What is Plant Insurance?

Plant insurance, including hired-in plant insurance, is a specialist cover designed to protect plant vehicles and equipment from loss, theft, or damage.  It can accommodate a wide range of equipment, such as:

• Diggers
• Cherry pickers
• Mobile cranes
• Welfare units
• Steam rollers
• Forklift trucks
• Tar sprayers
• Portable tools
• Generators
• Mechanical plant
• Earth-moving machinery
• Agricultural equipment – tractors, sprayers, and trailers
• Attachments such as welfare units and on-site cabins
• And many more.

It’s also suitable for a wide range of industries, including:

• Construction
• Agriculture
• Manufacturing
• Logistics
• Groundworks
• Haulage
• And more – we can arrange cover for a wide range of industries and personal use

What does Plant Insurance Cover?

Plant insurance is a flexible policy that can offer a comprehensive range of covers:

• Theft
• Loss
• Accidental damage
• Road risks – so you can drive vehicles on public roads
• Third-party working risks (TPWR) – covering damage to other people’s property
• Glass cover
• Malicious damage insurance
• Loss or damage to trailers
• Tools and equipment – including workers’ tools
• Off-site storage
• Static equipment – such as welfare units or generators
• Cover while in transit – so if your equipment is involved in an accident or is damaged while being moved from site to site, you’ll be protected
• Hire charges – if you have hired-in plant and it gets damaged or stolen, this can cover the ongoing hire charges for a period of time, usually 90 days

 Are there any other policies you should consider?

Given the situations and the sectors that these types of equipment are used in, businesses taking out plant or hired-in plant insurance often also take out:

• Public liability insurance – or PL insurance as it’s sometimes known – is a policy that protects you and your business from financial loss should someone be injured or their property damaged owing to your business’s activities.
• Employers’ liability insurance – employers’ liability insurance – EL insurance as it’s also known – protects businesses from compensation claims from their employees should staff sue them for loss or injury at work.  If you have any employees, be they full-time, part-time, or contracted, having £5m of employers’ liability insurance cover is a legal requirement.
• Goods in transit insurance – for businesses who are transporting any plant – Goods in transit insurance can offer protection if you or your customers plant is damaged or stolen while they’re being moved from one place to another. It’s an additional insurance that covers the contents of your vehicle and only while they’re in transit.

Does your business need Plant Insurance?

If you own or hire-in plant equipment, then you’d be well-advised to have plant insurance in place as:

• Plant equipment is expensive – the cost of replacing equipment can quickly run into many thousands of pounds, and even covering hire charges can prove expensive
• Rising risks – according to Allianz, thefts of UK plant is at an all-time high, with an 80% year-on-year increase in claims relating to plant thefts

How to get the Plant Insurance that’s right for you?

Plant and hired-in plant insurance can be a complicated business as much depends on the type of work you’re doing, where, and with what type of equipment.  When looking to get a plant insurance quote, it’s worth getting some specialist independent insurance advice.  To do that, call the Jensten Insurance Brokers team on 0115 672 5661 or contact us here.  Our team have many years of experience in helping clients get the plant and hired-in plant insurance they need.

How much does Plant Insurance cost?

Several factors will make up the cost of your plant insurance quote, including:

• What equipment do you have and its value
• Where you work
• Whether you own your equipment or hire it in
• The type of work your business does
• The turnover of your business
• If you have any employees and if you wish to add employers’ liability to your cover
• Your claims history
• The age and condition of your plant equipment
• Whether you want to pay annually or monthly – annually with usually work out cheaper
• Where is your equipment stored overnight
• If you have any welfare or support structures

For a personalised plant insurance quote, call the Jensten Insurance Brokers team on 0115 672 5661 or contact us here.  Our team have many years of experience in helping clients get the plant and hired-in plant insurance they need.