There are many businesses in Australia that rely on heavy equipment and the like to operate. It is difficult to keep track of industries that often require plant and equipment insurance, but are not limited to:
- Civil Projects
- Earthquake / Excavation
- Forestry services
- Mining operations
- Oil and gas
- Rail projects
- Road works
- Security services
- Utility Repair
What types of equipment are covered by plant and equipment insurance?
Because we understand the different businesses we insure, Grace Insurance makes every effort to offer coverage for a wide variety of devices. However, if you do not see a specific piece of equipment, please contact us. Our list of goods is long, but it is not complete:
- Air compressor
- Backhoe loader
- Cherry picker
- Crawler loader
- Drill rig
- Dump truck
- High work platform
- Excavation equipment
- Hydraulic ram
- Irrigation equipment
- Pockets and boom
- Equalization equipment
- Log Grinder and Splitter
- Sand Blaster
- Destruction equipment
What are some specific events or incidents under plant and equipment insurance?
Although we customize our customer policies, we often include several provisions in the cover of most of our plants and equipment.
- Damages - If unexpected events damage your equipment, your plant and equipment cover will take care of you. In addition, if your company rents its own equipment, we can make arrangements for specific circumstances. Core devices can extend to the personal effects of the operator.
- Road Risk - Having a road risk as part of your cover will protect you from legal liability if your luggage is damaged while moving or someone is pulling it. If the equipment is not under its own power, no road hazard can be attached, unless it is the trailer itself, which is being towed, and which has an auto road risk cover by a towing vehicle.
- Broadform Liability - A provision that includes Broadform Liability protects you from liability if others are harmed by the operation of your devices.
- Breakdown Cover - It's easy to see how breakdown insurance is beneficial for companies that rely on their own devices. Disruption can cost your business thousands. With this provision, if a piece of equipment becomes inoperable during use for your business, you must ensure that an additional defect cover has been selected to cover it.
- Financial Security - Many business owners choose to include financial security in their coverage. This will help you if your goods are damaged or broken by compensating you for the financial loss when your goods are out of commission.
Should I consider adding another insurance provision to my plant and equipment insurance policy?
It's always a good idea to know your options before the situation arises. There are other attachments that can be beneficial to your company. These include:
- Disposal costs of the machine
- Car rental costs
- Loss or damage to the goods carried
- Dry fence or wet fence
- Windscreen replacement costs
The last thing you want to do is risk your livelihood by hoping to have the right insurance cover. To speak with an expert in the insurance industry, contact Grace Insurance. Our top team of professionals can give you the peace of mind that comes from knowing that your business is safe, no matter what.