What Is Plant & Equipment Insurance?
Plant and Equipment Insurance is a type of business insurance that protects you from financial loss should your plant, machinery, or other essential equipment get damaged or stolen. This insurance plays a critical role in mitigating potential risks to your operational efficiency, helping maintain steady workflow and prevent income loss. It can include stationary and mobile plant equipment cover, road risk liability and broad form public and products liability.
Imagine your critical piece of machinery unexpectedly fails or an essential piece of equipment gets stolen. These situations can cause significant disruptions to your daily operations, which can ultimately lead to profit loss. Plant and Equipment Insurance provides you with a safety net during such unfortunate incidents, by covering the repair or replacement costs. Let a business insurance expert at AIB find a policy that is tailored to your needs.
Who Should Consider It?
This insurance is crucial for small business owners and contractors involved in a variety of industries such as:
- Construction and Infrastructure: For protection against theft or damage of tools, cranes, earth-moving equipment, etc.
- Manufacturing: To cover costly production machinery.
- Agricultural and Horticultural: Protect your farming equipment, irrigation systems, and more.
- Trade Contractors: Electricians, plumbers, landscapers, who use specialised equipment.
- Mining: Mining contractors or subcontractors who use specialised drilling equipment
- Retailers: Where you need cover for appliances like refrigeration units, air conditioners, etc.
Essentially, if your business depends on expensive machinery or equipment, considering this insurance becomes indispensable for the continuity of your operations.
What It Can Cover
Plant and Equipment Insurance coverage is designed to protect you against the unexpected. Depending on the policy you choose this can include:
Accidental Damage:
Covers repair or replacement costs if your equipment is accidentally damaged.
Theft:
Protects against losses from theft, ensuring you’re not out of pocket if your equipment is stolen.
Breakdown:
If your machinery breaks down, we cover repair costs, so your business faces minimal disruption.
Natural Disasters:
Insures against damages from events like floods, earthquakes, and storms.
Note that each policy has its limits and exclusions. We highly recommend you discuss your specific needs with AIB’s dedicated insurance experts to ensure you have the most appropriate and comprehensive coverage for your business.
Examples of Mobile Equipment Typically Covered
- Trailers
- Excavators
- BobCat
- Cherry picker
- Bulldozer
- Tractor
- Concrete mixer
- Cranes
- Farm machinery
- Forklifts
- Earthmoving equipment
- Mining equipment
It’s important to note that each business’s needs are unique. AIB’s dedicated team works with you to understand your requirements and tailors the insurance plan accordingly.
