When searching for Insurance to protect your plant and machinery, the number of different options available to you can sometimes be confusing.
In this article, we explain what Plant and Liability Insurance is, the difference between them, and the option to combine both into one policy, making it easier for your business to manage.
What does Plant Insurance Cover?
Plant Insurance covers your own plant assets and can also cover the legal liability against damage to hired plant and ongoing hire costs. It can include cover for:
- Theft
- Loss
- Accidental damage
- Glass cover
- Malicious damage
- Loss or damage to trailers
- 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
What is Liability Insurance?
Liability Insurance options can include:
- Liability Insurance – This can cover the legal liability for injury or damage to third parties and their property due to the client’s negligence. Most policies provide ‘Third Party Working Risks’ covering the use of motorised machines or vehicles as tools of the trade.
- Employers’ Liability Insurance – EL insurance as it’s also known – protects businesses from compensation claims from their employees or sub-contractors 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.
The difference between plant and liability insurance explained
In summary, the difference between the two is that Plant Insurance covers the plant item itself, including fire, theft, malicious damage, and accidental damage, whereas Liability Insurance covers any damage to property or people that could be caused by an item of plant or machinery.
Liability Insurance not only covers the public, but you can also include Employers’ Liability to ensure your staff are protected if they injure themselves and could potentially find the workplace liable.
How we can help
At Jensten Insurance Brokers, we can arrange a quote for a combined policy that covers Plant and Liability Insurance under one policy. In some cases, placing the policies with separate insurers can work out better, whether it’s regarding the premium or coverage provided.
If you want to discuss your insurance options, our dedicated Plant Insurance advisors are on hand to advise you on the best solution for you.
Get in touch today on 0115 672 7058, or click here to find out more.