Buying used plant machinery, such as midi diggers, tracked excavators, dumpers, or any used plant machinery for sale, can be a significant investment for your business. But have you considered insuring it? In this article, we will explore the importance of insuring your used plant machinery and the benefits it provides.
What is Construction Machinery Insurance?
Construction machinery insurance is a policy designed to protect businesses from the financial burden of unexpected damage, loss, or theft of their construction machinery. You can get cover on any type or brand of machine, from Komatsu midi diggers, Bomag rollers, Hydrema excavators, and anything in between. It ensures that businesses can recover quickly after a loss and get back to work. Without insurance, the cost of repairing or replacing machinery can be significant, affecting the business’s productivity and profits. A well-tailored insurance policy can provide financial protection against such unforeseen events.
Why is Insurance Crucial for Used Machinery?
Investing in used machinery is a practical and affordable choice for many construction business owners. However, despite the cost savings, there are many risks associated with buying any heavy equipment. Without proper insurance, your business could be financially devastated if something goes wrong. From damage during transportation to operator injuries, many things can occur when using construction machinery. Insurance protects your investment, your employees, and your customers. If you want to avoid potential issues, it’s important to insure your used construction machinery.
Different Types of Insurance Policies
There are various types of insurance policies that cater to the different needs of used construction machinery owners.
- New-for-old policy – replaces the damaged machinery with new equipment of the same value.
- Total Loss – a policy that covers the actual cost or market value of the machinery in case of full damage or theft.
- Third-party liability insurance – protects you from legal disputes with third-party claims of injury or damage to property while using the machinery.
- Loss or Damage in Transit insurance – covers the damages occurring during transit, including loading and unloading. When choosing an insurance policy, it’s important to consider the cost, machinery value, and required coverage. Remember, protecting your used machinery investment is crucial, and having the right insurance policy can provide peace of mind.
Factors Affecting the Cost of Insurance
The cost of insurance for used construction machinery varies depending on several factors that insurers take into consideration.
- The age and condition of the machinery – old equipment is more prone to damage and malfunctions.
- The value of the machinery – larger equipment is worth more than mini diggers, so is a higher premium to insure
- Type of machinery – whether a midi digger or big digger for sale, also influences the cost of insurance. A more expensive machine warrants a higher premium.
- The operator’s experience – experienced operators reduce the risk of accidents.
Rely on International Plant Sales
Insuring your used construction machinery is a no-brainer. With policies that offer comprehensive coverage, you can protect your investment, mitigate liability risks, and safeguard your operators. Different types of policies cover loss or damage during transit, third-party damage, and total loss, among other perils, so do your research and protect your investment.
Used Diggers For Sale At IPS
International Plant Sales are specialists in selling used plant equipment. When you purchase equipment from us, you can rest easy in the knowledge that you’re buying from a reputable company. All of our machinery comes to us directly from either H. E. SERVICES (Plant Hire) Ltd or Diggerland theme parks. Both of which purchase their machines from new. Meaning our machines all have only one previous owner. You can view all of our machinery currently for sale here.
When you buy used machinery from IPS, you’ll have the added benefits of:
- We can arrange worldwide shipping
- Machinery is fully refurbished by The Finishing Touch team
- Warranty included on all machinery sales
If you have any questions, please don’t hesitate to contact the IPS team today.
Get in touch with the team today via –
mail@ipsplant.com
www.ipsplant.com
