is inevitable. Taking a commercial general liability insurance policy protects you from financial damages if you are liable for damage to self, others, and property.

Electric shock

Welding is a hazardous job not only because you are literally playing with fire but also working with electricity. A welder faces maximum threat from electric shocks, which can injure severely and even turn fatal. Welders might die from the electric shock or even fall to their death as a reaction to the shock. Welders might accidentally touch two metal surfaces that have some voltage existing between it and get hurt.  Here again, the insurance provides some protection.

Fumes and gases

Besides the risk of fire and electric shock, welders face the hazard of fumes and gases emitted during the welding process. Welding fume contains harmful metal oxide compounds from the consumables, the base metal, and its coatings.  Things can be especially bad when welding in confined and poorly ventilated spaces that can choke the welder if the fumes are toxic. Although the welding area should be well ventilated to ensure safety, exceptions do happen, and insurance provides the desired protective cover.

 Improper personal protection can cause injuries

Burns are the most common welding injury, and using proper personal protective equipment keep welders safe.  It also protects from the arc rays during electric welding. Choice of wrong PPE (personal protective equipment) can only increase the risk of injury, but having welding insurance can help recover the financial losses. However, it does not help to avoid injury and damage.  From safety goggles to leather hand gloves and leather boots as well as face shields, welders must be comfortable in their protective attire.

Protection from poor work quality

After completing the work, the customer might not be happy with the quality of workmanship and, as per the terms of the contract, might claim compensation for damages that welders can bear easily provided they have an insurance cover for it.

Protection from theft

When carrying out project work at the sites, welders are responsible for maintaining their employer’s kits given to them.  After the day’s work, they must ensure the safe storage of the kits at the site. However, thefts are common, and in that case, the protection comes from the insurance policy.

Accident cover for company-owned assets

Insurance cover is also available for some of the welding company’s assets and used for carrying out project work. If the company-owned vehicle meets with an accident while traveling to the worksite, the insurance coverage can provide protection for the financial losses.

Author Raymond James:

Ray is a sought after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.

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