A Guide To Machinery Insurance & Its Importance
What Is Machinery Insurance?
Machinery insurance offers cover for losses sustained, for both your machine and any hired-in equipment that you are utilizing, should it be stolen or damaged.
In case you have leased a piece of equipment, then you are responsible for incurring any ongoing hire charges regardless of whether the machine has been stolen or damaged. As a result, machinery insurance is also specifically designed to incur the costs of ongoing hiring charges that you incur while the equipment is being repaired or replaced.
The cover is typically available both for individual items or as part of a package, beginning from small mobile tools to generators and larger things such as cherry pickers and scissor lifts.
What Does Machinery Insurance Cover? What Are the Different Types Of Machinery Insurance?
Machinery insurance may cover you against theft, malicious damage, flood, water damage, fire, and storm, for both your hired-in or your equipment. This also entails both when the machine is at the worksite, as well as the transfer of the machine to and from that worksite (but within the distances specified in your policy).
The levels of cover will differ depending on your policy and specific insurer. You can always access higher limits in personalized, bespoke packages.
In case your hired-in equipment becomes stolen or damaged, you will have to incur ongoing hiring charges until the machine is repaired or replaced. Machinery insurance is also designed to cover this expense.
Below are some of the types of machinery insurance covered:
– Excavators & mini excavators Insurance
– Diggers & mini diggers Insurance
– Telehandlers Insurance
– Teleporters Insurance
– Forklift Trucks Insurance
– Bulldozers Insurance
– Road Rollers Insurance
– Grabs Insurance
– Tractors Insurance
– Road Sweepers Insurance
– Dumpers Insurance
– Levellers Insurance
– Cherry pickers insurance
– Concrete mixers insurance
– Cranes insurance
– Loading shovels insurance
– Circular saws insurance
– Lathes & looms insurance
– Milling machines insurance
Why Do You Need Machinery Insurance?
Lots of pounds of plants and machinery become stolen from construction sites annually, and vandalism is also a huge concern. When a piece of equipment is put outside, damage from various harsh elements is also a big risk. And considering construction sites are usually by their nature hazardous environments, there’s often a high likelihood of plant and equipment having accidental damage.
What’s more, in case you have leased machinery equipment, then you’ll have an agreement with your hiring company which gives you responsibility for the machine when it is in your control. And if it suffers damage or theft, then you would be legally accountable to replace the machine, which you might not have the money to do so. Apart from this, you also got a financial responsibility to proceed to incur any leasing charges for a hired-in machine even when it is stolen or damaged, until it is either repaired or replaced.
So, whether you have hired equipment or your machine, Talking to the right machinery insurance company is essential to secure you and your business in case the plant becomes damaged or stolen.
The Significance of Choosing Professional Plant & Machinery Insurance
This coverage may protect you from damage and loss done to plant and machinery both hired in and owned by you, to costly claims brought in by employees, clients, and customers who suffer detriment to their property and general health. Since all of these risks may affect your operations and your overall capability to work professionally, having the right Plant & Machinery Insurance in place is fundamental and significant to your future success.
Some of the valid reasons for choosing professional machinery are:
· It can cover a wide range of machinery and equipment, such as concrete mixers, diggers, mini diggers, cranes, dozers, dumpers, cherry pickers, excavators, mini excavators, loading shovels, generators, and forklifts.
· If any of the above is stolen or damaged, Machinery Insurance will cover this cost. Equipment Hire Insurance secures you against the loss of business equipment that you have hired in.
· It enables business activities to progress so as not to affect the profitability or even your business contracts.
· It demonstrates a duty of care to your staff, clients, customers, and members of the public and ultimately protects yourself in case you are caused harm (based on policy).
· In case you ever need us, you will be guaranteed that you have a team of insurance experts there to assist, support you, and guide you on how to get things back on track.
· You should trust us because our team of insurance professionals will discuss your needs and requirements with you in much detail, and finally offer you competitive quotes that suit your needs and interests.
How Much Does Machinery Insurance Cost?
There is generally a wide range of machinery insurance policies available, as individually for a set of equipment, part of a single package, or even for just a single item. Although it is somewhat hard to provide you with an average cost, there are methods of keeping your premiums lower, such as:
· Keep it undercover to secure it from the elements
· Additional security for your machine or equipment, e.g., CCTV
Do you hire equipment regularly? In most cases, the most affordable method is to take out an annual machinery insurance policy. It will cover any equipment that you hire during that duration against theft and damage. What’s more, it will invariably be inexpensive than buying a separate policy every time you want to rent a piece of equipment.
It is also worth noting that equipment leasing companies will provide you with insurance to cover their machinery should it get stolen or damaged. That said, this is often a more restrictive cover compared to a machinery insurance policy (for instance, usually excluding accidental damage cover), so might turn out to be extremely more expensive in the long term.
Key Factors to Consider Before Choosing Your Machinery Insurance Policy
As previously stated, although you might be able to take out a hired-in machinery insurance policy directly from the leaser, by insuring that piece of equipment yourself, you will be in a better position to obtain more extensive coverage to match the needs and requirements of your business.
Some machinery insurance policies might carry an excess that you require to contribute when it comes to each claim. It is worth noting that although you will lower your premium once you agree to a higher excess, you would have to incur a larger sum when it comes to a claim.
Why Should You Choose Us?
Our experienced team knows that damage or loss to expensive machinery could be catastrophic when it comes to a construction contracting business, irrespective of how it occurs. Not only do these machines represent a huge investment but any subsequent downtime will additionally compound the losses to you and your company.
We may help protect you with our machinery insurance coverage. We will offer you a personalized service that will help to understand the limitations and options of this kind of insurance. As an independent broker with vast experience, we provide you with the best possible cover tailored for your business requirements.
Theft from your site or premises, and damage in transit or by fire, are common claims that we’ve insured against. As professionals, we will take a deep look at the specific nature of your hired, owned machinery and determine the policy that suits you best.
In the event of a claim, we have a friendly in-house claims team that will act promptly and efficiently to settle it.
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