Machinery and Equipment Insurance. Done Right.
Dodge the profit pinch that comes with equipment damage.
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Work like a well-oiled machine with the right equipment insurance.
For tradies, time is big money. You wear the loss when you’re working to a tight deadline and something goes wrong with your equipment.
What is Machinery and Equipment Insurance?
Bruce Insurance offers tailored machinery and equipment cover for critical machinery such as backhoes, bulldozers, cranes, excavators, forklifts, rollers and other equipment.
The reasons for a claim against machinery insurance can include things such as accidental damage, vandalism, attempted theft, breakdown and loss of general revenue. Not only does it cover heavy machinery, but covers plant and equipment matters also.
How avoiding Machinery Insurance can affect you
Damage to machinery and equipment puts the squeeze on profit due to significant delays, potentially costing many tens of thousands of dollars.
Having the right machinery and equipment insurance cover is working smarter, meaning your business gets back on track quickly and at minimum loss.
Types of Coverage
What types of coverage exist when exploring your business insurance options?
Hired In Plant: A hired-in-plant coverage option is great for expanding businesses as it allows for a company to bring on more machinery whilst keeping their business insurance up to date.
This insurance option typically covers 12-month intervals and allows for the total calculation of hired machines at the end of the period on the business premises. This is also known as ‘blanket’ cover insurance.
Ongoing Hire Costs: This insurance option allows workers to claim up to a certain amount to hire out a new vehicle in place of a damaged existing vehicle.
This usually has a 7-day wait time but is designed to allow workers to continue with tasks should they experience a business interruption.
This can help to protect your company’s financials by having an extra financial protective layer.
How should you bundle your business insurance pack?
Including multiple insurance covers within your company’s policy is a smart way to cover yourself across all areas. Different covers can be mutually beneficial and can save time when bundled together instead of buying multiple insurance policies.
Some suggestions we make for clients is to bundle the following:
- Machinery and Equipment Insurance
- Public Liability Insurance
- Business Insurance
These three insurance covers can fully secure you from business accidents that damage the project at hand as well as the machinery being used to complete the task. Get in contact with our team of specialised insurance brokers to get a tailored package or professional advice for your business.
Why Trades insurance?
- We offer fast turnaround for customised quotes
- Flexible payment options are available, including monthly
- You have access to over 30 years’ experience in providing insurance to tradesmen and the construction industries
- Leverage our relationships with Australia’s largest insurers, as well as international insurers such as Lloyds of London
We’ll help you to understand exactly what kind and how much cover you need and walk you through the entire process toward complete confidence in your insurance investment.
