Hired-In Plant Insurance

Hired-in plant refers to plant and machinery that your business hires rather than owns. This type of equipment is commonly used across most construction sites and other industries where owning all necessary machinery may not be cost-effective or practical. Hired-in plant machinery can include a wide variety of items such as mini diggers, forklifts, cherry pickers, dumper trucks, mobile cranes, and welfare units. Hiring this equipment allows businesses to access the right plant and equipment for specific projects without the financial burden of ownership.

Hired-in plant insurance provides flexible, specialist protection against a broad range of risks under a single insurance policy. This insurance is designed to protect hired equipment from theft, loss, accidental damage, and even cover legal fees that may arise from incidents involving the machinery. Additionally, if you need to drive the hired equipment on public roads, the policy can include a road risk element to ensure you are legally covered. Without adequate protection, financial losses from damage or theft of hired-in plant machinery can be significant, potentially impacting your business operations and profitability.

Whether hired-in plant insurance is legally required depends on how you use the equipment. If you intend to operate the hired plant on public roads, a road risk insurance element is mandatory to comply with legal requirements. Moreover, if you employ staff to operate the machinery, employers liability insurance is legally required to protect your business and employees. While hired-in plant insurance itself is not always a legal obligation, many hire companies require proof of adequate cover before renting out equipment. Having the right insurance ensures you meet these contractual obligations and provides adequate protection against financial losses.

Yes, if your hired-in plant insurance policy includes a road risks element, your hired vehicles and machinery are covered while being driven on public roads. This coverage is crucial for meeting legal requirements and protecting against liabilities arising from accidents or damage occurring during road use. Road risk insurance typically covers third-party liability, fire, theft, and accidental damage when the equipment is in transit or operated on public roads.

Yes. If hired plant is damaged, stolen, or otherwise unusable, you are typically still required to continue paying the hire charges to the leasing company until they provide a replacement. Most hired-in plant insurance policies include cover for continuing hire charges, usually for a period of up to 90 days. This means the insurance will cover the cost of hire fees during the time you are unable to use the equipment, helping to mitigate financial losses and maintain business continuity.

Yes. In addition to hired-in plant insurance, there are several other insurance products commonly recommended for businesses using plant and machinery, including:

• Public liability insurance – protects against claims for injury or property damage caused to third parties.
• Contract works insurance – covers materials, plant, and equipment used on a construction project.
• Employers liability insurance – legally required if you have employees, protecting against work-related injuries or illnesses.
• Road risk insurance – essential for covering hired equipment used on public roads.
• Stock and materials insurance – protects business stock and materials from loss or damage.
• Professional indemnity insurance – covers legal fees and claims arising from professional advice or services.
• Third-party working risks cover – protects against liabilities arising from subcontractors or other third parties working on your behalf.

At Jensten Insurance Brokers, we are committed to helping clients find the right cover at competitive prices. Here are some tips to help you save money on your hired-in plant insurance:

1. Obtain independent advice – this ensures you only pay for the cover you need and avoid unnecessary add-ons.
2. Don’t rely solely on the hire company’s insurance – their policies may be restrictive, exclude accidental damage, or lack comprehensive protection.
3. Shop around or use an independent broker – Jensten Insurance Brokers can access multiple insurance providers to find the best policy tailored to your requirements.
4. Invest in security measures – installing CCTV, using secure storage facilities, and locking equipment overnight can reduce your premiums.
5. Maintain a good claims history – insurers often reward businesses with fewer claims by offering lower premiums.

The cost of hired-in plant insurance varies depending on several factors, including:

• The type, quantity, and value of plant and equipment you want to insure.
• The size and duration of your projects.
• The level of risks and cover options selected.
• The length of hire and associated fees.
• Additional covers such as public liability or glass cover.
• The security arrangements and storage conditions for the equipment overnight.
• Your claims history and business profile.

Because of these variables, there is no one-size-fits-all price. At Jensten Insurance Brokers, we tailor your insurance package to suit your specific business needs and budget. For a personalised quote and expert advice on the right cover for your hired-in plant machinery, contact us on 0115 672 5680, request a callback, or start your insurance quote today.