Plant & Equipment Insurance

You can’t build much without the right gear, and in the building industry that typically means mobile plant and equipment.

Plant & equipment insurance – also known as mobile plant & machinery insurance – provides cover for your gear for a range of different risks.

These risks can include theft, damage, breakdown and more, as we’ll cover in this guide.

For a quote on plant & equipment insurance from our industry experts, call our office on 1800 808 800 or hit the button below.

If you’re just after information at this point, continue scrolling to view the rest of our guide.

What items are covered under plant & equipment insurance?

Almost any type of equipment used in your building or construction business can be insured under this type of policy.

Unlike a tool insurance policy which covers a tradies smaller power tools such as drills and saws etc, plant and machinery insurance is for the larger items.

We’re talking excavators, scissor lifts, concreting equipment etc.  Any of the following items – and more – could be covered under this type of policy:

• Bobcats
• Bulldozers
• Cherry pickers
• Chippers
• Compactors
• Concreting equipment
• Earthmoving equipment
• Excavators
• Forklifts
• Loaders
• Mining equipment
• Pavers
• Road works equipment
• Scissor lifts
• Turf laying machine

We could list more, but we’re sure you get the idea!

What about hired equipment?

Whether you’re hiring in or hiring out, there are insurance options available.  This includes both dry hire and wet hire.

If you’re hiring out machinery that you own, it’s important to have this noted on your insurance.

Failure to have the items insured correctly could mean that loss or damage caused whilst the item was hired out are not covered.

Dry Hire v Wet Hire

When insuring your plant and machinery to be hired out, you’ll need to advise whether you’re doing only dry hire or wet hire, or a combination of both.

Dry hire is when you’re hiring out the equipment only, with no other services included.

Wet hire is when you’re hiring out the equipment, but also providing your own services (or that of your staff) to operate the equipment.

The risks are different depending on whether you are doing dry hire or wet hire, which means it’s vital to disclose this information to the insurer.

At Trade Risk we can assist with both dry hire insurance and wet hire insurance, regardless of whether you’re operating solely to hire out equipment, or simply hiring out your gear when you don’t need it.

For any queries relating to hire equipment (in or out) we recommend speaking with one of our brokers.

It’s important to get this part spot-on, rather than expecting that any old plant & equipment policy is going to cover you for any type of hired in or out activities. 

How is the plant & machinery covered?

Your equipment can be insured against a wide range or risks.

Theft and damage are the first two that spring to mind for most tradies, but there are other risks which can be insured against.  This includes:

• Machinery breakdown
• Material damage
• Theft
• Equipment in transit
• Broadform liability (whilst equipment is in use)
• Wet hire and dry hire

Speaking with one of our specialist insurance brokers is the best way to work out exactly what type of cover you need for your equipment.

We can provide a range of quotes with different options, to help you choose which level of cover is right for you and your business.

Excavator insurance

Excavator insurance is no different to plant and machinery insurance, but we do have clients specifically asking for excavator insurance.

Whether you’re looking to insure your excavator, or your excavation activities (or both) our brokers can help to put together a competitive excavator insurance package.

We can help with mini excavators through to large excavators valued at hundreds of thousands of dollars, and fleets worth millions of dollars.

Our brokers work closely with specialist insurance companies and underwriters who are experts in excavators and other forms of construction and mining machinery. 

Equipment under finance

Often when financing these types of machinery you will be required to provide proof of insurance to the finance company.

Furthermore, the finance company may require that they are listed on the certificate of currency as the financier, and they’ll need this before they release the funds for your purchase.

This is no problem on our side.  Just provide us with all of the information we need, and if you’re happy with our quote we can provide the necessary certificate as soon as you make payment.

Why Trade Risk?

At Trade Risk we look after the insurance needs of thousands of tradies and construction businesses, including those operating in the earthmoving and mining industries.

Our specialist brokers understand the building industry and can compare policies from a wide range of insurance companies to ensure you’re getting a great deal.

As a Trade Risk client you’ll have a dedicated insurance broker to assist you all the way from the quote stage through to your annual renewal and anytime in between.

We’ll also be here to help you at claim time.  If you turn up to the worksite one morning to find that your $50k piece of equipment has gone missing, would you rather sit on hold to a call centre, or call your dedicated broker on their mobile?  Easy choice!

Next steps?

For more information about plant & equipment insurance you can speak with one of our expert insurance brokers.

Existing clients – If you’re already a Trade Risk client simply contact your broker.  If you’re unsure of their contact details just call the office on 1800 808 800 and we’ll put you in touch.

New clients – For new clients please call us on 1800 808 800.  Please note that we only deal with plant & machinery insurance when you have your full business insurance with us.

We’ve been helping tradies, builders and businesses in the construction industry for over a decade.  You can trust us to look after you.