Mobile Plant and Machinery Equipment Insurance: Protecting Your Business Assets
As a business owner, you understand the importance of your mobile plant and machinery, which plays a significant role in your business operations. Whether you are in construction, agriculture, or any other industry that requires mobile machinery, your equipment is your business lifeline.
Accidents, theft, and unexpected breakdowns can happen anytime, anywhere, causing significant financial losses to your business.
That is why it is essential to have insurance coverage that protects your valuable assets and ensures business continuity. In this article, we will explore everything you need to know about mobile plant and machinery insurance and how it can benefit your business.
Mobile Plant and Machinery Equipment Insurance: Protecting Your Business Assets
As a business owner, you understand the importance of your mobile plant and machinery, which plays a significant role in your business operations. Whether you are in construction, agriculture, or any other industry that requires mobile machinery, your equipment is your business lifeline.
Accidents, theft, and unexpected breakdowns can happen anytime, anywhere, causing significant financial losses to your business.
That is why it is essential to have insurance coverage that protects your valuable assets and ensures business continuity. In this article, we will explore everything you need to know about mobile plant and machinery insurance and how it can benefit your business.
Mobile Plant and Machinery Equipment Insurance: Protecting Your Business Assets
As a business owner, you understand the importance of your mobile plant and machinery, which plays a significant role in your business operations. Whether you are in construction, agriculture, or any other industry that requires mobile machinery, your equipment is your business lifeline.
Accidents, theft, and unexpected breakdowns can happen anytime, anywhere, causing significant financial losses to your business.
That is why it is essential to have insurance coverage that protects your valuable assets and ensures business continuity. In this article, we will explore everything you need to know about mobile plant and machinery insurance and how it can benefit your business.
Mobile Plant and Machinery Equipment Insurance: Protecting Your Business Assets
As a business owner, you understand the importance of your mobile plant and machinery, which plays a significant role in your business operations. Whether you are in construction, agriculture, or any other industry that requires mobile machinery, your equipment is your business lifeline.
Accidents, theft, and unexpected breakdowns can happen anytime, anywhere, causing significant financial losses to your business.
That is why it is essential to have insurance coverage that protects your valuable assets and ensures business continuity. In this article, we will explore everything you need to know about mobile plant and machinery insurance and how it can benefit your business.
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What is Mobile Plant and Equipment Insurance?
This is a type of insurance coverage that protects businesses that use mobile equipment and machinery, such as forklifts, cranes, and earthmoving equipment. This type of insurance covers damage or loss caused by events such as theft, fire, accidents, or breakdowns. With this type of insurance, you can safeguard your business assets, reduce financial risks, and ensure continuity of your business operations.
While your insurance professional can address your unique circumstances, it is often a wise decision for renters or lessees to get insurance cover for property and equipment. If you're unsure about your specific circumstances, contact our expert team today.
Here's An Example:
Hope leases a storefront for her day spa. While she does not own the building, she has a large amount of money invested in all of the equipment needed to serve her customers, as well as the items that make her spa stand out from the competition.Suppose a fire destroys the building. Most, if not all, of Hope’s equipment and decorative items will also be lost. If she does not have the necessary cover, Hope will experience a tremendous financial loss. The loss could be significant enough to force her to close her business permanently.However, if Hope has insurance that covers the property and equipment, she will be able to replace the things needed to operate her business.
What is Plant and Equipment Insurance?
It is a type of insurance policy designed to protect businesses that use mobile equipment and machinery. It provides financial protection against unexpected events, such as theft, fire, accidents, or breakdowns, which can cause significant financial losses to your business.
Which industries generally benefit For Equipment?
A number of businesses should consider taking a closer look at Plant and Equipment cover. This includes:
- The Mining Industry - Drilling, underground, and open
- Infrastructure - Paving, tunnelling, excavation, roadwork, and earthmoving
- Energy - Trenching, pipelines, directional drilling, laying cables
- Construction - Concreting, plumbing, piling, earthmoving, excavation
- General - Plant hire, waste management, crane operators
These industries can benefit from Insurance on tools and equipment to protect their valuable assets and ensure business continuity.
What are some key coverage points I should look for in my Plant and Equipment insurance?
Because each company has its own specific needs, generalising can be tricky. However, most businesses would benefit from considering these benefits.
- Dry Hire for equipment that you own
- Transit cover to protect equipment that travels to various worksites.
- Material damage to your plant and equipment
- Hired in plant and equipment
- Portable tools
- Spare parts
- Unspecified attachments
- Agreed upon value (when the option is available for request)
When looking for Plant and Equipment Insurance in Australia, it is essential to consider coverage points such as property damage cover, business interruption cover, liability cover, equipment breakdown cover, and transit cover. It is important to ensure that the policy covers the specific needs of your business and provides adequate protection against potential risks.
Are there any exclusions to the cover provided by my Plant and Equipment Insurance policy?
Yes, there may be exclusions to the cover provided by your Plant and Equipment policy. Some common exclusions include intentional damage or destruction, wear and tear, maintenance or servicing, and losses due to war or terrorism. It is important to carefully review your policy to understand any exclusions that may apply.
Benefits of Mobile Plant and Equipment Insurance
There are many benefits of having this insurance, including:
- Protection against unexpected events: Mobile plant and equipment insurance can provide financial protection against unexpected events, such as accidents, theft, and breakdowns, which can cause significant financial losses to your business.
- Reduced financial risks: With insurance coverage, you can reduce your financial risks and protect your business from the costs of repair or replacement of damaged or lost equipment.
- Business continuity: If your equipment is damaged or stolen, it can disrupt your business operations. This can help you quickly recover from unexpected events and ensure business continuity.
- Peace of mind: Having insurance coverage can provide peace of mind, knowing that your valuable assets are protected, and that you can focus on running your business without worrying about financial risks.
Types of Mobile Plant and Equipment Insurance
There are different types of mobile plant and equipment insurance policies that businesses can choose from based on their specific needs. Some of the most common types of mobile plant and equipment insurance include:
- Property Damage Cover: This type of insurance covers damage to your mobile plant and equipment caused by events such as accidents, fire, or theft.
- Business Interruption Cover: If your mobile plant and equipment is damaged or stolen, it can impact your business operations. Business interruption cover provides financial protection against lost income and other expenses incurred as a result of the interruption.
- Liability Cover: This type of insurance covers damages or injuries caused by your mobile plant and equipment to third parties or their property.
- Equipment Breakdown Cover: Equipment breakdown cover protects your business against the costs of repairing or replacing your mobile plant and equipment in case of breakdowns.
- Transit Cover: If your mobile plant and equipment needs to be transported to different locations, transit cover can provide protection against damage or loss during transportation.
Type of Cover
- War
- Lawful Seizure
- Unlicensed Operator
- Hired Plant or Equipment
- Nuclear Damages
- Operating under the influence of drugs or alcohol
- Test Refusal
Description
- Declared or undeclared, including civil war, insurrection, rebellion, or invasion by a foreign military
- Damage or loss associated with the detention, confiscation, or lawful seizure of insured property
- If the property in question sustained damage while under the control of an operator without a license or with an expired or suspended license
- If the property is not under your immediate supervision but hired out for use by another party
- If the damage comes from nuclear waste, fuel, nuclear weapons, or the combustion of nuclear fuel
- Damages to an insured piece of equipment or property run by an impaired operator
- If your operator refuses to submit to a test to determine if they were under the influence of drugs or alcohol at the time of an accident
*Please Note*
This is a sample of various restrictions to cover but is not a comprehensive list. Look over your policy in its entirety, or contact us to help you learn more about exclusions.
Safe Work Australia, Key Work Health Safety Statistics 2014
"Penalties awarded against companies and its directors or officers for work health safety breaches have increased by 43% to $22.3 million in one year. Penalties now average $62,000 per company."
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Did You Know?
Many businesses think it won't happen to them, but statistics show otherwise. In fact:
(Chubb 2016 Private Company Risk Survey)
The likelihood of a claim that could be covered by a Management Liability policy has tripled in the last five years, with 50% of notifications resulting in a claim.
Chubb 2016 Private Company Risk Survey
The most common claims are for employment practices like bullying, harassment and wrongful dismissal.
Chub, 2016 Private Company Risk Survey
Major claims by amount relate to crime - including employee fraud.
What is Plant and Equipment Insurance?
It is a type of insurance policy designed to protect businesses that use mobile equipment and machinery. It provides financial protection against unexpected events, such as theft, fire, accidents, or breakdowns, which can cause significant financial losses to your business.
Which industries generally benefit For Equipment?
A number of businesses should consider taking a closer look at Plant and Equipment cover. This includes:
- The Mining Industry - Drilling, underground, and open
- Infrastructure - Paving, tunnelling, excavation, roadwork, and earthmoving
- Energy - Trenching, pipelines, directional drilling, laying cables
- Construction - Concreting, plumbing, piling, earthmoving, excavation
- General - Plant hire, waste management, crane operators
These industries can benefit from Insurance on tools and equipment to protect their valuable assets and ensure business continuity.
What are some key coverage points I should look for in my Plant and Equipment insurance?
Because each company has its own specific needs, generalising can be tricky. However, most businesses would benefit from considering these benefits.
- Dry Hire for equipment that you own
- Transit cover to protect equipment that travels to various worksites.
- Material damage to your plant and equipment
- Hired in plant and equipment
- Portable tools
- Spare parts
- Unspecified attachments
- Agreed upon value (when the option is available for request)
When looking for Plant and Equipment Insurance in Australia, it is essential to consider coverage points such as property damage cover, business interruption cover, liability cover, equipment breakdown cover, and transit cover. It is important to ensure that the policy covers the specific needs of your business and provides adequate protection against potential risks.
Are there any exclusions to the cover provided by my Plant and Equipment Insurance policy?
Yes, there may be exclusions to the cover provided by your Plant and Equipment policy. Some common exclusions include intentional damage or destruction, wear and tear, maintenance or servicing, and losses due to war or terrorism. It is important to carefully review your policy to understand any exclusions that may apply.
Benefits of Mobile Plant and Equipment Insurance
There are many benefits of having this insurance, including:
- Protection against unexpected events: Mobile plant and equipment insurance can provide financial protection against unexpected events, such as accidents, theft, and breakdowns, which can cause significant financial losses to your business.
- Reduced financial risks: With insurance coverage, you can reduce your financial risks and protect your business from the costs of repair or replacement of damaged or lost equipment.
- Business continuity: If your equipment is damaged or stolen, it can disrupt your business operations. This can help you quickly recover from unexpected events and ensure business continuity.
- Peace of mind: Having insurance coverage can provide peace of mind, knowing that your valuable assets are protected, and that you can focus on running your business without worrying about financial risks.
Types of Mobile Plant and Equipment Insurance
There are different types of mobile plant and equipment insurance policies that businesses can choose from based on their specific needs. Some of the most common types of mobile plant and equipment insurance include:
- Property Damage Cover: This type of insurance covers damage to your mobile plant and equipment caused by events such as accidents, fire, or theft.
- Business Interruption Cover: If your mobile plant and equipment is damaged or stolen, it can impact your business operations. Business interruption cover provides financial protection against lost income and other expenses incurred as a result of the interruption.
- Liability Cover: This type of insurance covers damages or injuries caused by your mobile plant and equipment to third parties or their property.
- Equipment Breakdown Cover: Equipment breakdown cover protects your business against the costs of repairing or replacing your mobile plant and equipment in case of breakdowns.
- Transit Cover: If your mobile plant and equipment needs to be transported to different locations, transit cover can provide protection against damage or loss during transportation.
Type of Cover
- War
- Lawful Seizure
- Unlicensed Operator
- Hired Plant or Equipment
- Nuclear Damages
- Operating under the influence of drugs or alcohol
- Test Refusal
Description
- Declared or undeclared, including civil war, insurrection, rebellion, or invasion by a foreign military
- Damage or loss associated with the detention, confiscation, or lawful seizure of insured property
- If the property in question sustained damage while under the control of an operator without a license or with an expired or suspended license
- If the property is not under your immediate supervision but hired out for use by another party
- If the damage comes from nuclear waste, fuel, nuclear weapons, or the combustion of nuclear fuel
- Damages to an insured piece of equipment or property run by an impaired operator
- If your operator refuses to submit to a test to determine if they were under the influence of drugs or alcohol at the time of an accident
Case Study
Nick operates a small trenching company. He recently hired Michelle to help with a large project. On her first day on the job, Michelle had an accident, ruining the expensive equipment and injuring himself.
Fortunately, Nick’s Plant and Equipment policy covered the ditcher and Michelle’s injuries. Michelle was willing to take a test to screen for drugs or alcohol, and he was free of any substances. The negative screening was an essential part of this insurance covering the machinery, rental of a replacement ditcher, and Michelle’s injuries.
You know the value of the tools of your trade. Make sure they are safe and secure by talking about Plant and Equipment Insurance with an insurance expert from Connect Business Insurance. You will get the cover you need and the peace of mind you deserve.
Connect Business Insurance: Your Trusted Equipment Insurance Australia Partner
Connect Business Insurance is a leading insurance provider in Australia, offering a wide range of insurance solutions to meet the unique needs of businesses. Our team of insurance experts can help you find the right insurance coverage for your business and ensure that you are adequately protected against unexpected events.
In addition to mobile plant and equipment insurance, we also offer other insurance solutions, such as public liability insurance, professional indemnity insurance, and cyber liability insurance. Our insurance solutions are designed to provide comprehensive coverage, affordable premiums, and excellent customer service. Contact us today for more information or for a free quote.
*Please Note*
The material provided is for informational use only. It does not constitute legally binding insurance advice and should not take the place of an individual consultation with an insurance expert.
*Please Note*
This is a sample of various restrictions to cover but is not a comprehensive list. Look over your policy in its entirety, or contact us to help you learn more about exclusions.
