Compensation for Asbestos Related Illnesses-Protect Yourself by Buying an Asbestos Insurance Cover for Your Business
Before the discovery that it’s carcinogenic, asbestos was widely used in building and construction due to its admirable properties. This naturally occurring mineral contains properties that make it cheap to produce, an excellent thermal insulator and fire resistant. Even better, its lifespan strength is increased when added to cement.
Unfortunately, this naturally occurring material has more disadvantages compared to its advantages when used in building products. It releases dust and fiber that are a health risk, with symptoms of its diseases showing only decades after exposure. As such many companies, both small and large have suffered losses resulting from asbestos law suites.
When asbestos is disturbed it releases a thin gossamer-like fiber. The inhalation of this can result in lung-related illnesses such as pleural plaques, pleural disease, asbestosis, lung cancer, peritoneal mesothelioma, pericardial mesothelioma and pleural mesothelioma among others. No progress has been made towards finding treatment for the asbestos-related diseases at the moment and victims can only rely on treatment to relieve the symptoms.
According to Safe Hands Insurance, a top brokerage company in Australia that offers asbestos insurance, the workers with the highest risk of asbestos exposure are those in the following industries:
• Electrical engineering
• Insulation work
Many businesses who didn’t anticipate claims of asbestos exposure like James Hardie have parted with millions of dollars in these cases. Although some medium-sized businesses learned their lesson from such cases, many other small businesses dealing with asbestos directly or indirectly are yet to purchase asbestos insurance coverage.
Arguably, Australia has one of the highest rates of asbestos in the world, and as such the highest cases of mesothelioma related deaths. Even after the ban of asbestos in other countries in the early 80s, Australia has continued to use this product in building, construction and textile industries. Ex-employees of James Hardie Industries continue to make claims decades after this asbestos-product producing company relocated overseas.
Why Buy Asbestos Insurance for Your Company?
Although there has been a wide public awareness of the dangers of asbestos, no mass campaigns have been done to eradicate all asbestos products from buildings. Companies with building demolition workers, telephone technicians and other householders should purchase insurance coverage.
The director of Safe Hands Insurance, Phillip Curr, says an asbestos insurance is a shield against asbestos-related claims and every small and medium-size business should take advantage of this. Since asbestos-related illnesses can reveal themselves even after decades, a legal time limit cannot be given as to when a claim can be made. Employees can make claims if:
• They no longer work for the company that contributes to their asbestos exposure, even if the company has since been closed or relocated.
• They suffered second-hand exposure to asbestos.
• They were self-employed or a contractor but used asbestos products from your company.
• They were exposed to asbestos during home renovations.
• One or more of their loved one has died as a result of exposure.
There are different asbestos insurance packages that a business can choose from depending on their unique requirements. At Safe Hands Insurance, you can get more information on asbestos insurance coverage and the best option for you.
Note: This content was written by Safe Hands Insurance, a boutique insurance brokerage that services small and medium businesses across Australia. For more information on insurance for security firms or for a quote, phone Safe Hands Insurance on 1300 744 442.