Last Updated on July 29, 2021 by husnain
The tools and equipment are the backbones of any construction business. And if a spine is lost, the structure will fall. And obviously, you don’t want your business to get down-and-out. In that case, a plant and equipment insurance comes for your rescue. It is like a financial backup. Suppose due to some reasons your equipment gets damaged or someone stole it from your construction site. Now, if you have a plant and equipment insurance, your insurance company will bear all the loss. You need not worry for even a single penny.
We guess now you know, what is Plant and Equipment Insurance? It’s time for us to discuss what types of tools are covered under this insurance?
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Coverages Offered By Plant And Equipment Insurance
Different businesses use different tools. And before buying this insurance, the first thing you should know is whether it covers your equipment or not? Below we have given the list of all those tools that can be insured:
- Asphalting machines and equipment
- Lifting equipment
- Concreting equipment
- Drilling rigs
- Earthmoving equipment
- Logging machinery
- Farming machinery
- Mining machines and equipment
- Road works equipment
- Self-loading vehicles
- Dewatering Pump
- Turf Laying Machine
This is the list of all those equipment that are covered by plant and equipment insurance. This insurance will benefit you only if your tools are in the above list. Now when we have used the word “benefit,” why don’t we move forward to learn about the advantages of Plant and Equipment Insurance. These may help you to know better about this insurance, and also to decide whether you should buy one or not.
Benefits Of Plant And Equipment Insurance
The biggest hindrance in the path of buying a plant and equipment insurance is the price. Many people think that since it covers so many tools, it will be very costly. But it is a wrong assumption. There are many insurers online like Truckinsurancehq.com.au that offer this insurance at a very affordable and reasonable price.
Plant and Equipment Insurance offers you a facility of flexible premiums. Either you can go for an annual premium system or a monthly one. It’s all upon your choice. You can select the payment method you find most appropriate.
Talking about the duration, this insurance mostly comes on an annual basis. And you can renew it periodically.
These were some of the cream benefits of buying plant and equipment insurance. Until now, we have discussed: what is a Plant and Equipment Insurance? What types of tools does it cover? And it’s top benefits? Now at last but not least, let’s understand which industries require a plant and equipment insurance?
Businesses That Need A Plant And Equipment Insurance
Types of businesses that should consider buying this insurance:
- Mining business – Underground/ Open Cut/ Drilling
- Waste Management
- Civil construction/ Construction/ Builders
- Plants hiring companies
- Boom/Concrete operators
- Crane rentals
- Road construction
- Drilling equipment rentals
- Recycling business
- Quarry operators
- Excavation/Earthmoving contractors
These are some major topics and key points that anyone who’s buying a plant and equipment insurance must know. If you like reading this blog, don’t forget to share it with your friends in the construction business.