Hired in Plant Insurance Guide
8th of December 2024
5 minute readAre you a business owner who’s been thinking about getting hired in plant insurance? If so, you’re in the right place. In this guide, we’ll walk you through everything you need to know about this type of insurance policy. We’ll cover what it is, how it works, and why it might be a good fit for your business. So whether you’re just starting out and wondering what coverage is best for you, or you’re considering switching policies, read on for all the details.
What is Hired in Plant Insurance and What Does it Cover?
A hired in plant insurance policy is a type of business insurance that covers larger equipment you use in your business. This includes things like machinery, tools, and other plant equipment like a forklift or digger. It also covers any damage or loss to this equipment while it’s being used for your business.
It mainly covers:
- Flood : This type of insurance can cover your business against loss or damage caused by floods.
- Theft : If your equipment is stolen, this policy can cover the cost of replacing it.
- Public liability insurance : This policy can cover you for any legal liability if your equipment causes damage to property or injures someone.
- Employer’s liability insurance : If you have employees, this policy can cover you for any legal liability if they’re injured while using your equipment.
How does Hired in Plant Insurance Work?
If you have a hired in plant insurance policy, you’ll need to pay an annual premium. This is a set amount that you’ll pay each year to keep your policy active.
You can usually pay this premium in one lump sum, or you can spread the cost out by paying monthly instalments.
Once you’ve paid your premium, your policy will be active for a set period of time, usually 12 months. During this time, if you make a claim, your insurer will cover the cost of repairing or replacing your equipment.
How to Choose the Right Hired in Plant Insurance Policy for Your Business
When you’re choosing a hired in plant insurance policy, there are a few things to consider.
First, think about the value of your equipment. This will help you decide how much coverage you need.
Next, think about whether you need public liability or employer’s liability insurance. If you have employees, it’s a legal requirement to have employer’s liability insurance.
Finally, consider the excess on your policy. This is the amount you’ll need to pay towards a claim. The higher the excess, the lower your premium will be.
Why you Might Need Hired in Plant Insurance
There are a few reasons you might need hired in plant insurance.
First, if you have expensive equipment, it’s a good idea to insure it in case it’s lost or damaged.
Second, if you have employees, you’re legally required to have employer’s liability insurance. This will cover you if they’re injured while using your equipment.
Finally, if you use your equipment for business purposes, you might need public liability insurance. This will cover you if your equipment causes damage to property or injures someone.
How Much Does Hired in Plant Insurance Cost?
The cost of hired in plant insurance varies depending on a few factors, like the value of your equipment and the excess on your policy.
To get an idea of how much it might cost, you can get a quote from us. Contact us, and we’ll give you a tailored quote based on your business.
What to do if you Need to Make a Claim?
If you need to make a claim, contact your insurer as soon as possible. They’ll be able to help you through the process and will let you know what you need to do.
You’ll usually need to provide some information about the incident, like when and where it happened and what was damaged. You might also need to provide a police report if your equipment was stolen.
The Benefits of Hiring in Plant Insurance
There are a few benefits of hiring in plant insurance.
First, it can give you peace of mind knowing that your equipment is covered.
Second, it can save you money if something happens to your equipment and you need to repair or replace it.
Third, it can help you comply with the law if you have employees. Employer’s liability insurance is a legal requirement if you have employees.
Fourth, it can protect your business if you use your equipment for business purposes. Public liability insurance can cover you if your equipment causes damage to property or injures someone.
How to Find the Best Deal on Hired in Plant Insurance
We can help you find the best deal on hired in plant insurance.
We compare a range of policies from different insurers to help you find the right cover for your business. Get a quote from us today and see how much you could save.
FAQ
What equipment can be covered under Hired in Plant Insurance?
Hired in Plant Insurance covers a wide range of rented equipment, including:
- Heavy machinery like diggers, bulldozers, and cranes
- Small plant equipment such as power tools, generators, and compressors
- Vehicles and specialised machinery used in construction, landscaping, or industrial work The policy may vary depending on the insurer, so it’s important to confirm that your specific equipment is covered.
Is Hired in Plant Insurance mandatory?
While not legally required, many plant hire companies will insist that you have Hired in Plant Insurance as part of the rental agreement. Without it, you could be responsible for the full cost of repairing or replacing damaged or stolen equipment, which could lead to significant expenses.
What is the difference between Hired in Plant Insurance and Owned Plant Insurance?
Hired in Plant Insurance covers equipment that you rent or lease from a third party, while Owned Plant Insurance covers machinery and equipment that your business owns. Both types of insurance protect against damage, theft, and other risks, but they apply to different types of plant ownership.
Does Hired in Plant Insurance cover damage caused by misuse?
Most policies do not cover damage caused by negligence or misuse of the equipment. For example, if a piece of machinery is used improperly or outside of its intended purpose, the insurer may refuse to cover the claim. Always use equipment as directed to avoid voiding your insurance coverage.
How long does Hired in Plant Insurance cover the equipment?
Coverage typically lasts for the duration of the hire period, from the time you take possession of the equipment until it is returned to the supplier. If you extend the hire period or take on a new rental agreement, you’ll need to update your insurance accordingly.
Can I add Hired in Plant Insurance to my existing policy?
Yes, many businesses choose to add Hired in Plant Insurance as an extension to their existing contractor’s or business insurance policies. This can be a convenient and cost-effective way to ensure you are fully covered for all equipment used in your operations.
What should I do if the hired plant is damaged or stolen?
If the equipment is damaged or stolen, report the incident to the equipment hire company and your insurer immediately. You’ll need to provide details of the incident, including photographs, witness statements, and any police reports (in the case of theft). The insurer will assess the claim and arrange for repairs, replacements, or compensation.
How is the cost of Hired in Plant Insurance determined?
The cost of Hired in Plant Insurance depends on factors such as the type of equipment hired, the duration of the hire, the value of the equipment, and the level of risk associated with your work. Insurers may also consider your business’s claims history and the locations where the equipment will be used.