Plant Hire Insurance
If you run a contracting firm or work in the construction industry on a self-employed basis, you may need to hire in expensive plant and machinery on a regular basis. This may include plant such as generators, cranes and other lifting equipment, diggers, cherry pickers and a variety of power tools.
If an item of hired-in plant or machinery is stolen or damaged, whilst in your possession, you will probably be legally liable, under the terms of your contract, to pay for the cost of the equipment and for any rental charges due to the plant hire firm.
Plant hire or hired-in plant insurance covers you for these costs. It can be bought as an add on to your contractors insurance or liability insurance or as a stand-alone annual policy.
Get The Right Insurance For Hired Plant
A number of insurers offer plant hire insurance. The premium is based on the amount of hiring charges you pay over the year and you will need to know the value of the plant to make sure it doesn’t exceed the limit on the policy. The price also depends on the type of work you do, and whether or not you have had any previous claims. There will usually be an excess of between £100 and £1,000, depending on the value of the plant.
Add Plant & Machinery Insurance To Your Business Insurance
It’s best to speak to an independent business insurance broker, who will be able to help you make sure you have the right insurance in place for the plant you hire in. They will advise you whether to add the cover on to your business insurance or if it would be better to take out a separate policy. They’ll probably approach several insurers for quotes and recommend the most suitable option for your business, taking into account the price and the terms and conditions of cover. They’ll be there to help you, if you need to make a claim.
Understand Your Plant Hire Insurance:
- Check the amount of the excess
- Read any exclusions and conditions
- Check that the value of the equipment you hire in does not exceed the limit on the policy
A good business insurance broker will be able to help you understand your plant hire insurance. If you aren’t sure about anything, just ask.
Get A Competitive Plant Hire Insurance Quote
Here at Breathe we have many years of experience in arranging hired-in plant insurance for all types of trades. This experience means we can provide your business with suitable cover at the most competitive rate available in the market.
If you would like to speak to a Kent based business insurance broker about hired in plant insurance or get a no-obligation quote, please call us on 01622 620531 or click here to contact us online.