The “what” and “why” of mobile plant insurance
From huge and heavy cranes to simple elevated work platforms or humble tractors, mobile plant equipment and machinery is a crucial part of the work a construction company or farming business does. If it breaks down, is damaged, or is stolen, operations can grind to a halt. This costs a lot of money beyond just the price of replacing the equipment—which itself is very expensive.
The ability to finish contracts on time and on budget is crucial to any construction company. For those in agriculture, timetables can be at the whim of mother nature and having all hands on deck with equipment ready to go is vital for optimum profit. Being prepared for any eventuality or bump in the road will mean that you can carry on and get the job done.
What is mobile plant insurance?
Mobile plant cover is a type of insurance available to civil construction businesses and other relevant industries like agriculture. The term “mobile plant” refers to any plant (an onsite/transportable piece of equipment) with some form of self-propulsion which is usually controlled by a human operator—and one that is commonly taken off the company’s own property to carry out work on other job sites. This includes earthmoving machinery, cranes, hoists, forklifts, compactors, agricultural equipment, and more.
Policies are tailored specifically to cover mobile plant-related activity in just about any situation. A comprehensive cover will protect you against damage to your plant, as well as legal liabilities to third parties, whilst accounting for the many different activities and risks undertaken by your hardworking equipment.
For smart construction companies, mobile plant insurance is a vital piece of the insurance puzzle that will help ensure your projects and contracts can continue to completion, safeguarding your profit and your reputation. For farmers and growers, mobile plant insurance could mean the difference between getting a crop in on time and missing the window for harvest due to equipment failure.
What can it cover?
Good mobile plant insurance can be tailored to provide protection in a range of situations and for all kinds of machinery. Not only can it cover mobile plant and equipment that the company owns, but also that which has been rented or hired—offering peace of mind in both scenarios. It includes assets ranging from general work vehicles to the most sizable of machinery such as cranes and diggers.
Policies can also be tailored to cover a range of scenarios including breakdown, theft, damage, road incidents, and more. Good mobile plant insurance applies on any job site and also in transit, meaning that owners and renters of equipment are covered no matter where they are.
Many policies will not only protect against costs directly associated with damage to the equipment, but can also be extended to provide loss of use cover whilst repairs are underway.
How to get the best mobile plant cover
It can be tricky to think of all the possible risks associated with mobile plant and equipment. It’s even harder for your typical business owner to discern where to go for the best, most affordable, and most relevant insurance options. As the nation’s housing shortage necessitates quick and quality builds, construction companies are busier than ever and the ability to deliver on schedule is hugely important. The right cover will safeguard your reputation and enable quality, timely work even when something goes wrong with your equipment, wherever it might be.
Insurance brokers are professionals trained in locating and recommending insurance options that best fit the needs of their clients. The team at Runacres Insurance is experienced in risk assessment and knowledgeable about many specialist industries. This allows them to find and tailor the very best mobile plant insurance to safeguard the valuable equipment that drives your business.
As award-winning brokers operating throughout the nation and backed by the power of the NZbrokers body, we can offer expertise that will see contractors and farmers all over New Zealand more secure. One size does not fit all when it comes to insurance cover, so get in touch to find out how you can best protect your productivity.