Do I need plant insurance?
Millions of pounds of plant and equipment is stolen from construction sites each year, and vandalism is also a significant problem. When equipment is kept outside damage from the elements is also a significant risk, and given construction sites are by their nature potentially hazardous environments, there is always a chance of plant and machinery suffering accidental damage.
Furthermore, if you have leased plant equipment, you have an agreement with the hiring company which makes you responsible for the plant while it is in your control. If it suffers theft or damage, you would be legally liable to replace the plant, which you may not have the money to do. On top of this, you have a financial responsibility to continue paying any leasing charges for hired-in equipment even while it is damaged or stolen, until is repaired or replaced.
Therefore, whether have your own plant or have hired equipment, plant insurance is crucial to protect you and your business protects you should the plant be stolen or damaged.