Get Plant & Equipment Insurance on the Central Coast

Contractors, Plant & Equipment Insurance provides financial protection for machinery, tools, and equipment used in construction or contracting work. It covers risks such as theft, accidental damage, or equipment breakdowns, helping contractors manage the costs of repairing or replacing essential items. This insurance is especially valuable for businesses that rely on heavy machinery or specialised tools, as it reduces the financial strain caused by unexpected events. The coverage is designed to minimise disruptions, allowing contractors to focus on completing projects without delays caused by financial or operational setbacks due to equipment-related issues.

This insurance is important for contractors, builders, and construction companies that use tools, equipment, or machinery in their projects. Businesses involved in excavation, earthmoving, or construction often face higher risks due to the reliance on specialised equipment. Freelancers or small contractors who use expensive tools also benefit from this coverage, as it helps mitigate the impact of theft or damage. Additionally, larger construction firms operating across multiple sites often require this insurance to protect their assets and maintain workflow. If your business depends on tools or machinery to complete projects, this insurance is a practical safeguard.

Contractors, Plant & Equipment Insurance typically covers the costs of repairing or replacing machinery, tools, and equipment due to theft, accidental damage, or breakdowns. It may also include coverage for equipment hired by the contractor, providing flexibility for businesses that rent machinery for specific projects. Some policies extend to cover damage during transit or while on-site, helping protect assets across multiple locations. Coverage can be tailored to suit different business needs, addressing risks associated with specific industries or project types. By addressing these potential issues, this insurance helps businesses maintain productivity and manage unforeseen expenses effectively.

Each Plant & Equipment policy will have its own inclusions stipulated—this can vary from policy to policy. However, typically if your machinery—such as an excavator—has been properly secured overnight then you will be covered if it’s stolen or damaged. Talk to our brokers & advisors today to find the right insurance for you with the inclusions you deem important to your business’ operational demands.

Each insurance company has its own risk appetite and exposure profile. This means that not all insurers provide insurance for every industry. Particularly with the major insurers, you may find that your business falls through the gaps. As brokers, we can assess offerings from lots of different insurers, including those that insure niche industries and non-typical businesses. Insurance brokers have the flexibility to shop around to try and find the right policy that covers your unique requirements.

‘Agreed value’ is a common term used by insurers. Under many polices, including Plant & Equipment Insurance, when your insured equipment is stolen or deemed a ‘write-off’, the insurer will agree to pay out based on its ‘market value’. An alternative to this is to agree on a pay-out value for your equipment upfront when taking out the policy. Doing so will typically affect the cost of your premiums.