What is insurance for owned plant and machinery?
Ensure the expensive machinery you own or hire is covered
When plant, equipment and machinery is the backbone of your business, you need to ensure that backbone never breaks. Your reputation, positive customer reviews and state-of-the-art equipment may provide you with a constant stream of projects, but how would you fulfil them should your machinery break, your tools get stolen or you suffer a severe injury? It only takes one unexpected event to hold up projects, anger clientele and ensure they never use you again. Whether you own your own machinery or regularly hire in equipment because you find this cheaper, with Plant & Machinery Insurance from The Insurance Octopus, we can cover them all, minimising delays, financial outlay and allowing business operations to continue as normal.
Our award-winning team has helped clients from industries as varied as construction, landscaping and roofing with all of their Plant & Machinery Insurance needs, ensuring they have the right level of cover for their businesses. We take a personalised approach with all of our clients, discussing their trade in depth, taking note of all pieces of equipment and machinery and providing them with competitive quotes that truly set us apart. Our claims process is also very simple, and we’re only ever a phone call away should you need further assistance. It’s no wonder we are highly praised for our dedication to client service and care, and why our insurers continue to work with us, for the benefit of our clients.
What Hazards Does Your Industry Face?
There are lots of things to love about being a self-employed tradesman, or a boss of your own trade-based business. An array of projects to work on, control over when and where you work, and the flexibility to work as much as you’d like means that no two days are ever the same, keeping things interesting. That’s not to say these roles don’t come without challenges, especially when unexpected events occur. If an accident were to happen, or your equipment and tools were stolen, how would you cope – not only logistally, but financially? The following are hazards to be aware of, so that you can put steps in place to not only prevent them, but cover you should they occur:
In 2017, the theft of construction plant – including excavators, compressors and even cranes – surpassed £70 million, and it’s estimated that the UK construction industry loses £800 million a year when you include costs related to plant theft too. Tools aren’t safe either, with figures indicating that crime of this type has risen by nearly two-thirds since 2015, with a van being broken into every 23 minutes in the UK. If plant and machinery is stolen, it can lead to a loss of man hours, a loss of revenue due to delays with clients and also, replacement costs, which can be extremely expensive.
It doesn’t matter if you’ve been operating a piece of machinery for years or are getting used to the latest from a manufacturer’s range, mistakes do happen, and they can be costly. Crashing a crane, dropping a heavy tool on a work in progress that dents it, destruction of lawns and property, as well as damage caused by incorrect alterations, repairs or maintenance can make you liable.
When it comes to plant and machinery, malicious damage shows itself in various ways. Cutting of brakes, smashing of windows, slashes to tyres and clear acts of destruction to your equipment can all be devastating when you’ve got a job on the go, as can the ruin of the projects you’re in the middle of.
Moving machinery can be a severe health and safety hazard, causing injuries in various ways: body parts can get trapped between rollers, belts and pulley drives; sharp edges can cause cuts, severing injuries, stabbing and puncturing of the skin, as well as friction and abrasion; people can be crushed between moving parts, between a fixed part of a machine and wall, and even between two parts moving past each-other, causing shearing. This can take its toll on the victim both physically and mentally.
Along with damage caused by fire, flooding, storms and electrical surges, there’s a lot to be aware of, and a lot that you, in your profession, should take into consideration when running your business.
Why You Need Plant & Machinery Insurance
Our cover can protect you from loss and damage done to both plant and machinery owned and hired in by you, through to expensive claims brought in by customers, clients and employees who suffer detriment to their health and property. As all of these risks can impact your operations and your ability to work professionally, and therefore, having suitable Plant & Machinery Insurance in place is not only important, but fundamental to your future success.
You Should Choose Plant & Machinery Insurance From The Insurance Octopus Because:
- We can cover a wide range of plant and machinery, including: diggers, mini diggers, cherry pickers, concrete mixers, cranes, dozers, dumpers, excavators, mini excavators, forklifts, generators and loading shovels.
- If any of the above is damaged or stolen, plant insurance can cover this cost, while plant hire insurance protects you against the loss of business machinery that you’ve hired in.
- It allows business activities to continue so as not to impact profitability, or your business contracts.
- It shows a duty of care to your customers, clients, staff and members of the public, as well as protecting yourself should you be caused harm (dependent on policy).
- Should ever you need us, you have peace of mind knowing you have a team of insurance specialists there to help, supporting you, and helping you to get things back on track.
The agent was brilliant. Explained everything very clearly. Was friendly, patient and helpful. Made sure the call went smoothly and not once did I feel pressured in making a decision. Definitely would recommend.
Not had a great service like this for sometime and was good to experience it and know there is a company who values customers. – Mohammed Riaz
What Machinery Can We Cover?
We understand that every client that requires Plant & Machinery Insurance is unique, and therefore we cover a whole host of plant and machinery, including, but not limited to:
- Diggers and mini diggers.
- Cherry Pickers.
- Concrete Mixers.
- Excavators and mini excavators.
- Water and gas supply, and power generation equipment, which includes tanks, pumps, motors and fans, as well as diesel engines, generators and alternators.
- Loading shovels.
- Circular saws.
- Lathes and looms.
- Milling machines.
- Machine centres.
Our list is extensive, so please don’t hesitate to get in touch with us today on 0161 968 2060 to find out if we can cover your plant, machinery and equipment within one of our policies.
We manage relationships with a whole host of top-rated UK insurers, allowing us to negotiate prices and policies on your behalf. Our expertise within the insurance market aids these discussions, ensuring you receive the right policy for you and your business. No machinery is too big to insure – whether you’re in charge of concrete mixers, cranes or excavators, we can find the perfect policy that protects them all.
Our award-winning team has over 50 years’ of experience between them and can offer expert guidance and support when it comes to choosing the right level of cover too. This will give you peace of mind, allowing you to focus on business matters that matter the most.
When it comes to Plant & Machinery Insurance, there are two key types: ‘Contractors’ plant – owned’ and ‘Contractors’ plant – hired in’. Plant refers to a variety of items found on a building site, including heavy machinery such as cranes, diggers, dumpers, concrete mixers, excavators and generators, as well as temporary or portable buildings such as site toilets, power tools and scaffolding.
The key difference between the two types of insurance is that one covers equipment that is rented out instead of owning it outright, typically in a bid to be most cost-effective. Regardless of whether you rent or own your machinery and equipment, insuring it from liability is always a wise move, and one we can help you to make here at The Insurance Octopus.
Cover For Contractors’ Plant – Owned
Contractors’ Plant – Owned Insurance provides compensation for any damage done to owned plant, and cover is provided up to the sum insured shown in the quotation or schedule. We will pay the reinstatement value for damaged contractors’ plant that is up to one year old, otherwise we will pay the market value or the cost of repair. This cover also includes the hiring out of any insured plant.
Contractors’ Plant – Hired In
Covers you against your legal liability for any damage done to hired in contractors’ plant and any continuing hire charges. Cover is provided up to the limit of liability shown in the quotation or schedule, and cover is included where you hire out any insured hired in plant.
Should I Still Take Out Insurance If The Company I Hire From Has Their Own Insurance?
Oftentimes when hiring in plant and machinery, contractors may agree to a damage waiver with the hire company, meaning that 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.
We can provide extra cover for the following:
- The cost of debris removal, dismantling and demolition of machinery that is beyond repair.
- The cost of investigating possible repair or replacement following a claim to ensure that your business practices can get back to normal as soon as possible.
- The cost of preventing or minimising actual or expected damage, should risks such as entanglement, friction and cutting be highly prevalent within your line of work.
- The cost of making temporary repairs and fast tracking a permanent repair or replacement.
- Damage to contents of site huts.
- The cost of recovering contractors’ plant that has become unintentionally immobilised, to protect your business from potentially expensive fees and lawsuits.
- We can also provide compensation for losses from vehicles, paying up to £5000.
Cover For Continued Plant And Machinery Hire Charges
If you have hired a piece of plant or machinery, you may be held liable for paying any continuing hire charges even if it has been damaged, stolen or cannot be used for whatever reason. We offer cover available as standard over 12 months and covering up to £5000 worth of hire charges, and we can cover larger amounts upon request.
A contract works policy will also cover these continuing hire charges if you are legally obliged to pay them.
Contract Works (CAR) Cover
Contract Works (CAR) Insurance protects you financially should you need to carry out works on a site again due to unexpected damage. This cover can include:
- Compensation for loss and damage to the contract works including materials and machinery to be integrated within the works while onsite, in transit to and from the site or while being stored at another location.
- Cover for loss and damage to your own plant, equipment and machinery on the contract site, while in transit to and from the contract site, at your premises in a securely locked compound garage or building, as well as the location at which it is being repaired. This extends to plant and machinery you have hired out too.
Specialist Trade Specific Cover
If you’re a landscaper, builder, roofer or work in any other manual trade, we recommend taking out our ‘Specialist Trade Specific Cover’. Covering over 900 different types of trade, it deals with the specifics of your role and can protect you against the following:
Should one of your clients, or a member of the general public be hurt, or their property become damaged while onsite, or due to your negligence, you could be held liable and have to pay compensation. This could be costly, but with our Public Liability Insurance, we can cover you from £1 to £5m as standard, with higher limits available upon request. Should a court case be required, we’ll pay for your defence costs too.
Legal Expenses Cover:
Legal Expenses Insurance protects you should legal action be taken against you, or by you. Covering everything from disputes with your past, present or future employees, to the costs of legal claims relating to property damage, nuisance and trespass, it also includes legal and tax advice, for your full benefit.
Tradesman Personal Accident Cover
If you suffer an injury which leaves you no longer able to work, or oversee your team, it could mean delays to your projects, and potential loss of income. Tradesman Personal Accident Insurance will pay you a weekly amount or lump sum to cover the costs of recovery and any loss of income that results, ensuring the impact is kept to a minimum.
Your Specialist Trade Specific Cover can be easily arranged, and we can even provide you with your business insurance and associated 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.
General Exclusions Across The Board:
- Breakdown: Loss of or damage to any item caused by its own breakdown or explosion.
- Attachments: Loss of or damage to cutting edge tools, trailing cables of flexible pipes other than when such loss or damage results from the total loss of the whole machine or items within an insured plant.
- Waterborne Risks: Damage to airborne or waterborne crafts or property situated on such crafts, including rig platforms.
- Abandonment or recovery costs for insured property used underground or underwater.
- Pollution: Loss or damage caused by pollution or contamination other than loss of or damage to the machinery insured caused by pollution or contamination.
- Intentional Acts: Loss or damage caused by the wilful act or neglect of the insured machinery.
- Damage to road vehicles: Loss or damage to any vehicle that is not licensed for road use and used in circumstances which do not require insurance or security under any Road Traffic Act legislation.
- Damage that cannot be accounted for.
- Excess: The amount stated in the schedule as the excess in terms of the cost of each and every occurrence for which the insured is indemnified by the policy.
- Damage caused by sonic waves: Loss or damage caused by the pressure waves created by aircraft and other aerial devices travelling at sonic or supersonic speeds.
- Nuclear Risks: Loss or damage caused by ionising radiation, radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation.
Other exclusions include acts of terrorism, war and inventory losses. When it comes to choosing your policy, we’ll take exclusions into account when providing you with your quote, and ensure that you’re fully aware of what is and isn’t included.
Our Process: Choosing The Right Cover For You
We know that choosing an insurance policy can be an overwhelming process, and you may feel bogged down with all the detail and expenses. Running a business is expensive enough, and your time is money after all. Therefore, if you’re new to The Insurance Octopus, we don’t take a one-size-fits-all approach, instead taking the time to get to know you and your business, recommending cover that will keep you safe and your business protected.
To get a quote, please click here. This great application form asks for personal details such as your name, company’s name, telephone number and email address, as well as what your primary trade is, and if you require cover for own plant or hired-in plant.
When we’ve taken you through our range of options, and you’ve chosen the policy that’s right for you, we’ll process all of the information you have provided us with, and cover will start immediately. Your policy documents will be sent to you via email, and we can send you a physical copy should you want one.
When it comes to policy renewal, we’ll contact you again via email and letter 1 month before the policy ends. If you would like to change or update any of the policy’s terms, please let us know and we’ll sort this out for you.
At The Insurance Octopus, we strive to make the process of choosing your Plant & Machinery Insurance as simple as possible. Therefore, if you’re looking for Plant & Machinery Insurance, and an insurance broker who can provide you with competitive quotes, then please get your free no-obligation quote with us today.
Ikeel is the best consultant I have ever come across – excellent communication, and he’s very polite and not pushy. He always called when he said he would and provided a very competitive quote and reduced it when I said part of it was expensive. The service is so good that I’ve decided to go with them for my building insurance as well. Thank you very much Ikeel and Gavin for your great service. – Zeeshan Malik
How To Make A Claim
Making a claim couldn’t be any easier, and we’re always there to help should you require some assistance. Whether you’ve experienced theft, accidental damage or something more destructive such as a fire, flooding or storm damage, we’re there to put things right, and to do so as quickly as possible.
To make a claim, please follow this process:
Report the event to your insurer, taking note of dates, times, key facts and details of what has happened. If theft or malicious damage is involved, please get in touch with the police too.
Check your insurance policy and ensure that you’re covered for what has happened.
When going through the situation with your insurer, have your policy document, receipts for anything stolen or damaged and any information that you feel will help your cause, to speed up the process.
If your claim is unsuccessful, or you run into any issues or areas of concern, then please give our team a call on 0161 968 2030 to discuss this further. We’ll do our best to rectify any issues, although we cannot promise we can overturn any decisions made.
Your insurer will then process the claim as quickly as possible, and you’ll receive your compensation in a matter of days.
The Benefits Of Plant & Machinery Insurance
Plant & Machinery Insurance from The Insurance Octopus is there to protect your business from risks such as theft, damage and malicious intent, as well as the destruction that flooding, fire and heavy storms leave behind. Especially when equipment and machinery is the backbone of your business, Plant & Machinery Insurance ensures that you don’t suffer any serious losses or interruption to your operations should the worst happen, and that you can carry on without a crippling loss to your cash flow. Having the right Plant & Machinery Insurance protects you, your staff (if applicable) and your business from expensive lawsuits and hassle, and when you select a policy from The Insurance Octopus, you have access to a panel of leading insurers that will help you find the right level of protection. No paying for cover you don’t need, just what you need to secure the future of your business.
The Insurance Octopus can cater to the insurance needs of those in the construction, building and landscaping industries, and are committed to ensuring that every client receives a cost-effective solution that they can depend on, every single time.
Why Choose The Insurance Octopus
We have been awarded the Feefo Gold trusted service 6 years in a row – a testament to our high standards of service and our commitment to both the insurance industry and our clients who span all sectors.
Our bespoke business insurance policies are designed for ease for additions, removals, increases or decreases. We can create a personalised Plant & Machinery Insurance policy which incorporates the cover you need, without unnecessary costs.
In fact, because we’re an independent commercial insurance broker, we’re not limited to just one direct insurer or underwriter. We have a panel of over 25 UK insurance partners that we work closely with, allowing us to provide our customers with the best possible quotes, based on their requirements.
We offer flexible payment methods, and there are never any mid term adjustment fees or hidden fees within your policy. We’re upfront with you from the start to ensure that you know exactly what you’re paying for, and how much you’re paying for your insurance. Your insurance may change as your business grows, and we’ll be sure to go through any recommended adjustments to your policy should it be necessary.
We know the last thing you need when it comes to making a claim is a long and strenuous process that ends in more frustration. Therefore, we use insurers that make the claims process as easy as possible, so that any damage done, injury or theft is resolved as quickly as possible.
Ensure the safety of your equipment and machinery with the right Plant & Machinery Insurance policy from The Insurance Octopus.
Excellent Service, great staff and complete professionalism was shown throughout, and they truly are professionals. They inform on time by giving all details for updating the insurance. Easy payment method. Receiving all updated documents as soon as the payment is made. Couldn’t recommend them more. – Demetris Michael
How To Improve Your Company’s Security
Looking for ways to reduce your insurance premium? Want to boost your company’s security to reduce the chances of theft, damage and injury. We like your thinking, and we recommend you take the following steps:
- Mark all equipment, plant and machinery and any easily removable parts with an ID number or unique mark.
- When not in use, disable equipment by removing the distributor cap, rotor arm or battery to prevent injury.
- Fitting plant and machinery (particularly vehicles) with security systems, unique identifiers and registering it with CESAR. The CESAR Scheme includes glass tags, self adhesive tags and scanners that make stolen machinery and tools easy to locate.
- Use Thatcham’s risk assessment to determine vulnerabilities and put suggested recommendations in place. Identifying if plant manufacturers have a Thatcham security rating is also a safe bet too.
- Ensure that you secure gates with robust padlocks and/or chains.
- Use heavy chains and good quality locks to secure equipment, and if possible, chain or lock items together or to strong objects such as trees.
- Use lockable fuel caps to prevent theft.
- Keep vehicles in a secure compound, and where possible, use sensor operated lighting on outbuildings or storage sheds.
- Keep plant and machinery keys in a secure storage unit, and keep a log of who is using the keys, when they were taken and later returned.
- Install CCTV cameras so that you can pass copies of filmed theft to the police if need be.
- To deter thieves, put up warning signs to let them know there are alarms and all equipment that has been ID-marked.
- Join a community-based watch scheme to share useful or important information – for example, whether there has been any theft recently.
And most importantly, taking out Plant & Machinery Insurance with The Insurance Octopus will ensure that should the worst happen, you’ll have a team of insurance experts behind you 100%.
Get the answers you're looking for
What machinery do you cover under your plant & machinery insurance?
A plant & machinery policy with The Insurance Octopus can cover various forms of machinery, including, but not limited to: concrete mixers, cranes, dozers, dumpers, excavators, forklifts, pumps, motors, fans, generators and alternators, as well as diggers, mini diggers, cherry pickers and circular saws.
If your machinery is of another kind, or if you’re unsure whether we’ll cover your specialist tools, please get in touch with us on 0161 968 2060 today and we’ll answer any of your questions and concerns. We work with a wide range of insurers, so are certain we can find a policy that will meet your needs.
What could be included in your plant & machinery insurance?
Dependent on your business’s needs, in a single policy, you could have: compensation for any damage done to owned plant, and/or hired plant. Extra cover can also be provided for: the cost of debris removal; costs associated with machinery repair and replacement; costs recovering contractors’ plant that has become immobilised; compensation for losses from vehicles, up to a sum of £5000.
What are the differences between ‘contractors’ plant – owned’ and ‘contractors’ plant – hired in’?
Hired in refers to when a contractor is renting tools, equipment and machinery instead of buying it outright, because it may be more cost-effective dependent on regularity of work. Plant simply refers to machinery found on building sites that do not have moving parts, such as cranes, diggers, concrete mixers and generators. Regardless of whether you own or rent your equipment, we always recommend insuring the equipment against liabilities, such as malicious damage, theft, flood, fire and public liability. This is because taking out the hirer’s insurance can be restrictive, excluding much-needed damage cover, and may end up being more costly in the long run.
Why do I need plant & machinery insurance?
From theft, accidental damage and malicious damage to a whole host of moving parts-related injury, there are a lot of hazards facing your industry, and a lot of risks that need to be addressed. Especially when it comes to your team’s safety, the lasting damage that sharp edges, trapped body parts and shearing can do can be detrimental to an individual’s physical and mental state. Therefore, ensuring everyone’s safety, and the safety of your business should always be a top priority. With plant & machinery insurance, you have peace of mind knowing that should compensation be sought, you will be able to avoid big payouts and lengthy legal battles, and protect your business from the unexpected.
How do I get a policy?
To get a plant & machinery policy, please fill in our quote form, and one of our helpful insurance account managers will be in contact to discuss your company’s aims and needs and design a policy that will help to meet them. When you’ve chosen your policy, we’ll process all of the information you have provided us with and your cover can, at your request, start straight away. We’ll send you your policy documents by email and, should you want it, we can send you a copy in the post too.
How do I make a claim?
When life tries to make things difficult, we make the solution easy. To make a claim, firstly report the incident to your insurer, and call them directly using the helpline and claims number provided in your policy document. Have your policy document on hand, and check whether you’re covered for this kind of incident too. Your insurer will then process your claim as quickly as possible, and you’ll receive your compensation as soon as possible.
If your claim is unsuccessful, then our team are on hand to help. We will contact your insurer on your behalf, and discover why they have refused your claim. Then comparing it against your policy, and information that you have provided your insurer with, we will try our best to overturn the original refusal. We can’t promise the decision will be reversed, but we will have your back whatever happens.
What should I do if my circumstances change during the period of insurance?
It is imperative that your policy covers all machinery that you own or hire in, and any and all sites that you work on, because otherwise, you could be liable for claims that involve that which was undisclosed. Should you have any change in your circumstances which you feel may affect your policy, please let us know in the first instance, so that we can check this with your insurers. A mistake could be the difference between receiving compensation and paying out a large sum, so it’s always best to stay on top of these things.
What are Octopus Rewards?
All of our customers can benefit from Octopus Rewards, which is chock-full of discounts and savings to help them and their businesses save money. Our fantastic rewards include:
- 10% off Aviva Home and Motor Insurance.
- 5% Off Aviva Travel Insurance.
- 50% off important business and legal documents – including contracts, policies and letter templates – when using HR Heroes.
- Receive £25 credit towards a variety of business services when you switch to Kinex, such as business energy, telecoms, broadband and mobile.
- A policy badge from The Insurance Octopus which shows your clients, staff and members of the public that you’re insured, and that they can trust you while on their site.
Along with our team of insurance experts and fantastic level of cover, Octopus Rewards are another great reason to choose The Insurance Octopus for all of your insurance needs.