Hiring or leasing machinery for your business is common practice, but you still need to protect it. Hired in plant insurance is a popular option as it gives you peace of mind that all equipment is protected against common damages, loss and theft.
Your plant, machinery and tools are integral to your business functioning. This makes hired in plant insurance absolutely essential. Unforeseen accidents may be uncommon but if they do occur, there will be significant financial impact. What’s more, if you’re hiring your equipment the hiring fees won’t cease simply because it’s out of action, lost or damaged. Similarly, the hire company will expect their equipment back in the condition it was hired to you, so any loss or damage will need to be covered by you, if you’re not insured.
Hired In Plant Insurance Cover
What should hired in plant insurance cover for you? It depends on the business and the equipment you need to be covered but it may incorporate:
- Contract works cover
- All risks cover
- Off-site storage cover
- Cover for specific vehicles
- Cover for specialist vehicle and plant
- In-transit cover
Hired in plant insurance can be tailored to your needs and the plant relevant to your business. It can cover JCBs and diggers, as well as more specialised vehicles and equipment where necessary.
Considering Hirer’s Waivers
Some hiring companies will offer what is known as a hirer’s waiver. This can be in place instead of organising your own insurance. However, there are risks with this and it is important to look closely at the terms of the waiver. Often waivers only cover a limited range of risks and you may also find your own hired in plant insurance is more affordable.
At Just Quote Me we work with businesses of all sizes reliant on plant machinery. Our expert insurance specialists can discuss your needs and find quotes for hired in plant insurance to suit your business. Contact us today to find out more.