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Own and hired in plant insurance for small businesses
If you are a builder or tradesperson, then chances are you will need to keep your equipment on-site at some point. Often your equipment can be exposed at the construction site and could fall victim to theft, vandalism or plain bad weather.
Should your equipment become damaged or lost, you would be out of pocket for replacement fees without insurance cover. That is why you should consider investing in plant insurance to help cover equipment you use on-site.
Aon can arrange plant insurance as part of a business insurance policy, plant insurance can be added to your business insurance policy alongside other cover such as public and products liability cover, which is the core part of your small business insurance policy.
There are two types of plant insurance depending on whether you own your own equipment or have hired it from elsewhere. When you hire equipment from another business, you are legally responsible for anything that happens to it.
While the hire business might have cover for their equipment, it may not fully cover you for incidents that could occur on site. Therefore, plant hire insurance is an important investment that can protect you while hiring equipment.
Own plant insurance, on the other hand, can help to cover your own equipment you use for work. Not only can it include equipment you have on-site but it can also cover equipment in transit. Having your own plant insurance can cover your equipment for loss, theft or damage. Speak with us to find the right policy for your business needs.
What does Own and Hired In Plant Insurance Cover?
Hired equipment on site
Hired in plant insurance can protect your business against liability claims made against you due to accidental or malicious damage to plant you hire.
Your own equipment and plant
This insurance can cover you for equipment you own for theft, loss or damage.
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What does hired in plant mean?
Many contractors and tradespeople hire equipment from other businesses in order to complete their work. In turn, the contractor or tradesperson is legally responsible for keeping the equipment safe while it’s hired out to them. Should an incident occur that damages the equipment or cause it to go missing, the contractor or tradesperson would be liable for all replacement costs.
If you are a contractor or tradesperson, then hired in plant insurance can help to cover you for equipment you have hired against loss, theft or damage. It can cover you for equipment used on-site as well as equipment in transit. In the end, plant hire insurance will give you peace of mind knowing you’re protected should the worst happen to your hired equipment.
What is own plant insurance?
Own plant insurance can help to cover your own plant equipment when you use it as part of your business activities against risks such as loss, theft or damage. While others may only need short term plant hire insurance during the hiring period, you should think about your own plant insurance as a long-term solution if you own your own plant.
While your equipment is on-site, it can often be exposed to all sorts of risks. From thieves and vandals to natural disasters such as flooding and storms, damage and loss can occur no matter how secure you make your site. Therefore, your own plant insurance will help to prevent you from being left out of pocket should disaster strike.
Do I need insurance to hire out plant?
In some cases, the hiring company will need you to have hired in plant insurance before they allow you to use their equipment. Even when this is not the case, once the equipment is hired out to you, you become legally responsible for keeping it safe. While you may do all you can to keep your hired equipment safe and secure, there’s always a risk of damage or loss.
The hiring company will most likely have their own liability insurance in place. However, such insurance may not provide you with enough cover. Having your own hired plant insurance will give you more control over your cover and protection when you need it most.
It is important when considering cover to discuss with us the full amount of equipment you own or are hiring. The more valuable the equipment, the higher your premium is likely to be. Speak with our team today to find out what cover Aon can arrange for your business requirements, so you’re only paying for the cover you need.