A surprising number of things can be insured on this type of policy:
It can also include additional protection against these common risks:
The main types of cover are:
Hired-in plant - for vehicles and equipment you hire-in while undertaking work
Owned plant - for vehicles and equipment that your business owns
Temporary cover - some providers, such as Insured4u, can offer cover that lasts a day or lasts all year
All-risks - which covers you against fire, flood, theft, malicious and accidental damage
Road risks only - where the policy only applies when vehicles are on public roads
The cost of your cover will depend on several factors, including:
Plant insurance provides a wide range of covers that have been designed to protect businesses that use these specialist types of equipment. Given the cost of these machines, the fact that many are hired-in rather than owned, that many will need to have road risk cover, and the public liability risks associated with this sort of work, having a plant insurance policy makes sense.
Hired-in plant is equipment that you hire for a specific job as opposed to equipment that your business owns.
No, but if you have employees, then you will need employers' liability insurance.
Yes, you just need to ensure it's part of your policy.
Yes. For an item to be classed as a plant vehicle, it will need to specify on the logbook that it is plant or special types.
Yes, if you have road risks, cover.
If any hired-in plant is damaged or stolen, you'll usually be liable to continue paying the hire charges for the item in question, even if it is no longer used by you. In most instances, these charges will be covered for 90 days, but it's always worth checking the policy.
Yes, some items you think would be considered as such are not. This includes things like a truck with a hi-ab on the back, which would be classed as a heavy goods vehicle. Horseboxes are another item some people would class as a special types vehicle; however, it is not unless noted on the log book.
Yes. When you hire machinery, it means that you are responsible for that item, and you need to make sure you send it back in the condition you hired it. If a piece of kit you have hired was to break or be damaged and you didn't have hired-in plant insurance, you would have to pay for any repairs.
People who take out plant insurance often take out other policies. Some of the most common include:
If you'd like to know more about how Jensten Insurance Brokers Ilkeston can help protect your plant, please call 0115 672 5680.