Hired in Plant Insurance Guide
Are 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.
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.