What is plant and machinery insurance?
Plant and machinery insurance is designed to protect heavy equipment and machinery used in industries like construction, engineering, and agriculture. Whether the equipment is owned by your business or hired for a specific project, this insurance covers damage, theft, and other risks that can disrupt operations or lead to costly replacements.
How much does plant and machinery insurance cost?
Plant and machinery insurance starts at £9.50 month or £114 a year for £5,000 cover. The price of plant insurance depends on the level of cover you choose to buy – for example having £50,000 of cover will be more costly than having £10,000 of cover. Plant insurance is available to purchase with public liability or professional indemnity.
What does plant insurance cover?
Many insurers offer two products, one for your own plant and another for the plant you have hired. The exact coverage varies depending on the policy, but plant insurance typically includes:
- Damage: Covers accidental damage caused by use, transport, or unforeseen events like fire or floods.
- Theft: Protects against the loss of equipment due to theft from your site or during transit.
- Breakdowns: Cover for mechanical or electrical breakdowns, ensuring quick repairs or replacements.
- Continuing hiring charges: Cover for hiring charges, you remain liable following loss or damage to the hired plant.
With Suited, you can insure your own plant and hired in plant under one policy, which you can adapt whenever you need.
Owned plant insurance
If you own your machinery, owned plant insurance is a must-have. It protects your equipment from risks like:
- Accidental damage on-site or during transit.
- Theft or vandalism.
- Natural disasters like floods or storms.
Hired plant insurance
If you hire machinery for a project, you will be required to protect it with insurance. The lenders will offer you to buy their insurance which is usually quite an expensive option.
Alternatively, you can ask your business insurance provider if they can extend your insurance to include plant and machinery insurance.
Suited offers you the flexibility to add to your policy hired plant insurance for as long or as short as needed.
Do I need plant and machinery insurance?
If you own or hire construction machinery, having plant and machinery insurance in place is a smart move. Your plant is a vital part of your business or project and often represents a significant investment. But even with the best precautions, construction sites can be unpredictable places, with risks of damage due to accidents, weather, or theft.
Beyond the day-to-day challenges of a busy site, severe weather, burglary, and other unexpected events can also take a toll on your machinery. Repairing or replacing equipment after an incident can be costly, and without the right cover, those expenses could put a serious strain on your finances.
