At Phoenix, we know you’ve worked hard to grow your business. We also know if your plant and equipment are out of action for any reason, your business is out of action too.
Your machinery and mobile plant equipment require specialised insurance cover and an equipment and plant insurance broker to provide it.
In partnership with one of Australia’s leading contractor equipment and plant insurance brokers, your local Phoenix Insurance Broker can tailor a package to suit your business’s individual needs.
Phoenix Insurance Brokers Pty Ltd are a Western Australian Insurance Broker with over 30 years of experience offering insurance protection. Over time, we’ve developed an understanding and expertise in the specific insurance needs of your business area.
Our specialist insurance brokers understand that every business is different and that mobile plant and equipment insurance needs can vary significantly from company to company. That’s why we offer a comprehensive range of plant and equipment insurance solutions that can be tailored to the specific needs of your business.
Whether you’re looking for cover for machinery, vehicles or any other type of plant and equipment, we can help. Get a quick quote online or get in touch with a Phoenix Insurance Broker for more information.
Finding The Right Plant and Equipment Insurance Policy
Mobile plant and machinery insurance is vital for businesses in a range of industries, from construction and mining to agriculture and road transport. Not only does equipment policy protect the equipment itself, but it also protects the owner-operators, contractors and the workers who operate it.
At Phoenix Insurance Brokers, we understand the unique risks associated with plant and machinery, and we can tailor insurance policies to meet your specific needs.
Plant and Equipment Insurance Policy Coverage
Plant and equipment insurance is a vital part of risk management for businesses operating in a wide range of industries. From construction and mining to agriculture and manufacturing, plant and mobile equipment play a crucial role in getting the job done.
However, this equipment can also be extremely expensive, meaning that a single incident can have a major financial impact.
A comprehensive insurance policy will protect your assets against a wide range of risks, including damage, theft, and loss. By insuring your plant and equipment, you can safeguard your business against the risks associated with operating this type of machinery.
Whether you’re a business owner or a contractor, plant and equipment insurance is an essential consideration for businesses operating in industries where downtime is not an option.
What Does Plant And Equipment Insurance Cover?
Plant and equipment insurance provides cover for static and mobile plant equipment, road risk liability and broadform public liability insurance for businesses within the mining, excavating, earthmoving, crane hire, concreting and/or related industries.
This type of cover:
- Can combine material damage, road risk liability and public liability cover together in three sections.
- Can insure single items up to a fleet of plant equipment.
- Can cover plant equipment such as cranes, excavators, concreting equipment, forklifts, farming machinery, tippers, trailers, trucks and lifting equipment etc
- Road risk liability can only be offered if the plant item is registered.
- Optional extensions of cover can also be arranged, for example, Consequential Loss (loss of income due to damage of a vehicle), Breakdown Cover etc.
Insurance Covers All Types of Machinery, Plant and Equipment
Mobile plant and machinery play a vital role in a wide range of industries, from construction and mining to farming and roadworks.
Insurance is essential for anyone who owns or operates this type of equipment, as it can help to protect against the cost of repairs or replacement in the event of an accident.
We can provide cover for the following types of stationary and mobile plant equipment:
- Concreting equipment
- Farming machinery
- Lifting equipment
- Mining equipment
- Road works equipment
We can also cover a range of specialist machinery, including:
- Cherry pickers
- Scissor lifts
Policies can be tailored to your business needs and can cover a wide range of items, from earthmoving machinery and construction equipment to agricultural tractors and farming implements.
The level of coverage will depend on the insurer and the policy options you choose, so it is important to refer to the policy wording so that you can make an informed decision about your insurance needs.
Speak To A Plant and Equipment Insurance Broker
Plant and Equipment Insurance FAQs
Mobile plant and equipment insurance is essential for anyone who uses plant and equipment as part of their business.
Generally, policies provide comprehensive cover for theft, loss, or damage of items on your policy, as well as liability cover to third parties for personal injury or damage to property.
Depending on your business needs, you can tailor your policy to include cover for road risk liability, public and product liability, or optional coverage such as business interruption, breakdown cover or consequential loss.
Typical exclusions to a plant and equipment Insurance policy can include:
- Electrical or mechanical breakdown
- Loss of or damage to replaceable parts such as drills, saw blades, dies, moulds, patterns, cables etc.
- Loss or damage if plant or equipment is hired out (unless otherwise agreed)
- Underground damage
- Wear and tear, corrosion, oxidisation
- Loss or damage that could have been corrected by normal maintenance
- Loss or damage that is a manufacturer’s liability.
Understanding what is included in your plant and equipment insurance policy and more importantly, what is not included, can be a complicated process.
Your local Phoenix plant insurance broker specialist can explain all the intricacies of this type of insurance and ensure you understand what you are protecting to minimise your commercial risk.
Damage, loss or theft of expensive equipment and machinery could be catastrophic for a construction contracting business because these items usually represent a very large investment. It’s therefore important to have plant machinery insurance in place. But how much does it cost?
There are many factors to consider when it comes to the cost of plant machinery insurance. For example, do you own your equipment outright or is it hired? What is the age of the equipment, and what is it used for?
These are all important considerations to consider when costing plant machinery insurance. Added to this, there is a great deal of variance amongst policies regarding the sum insured.
Some insurers will impose true market value as the sum insured. Others provide a replacement value for a limited period of time or offer depreciated value. Plant, machinery, equipment, and tools provisions can also include options for both on-site and off-site losses.
It’s a complex area. That’s why you need to engage the services of a plant and equipment insurance specialist who can give expert advice, personal service and down-to-earth guidance.
Your Phoenix Insurance Broker can assist you with all areas of plant and equipment insurance especially understanding the costs.
The earthmoving, excavation and construction industry usually require plant and equipment insurance. This type of insurance covers the cost of repairing or replacing equipment that is damaged or lost. Mining companies, commercial farmers and crane hire businesses may also need this type of coverage.
Road risk liability insurance is a type of insurance policy that covers your liability for the damage or injury that your plant and equipment cause whilst in operation on a road. If you have a plant and equipment that is road registerable, you will need to take out this insurance in order to protect yourself from any potential claims that may be made against you.