It is easy to believe that your company’s business insurance policy is sufficient to cover all aspects of your company. Because you are busy running your business, you may not spend much time thinking about your cover’s specifics. Generally, your business insurance comes to mind when an unfortunate event occurs, and you need to make a claim.
Consider for a moment your equipment, both fixed and mobile. Would you be able to continue your business if you a piece of equipment was damaged or stolen? Could you afford to replace a bobcat or a forklift? The answer to these questions is nearly always a resounding ‘no’ from customers in all lines of work.
At Grace Insurance, we specialise in helping you protect what is yours. This is why we are pleased to offer Plant and Equipment insurance cover for our customers.
What is Plant and Equipment Insurance?
Plant and Equipment Insurance provides cover for your construction and other heavy equipment. This includes gear you use inhouse as well as items you may lease to other companies.
Can You Provide Cover for My Plant and Equipment That is Mobile?
We know that a significant portion of work takes place in various locations outside your business’s home base. With this in mind, we can provide cover for your mobile plant and equipment.
Does My Business Insurance or Motor Vehicle Insurance Cover This Equipment?
All of our business insurance and motor vehicle insurance policies are for individual clients. Because we do not promote cookie-cutter insurance, the best way to know if your plant and equipment have sufficient cover is to request that one of our team go over your policies’ specifics. It is well worth your time to make sure of your coverage.
Several years ago, Sam’s landscaping company invested in earthmoving equipment. Recently, thieves took a bulldozer from a job site. Although recovered, the dozer sustained irreparable damage.
When Sam submitted a claim, he learned that his insurance policy was insufficient as it did not cover the cost of replacing his equipment. The incident cost Sam significantly more than he expected because he was not aware of the details contained in his cover. Incidents such as this are quite common and entirely preventable.
Can Tradies Benefit from Plant and Equipment Cover?
Depending on the specifics of your trade, a plant and equipment insurance policy could mean the difference between maintaining your company and going out of business. Be sure to discuss how a plant and equipment policy could impact your business.
What Industries Can Benefit from Plant and Equipment Insurance?
There are scores of Australian businesses which depend on heavy equipment and the like to do the job. It is difficult to keep track of the industries that often need Plant and Equipment insurance include but are not limited to:
- Civil projects
- Forestry services
- Mining operations
- Oil and gas
- Rail projects
- Road works
- Safety services
- Utility repair
What Kinds of Equipment are Covered by Plant and Equipment Insurance?
Because we understand the various businesses we insure, Grace Insurance makes every effort to offer cover for a large variety of equipment. However, if you do not see a specific piece of equipment, please contact us. Our list of equipment we cover is long, but it is not exhaustive:
- Air compressor
- Backhoe loader
- Cherry picker
- Crawler loader
- Drill rig
- Dump truck
- Elevated work platform
- Excavation equipment
- Hydraulic ram
- Irrigation equipment
- Jib and boom
- Levelling equipment
- Log grinder and splitter
- Wrecking equipment
What are Some Specific Events or Incidents Covered by Plant and Equipment Insurance?
Even though we customise our customers’ policies, we frequently include several provisions in most of our Plant and Equipment cover.
- Damages – Should unforeseeable events harm your equipment, your Plant and Equipment cover would take care of you. Additionally, we can make provisions for specific situations if your company hires out its equipment. Cover can extend to the personal effects of the equipment operator.
- Road Risk – Having Road Risk as a part of your cover will protect you from legal liability if a loss occurs whilst your equipment is operational or someone is towing it. If the equipment is not under its own power then no road risk can attach, unless it is the trailer itself, which is being towed, and that has auto road risk cover by the towing vehicle.
- Broadform Liability – A provision that includes Broadform Liability covers you from liability if others suffer a loss because of your equipment’s operation.
- Breakdown Cover – It is easy to see how beneficial Breakdown insurance is for companies that rely on their equipment. A breakdown can cost your business thousands. With this provision, should a piece of equipment become inoperable while in use for your business, you need to make sure the additional breakdown cover has been selected to be covered.
- Financial Protection – Many business owners opt to add Financial Protection to their cover. This will assist you if your equipment sustains damage or a break down by compensating you for monetary loss while your equipment is out of commission.
Should I Think About Adding Any Other Insurance Provisions to My Plant and Equipment Insurance Policy?
It is always better to find out about your options before a situation arises. There are other addendums that may prove to be beneficial for your company. These include:
- Costs incurred disposing of a machine
- Costs of car hire
- Damage or loss of lifted goods
- Dry hire or wet hire
- Windscreen replacement costs
The last thing you want to do is risk your livelihood by hoping you have the right insurance cover. To speak with an expert in the insurance industry, contact Grace insurance. Our top-notch team of professionals can give you the peace of mind that comes with knowing your business is safe, come what may.
The material in this blog post is for informational purposes only and does not constitute legally binding advice. It should not replace a consultation with an insurance professional.