Whether you are an independent contractor or the sole operator of various plant and machinery units, it’s crucial that you have a better understanding of the type of insurance package applicable for you. Keep in mind, a contractors’ plant and machinery insurance policy is entirely different from an ordinary auto insurance policy. Below are some types of insurance that are suitable for contractors managing plant and machinery:
Comprehensive machinery or vehicle insurance
This type of insurance may come in two options. The first can cover the plant or machinery itself, while the second option extends protection coverage to third party vehicles on the road as well as to property that may be damaged when using this heavy equipment.
General liability insurance
Another type of coverage that offers protection to contractors and operators of plan and machinery is general liability insurance. The coverage extends to third party claims that may arise due to an accident due to the contractor’s actions while using any of the plan and machinery equipment units.
Interruption to business
Another type of insurance cover to consider for your contractors plant and machinery policy is interruption to business. This applies, for example, if the use of the plan and machinery results in the temporary closure or inactivity for the contractor because of an incident that caused the unit to be unusable.
This type of coverage is optional and can cover any issue of plan and machinery breakdown.
Personal, accident and sickness
As a contractor you are also exposed to greater risks while using any of the plant and machinery units like experiencing personal injury or being sick. Ask your insurer if you can also add this type of protection to your proposed contractors’ plant and machinery insurance policy.
If you manage a group of workers as an independent contractor, you can be held liable for any incident involving claims by your hired workers such as claims of discrimination, harassment and unsafe working environment. This is where you can add management liability as part of the contractors’ plant and machinery insurance protection coverage.
In the event your plant and equipment machinery are also involved in carrying other operators equipment, you can be held liable for any unforeseen incident resulting in property damage. Carriers’ transit protection can also be part of the contractors’ plant and machinery insurance protection coverage.
There you have some of the ideal insurance packages inquire about with your prospective insurance company. If you want to know more about the extent of protection you can include in your contractors plant and machinery insurance policy, I highly recommend you contact a knowledgeable insurance broker with broad experience in different insurance products focused on plant and machinery. Remember, insurers have their own specializations where insurance policies are concerned and it’s essential you only deal with an insurer who can give you solid advice on your contractors’ plant and machinery insurance policy.
Earthmoving Insurance HQ can help you with advice and obligation free quotes for all your Contractors Plant and Machinery Insurance Needs. Call us today to find out how we can help you on 1300 815 344 or request a quote online NOW!