Plant & Machinery Insurance
All owners and operators of heavy machinery, plant, and equipment are exposed to significant financial losses in the event of a public liability claim.
But losing business-critical machinery to theft, fire, malicious or accidental damage could have even more serious impacts on your business.
While most plant equipment and machinery policies provide a good level of minimum insurance cover, many people underestimate some of the other risks that are only covered through optional extras.
Only by looking at your business activities in detail is it possible to determine what kind of policy wording you require in order to be better protected.
Let me explain.
What Is Plant And Machinery Insurance?
Plant equipment and machinery insurance is a policy designed to protect the owners and operators of heavy machinery from financial losses when things go wrong.
Unfortunately, the costs involved with heavy machinery claims can often be crippling to a business if it isn’t adequately protected.
You could be exposed to insured operators tripping or falling off an excavator or crane. Or a customer could enter a job site and suffer a personal injury while your machinery is being operated.
This type of insurance is mainly designed for heavy machinery rather than a standard commercial vehicle policy.
Here are some typical machines that would require such a policy:
– Earth Moving Machinery
– Steel Crushing Machine
– Concrete Pumping Machinery
Depending on your business activities and how your machines are operated, there could be important types of policy wording required to fully protect your financial interests.
If you have any concerns that your existing insurance for equipment and plant machinery might not fully protect all possible risks, then talk to an insurance broker at Aspire Insurance on 1300 886 781.
We will carefully assess your business operations and machinery to identify the best possible policy with a no-obligation quote.
What Risks Does It Cover?
When it comes to owning and operating plant and equipment, you have to be careful not to only focus on public liability cover. Many insurance products will offer a bare minimum of personal accident and public liability cover.
But in our experience, we’ve seen several key risk areas that you have to carefully assess for your business.
1 – Dry Hire
This is a term used for machinery owners that rent out their equipment to a third party without an operator. It’s a common practice in the trades industry as it allows for a higher level of asset utilisation.
But when you just rent out your machinery without one of your employees to operate it, there are significantly higher risks of injury and damage to the machinery.
If this is part of your regular business practices, then you have to make sure that your insurance cover is worded in a way that fully protects you.
2 – Personal Accident Cover
In many cases, it might be best to take out a separate policy to fully cover personal accidents and illnesses of directors or employees.
But there are some machinery and equipment insurance products that allow for policy extensions to cover operators in the event of a serious injury, illness or death as a result of an accident.
It’s an important protection for business owners to consider and review with their insurance broker.
3 – Breakdown
Many business owners are surprised to hear that this is an optional extra on some insurance products, with most policies not covering a breakdown event that is due to a fault or defect.
With heavy machinery, it’s often the case that faulty or damaged parts could take days or even weeks to source and replace. The costs of such breakdowns could end up crippling a business.
The more specialised the machines you own are, the more important it might be to consider taking out an optional cover for breakdowns and similar event, which can be covered by some available insurance products.
4 – Windscreen Cover
A lot of heavy machinery is operated in work environments where stones, rocks or other hard objects could easily be thrown through the air.
This can inevitably lead to damaged windows around the cab of the machinery. Even small cracks can become a big problem, and the costs of such screen replacements can quickly run into the thousands of dollars.
If you have any concerns that your existing insurance policy doesn’t fully cover all the risks you’re exposed to, then contact one of our insurance brokers on 1300 886 781.
We’ll carefully assess your business processes and assets to find the right policy to protect your financial interests in the best possible way.
Partner With Aspire Insurance
Through many years of building long term relationships with clients, we have been able to refine our service in a way that is unmatched by other brokers.
We pride ourselves in not just helping you with finding the right policy but also in providing a service designed to support you in the future.
24/7 Claims Support
When you have to deal with an insurance claim situation, there can often be a lot going on to make sure your business keeps operating and that any injured party is taken care of.
But that stress shouldn’t be made worse by having to figure out how to best file and process a claim, which is why we offer a 24/7 claims support service.
Tailored Insurance Products
All our clients will receive policy recommendations that are specifically tailored to their business and assets.
We carefully assess the value of all your machinery and how you use the equipment on a daily basis to make sure all aspects are covered.
Annual Policy Review
Insurance products are constantly changing with new and innovative solutions becoming available. You will receive a full review of your insurance cover options at each policy anniversary to ensure you always have maximum protection.
Face To Face Insurance Broker Contact
When you partner with Aspire Insurance, you will always deal with an insurance broker in person. We never make you use automated online quoting systems that often leave people at risk due to inadequate cover.
Contact Us Today
If you’d like to have your plant and equipment policy reviewed, or your existing cover is due for renewal, then talk to one of our insurance brokers on 1300 886 781.
We will carefully assess your business and provide you with all the information you need to fully understand what types of cover are best suited to protect your financial interests.