In a world of increasing complexity, sometimes business owners don’t know the questions to ask when considering their business insurance. They trust that their broker is constantly reviewing their policy and situation to ensure they are adequately covered. However, in reality, this rarely happens.
Now more than ever, “specialist brokers” are creating close working relationships and providing real value. With over 10 years working the Australian & European insurance industry, Roxanne Insurance Brokers can provide outstanding service to plant and machinery owners.
As a specialist plant and equipment broker, below are 7 key policy questions that every plant and machinery business owner should consider for their insurance policy.
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1. Comprehensive cover
When you hire in plant a common question is “is it automatically covered?” In most cases, NO it isn’t. It’s an optional extra, however if you hire in plant regularly a specialist broker could source you cover for the whole year saving you time and money,
2. Radius restrictions
Most policies have a radius restriction on them and if there was a claim outside the radius area the excess may double or maybe even not be insured! Brokers have access to specialist plant and machinery insurers that often offer Australia Wide cover for the same or a better rate than competitors with radius restrictions.
3. Third parties
It is recommended that when hiring out your plant or equipment you include in the dry hire agreement that the hirer needs to take out a policy on the plant and note the owner as an interested party. This will ensure that if there is a claim the owner’s policy is protected.
4. Dial Before You Dig
If you are in the unfortunate situation where you have damaged underground services, ensure you have evidence of dial before you dig when making a claim. Failure to do so may result in an unsuccessful claim and often a BIG expense.
5. High risk locations
It is important to disclose to insurers if you are working in a high risk location. Certain Insurers have different risk appetites, so the choice of the right insurer if awarded a major contract can be where a broker can add valuable insight. High risk locations include: in or around airports, railways, ports, mines, gas or oil facilities, around or on bridges, and others.
6. Contractual liability
Are you signing contracts in the process of winning work? Most policies in the market require each signed contract be approved by the insurer before cover is granted. According to Roxanne “there are specialist plant and machinery insurers where this cover is automatic, and for a larger client with several contracts on the go this contractual liability cover is a real blessing…..”
7. Conditional registration
If you operate plant or equipment in or around an area where the public has access to that area it is very important that you have Conditional Registration on your vehicles. Any property damage or injury claim resulting from an unregistered vehicle may result in a massive loss. Conditional Registration will limit this exposure by triggering the third party liability that comes with the registration.
All the years of sweat and hard work, the long hours and sacrifice can be protected with the right insurance program.
So, if you're looking for peace of mind, contact Roxanne Insurance Brokers on 07 5477 7567 or firstname.lastname@example.org and get a free quote and detailed insurance review.
An opportunity to experience outstanding service from an insurance broker is just a click away.