Plant and Machinery Insurance

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What is insurance for owned plant and machinery?

Ensure the expensive machinery you own or hire is covered

Plant machinery and equipment can be expensive, so as a business it makes perfect sense to have a policy that ensures any machinery or plant you either own or hire is adequately protected. Plant and machinery is often a highly regarded target for thieves and other would be pests who might wish to cause malicious damage. With expensive machinery susceptible to losses from a wide range of causes you’ll want to ensure you’re covered should such a loss occur. With the right cover in place you can rest easy, safe in the knowledge your owned machinery and plant is covered if the worst were to happen. With cover available upon request as an add-on to our core covers such as Public liability cover and Employers liability.

 

 

Protect your hired-in Plant and machinery

 

 

When hiring in plant and machinery, you might often agree to a damage waiver with the hire company, meaning they insure the item and you’re made liable for a certain fee should a claim occur. The hire company will often pass the cost of their insurance onto you and your business and you’ll of course need to pay the policy excess in the event of a claim. However if you’re a regular user of hired in plant you can also take advantage of having your own hired in plant cover. Many hire companies will allow you to insure hired-in items, giving you full control over the scope and level of cover you need. You can also avoid the often hefty insurance charge that the hire company would normally pass on to your business. You’ll likely find it works out more cost effective for your business to simply insure the items.

 

 

Cover for continued plant and machinery hire charges

 

 

We can also provide cover for any ‘Continuing Hire Charges’. These are charges that the Hire Company will want even though the insured plant or machinery may not be usable following a claim, for example it may have been stolen or suffered fire or flood damage. With cover typically available as standard over 12 months and covering up to £5,000 worth of hire charges, larger amounts are available upon request.

Comprehensive cover can be arranged giving
your trade related business the ultimate peace of mind

Specialist trade specific cover

Your trade specific cover can easily be arranged and we can look to provide you with your business insurance and documents on the same day in most cases (subject to time of day restrictions). We can also offer you a range of flexible payment options, including Direct Debit to help spread the cost of cover.

Flexible payment options

We can provide you with your business insurance and documents on the same day in most cases (subject to time of day restrictions), offering a range of flexible payment options, including Direct Debit.

How owned and hired in plant and machinery insurance works

Examples of Owned & hired in Plant & Machinery Insurance in action

Carpentry Shop Machine Meltdown Causes Losses

A carpenter is using high-powered sawing equipment to cut out parts for furniture when some sawdust gets into an electrical distribution panel of the machinery. The interior of the panel is severely damaged, rendering the entire machine unusable and in need of extensive repairs. The cost of the repairs amounts to £7,000, and the interruption of business impacts to a further £2,000. The carpentry shop had failed to take out machinery insurance, so the company incurred the losses themselves.

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