Plant Hire Insurance
Plant Hire Insurance Explained
If you are working on your client’s site, then you probably need to use machinery, either it’s your own or it’s a hired machinery. To protect your machinery against theft, loss, or damage, you should get plant machinery cover if you own the machinery or a plant hire insurance if you are using a hired machinery. It is important that you should protect your own machinery as well as the machinery that you hire out. Whether you are a contractor or a tradesman, you can get the cover that you need at a reasonable cost. You can either choose to have a third-party cover, or you might want to get a comprehensive insurance policy.
It is a fact that plant machinery can be very expensive. Most often it can cost tens of thousands of pounds. When this plant machinery is stolen or damaged, then it can greatly affect the operation of your business. This is the reason why it is advisable that businesses and tradesmen should get a plant hire insurance. You can either take out plant insurance if you own the machinery or a plant hire insurance if you don’t own it.
Where can I get Plant Hire Insurance?
We recommend using Simply Business they are rated 4.7/5 on Feefo and have over 800,000 insurance policies in the UK. They compare many different providers so you can find the insurance cover that is right for your plant hire business.
Who needs plant hire insurance?
Whether you have your own contracting firm, or you are working as a self-employed in the construction industry, you might need to hire plant and machinery if you don’t have the funds to buy your own. This plant machinery can include cranes, generators, cherry pickers, diggers, concrete mixers, forklifts, and other powerful tools and equipment.
In the event that any of this hired-in plant machinery gets damaged or stolen, then you are legally liable for paying its cost as well as the rental charges based on the terms of your contract with the plant hire company.
However, if you have plant hire insurance, then these costs can be covered. This type of cover can be bought as a stand-alone annual policy or it can also be added to your liability insurance or contractor’s insurance.
Finding the Best Plant Hire Insurance
How to choose the right plant hire insurance?
There are a lot of insurance providers which offer plant hire insurance. Most likely, the amount of your premium will depend on the amount that you pay for the hiring charges as well as the type of work that you do. It is also essential that you must know the value of the plant machinery in order to ensure that it does not exceed your policy limit. The price can also be affected by your previous claims. Depending on the value of your plant machinery, most often there will be an excess of between £100 and £1,000.
Never underestimate the value of your plant machinery so you can get the right level of coverage. If you have business insurance, then you can add this plant and machinery cover into it.
If you need more help, then you can talk to an independent business insurance broker. They can help you ensure that you are getting the right insurance for your hired plant machinery. At the same time, they will advise you if its ideal to get a separate policy for it or just add it on to your business insurance. They will gather several quotes from different insurers and would likely recommend the one that is more suitable for your business based on the cost as well as the terms and conditions of the cover. They can also help you in making a claim.
It is also important that you must understand your plant hire insurance. Be sure to examine how much is the amount of excess. Read all the details of your exclusions and conditions carefully. Always make sure that the value of the plant machinery that you hire does not exceed your policy limit. An independent business insurance broker can help you in understanding your plant hire insurance. If you are confused about something, then do not hesitate to ask.
Do you have employers’ liability insurance?
Keep in mind that if you have employees in your contracting firm, then you are legally required to take out an employers’ liability insurance. This can cover the legal expenses and compensations costs in the event that one of your employees was seriously ill or injured while working in your company.