{"id":23335,"date":"2023-05-18T15:38:15","date_gmt":"2023-05-18T14:38:15","guid":{"rendered":"https:\/\/www.policybee.co.uk\/blog\/?p=23335"},"modified":"2023-10-11T12:05:13","modified_gmt":"2023-10-11T11:05:13","slug":"do-i-need-insurance-for-hired-in-equipment","status":"publish","type":"post","link":"https:\/\/www.policybee.co.uk\/blog\/do-i-need-insurance-for-hired-in-equipment","title":{"rendered":"Do I need insurance for hired-in equipment?"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/04\/for-hire-stamp-jh.png\" alt=\"Equipment for hire stamp - do I need insurance for hired in equipment?\" class=\"wp-image-23323\" style=\"width:300px;height:150px\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/04\/for-hire-stamp-jh.png 600w, https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2023\/04\/for-hire-stamp-jh-300x150.png 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/figure>\n<\/div>\n\n\n<p>From photographers to tradesmen, lots of small businesses and freelancers rely on rented equipment.<\/p>\n\n\n\n<p>Hiring equipment, rather than buying it outright, can save your business tens, or even hundreds of thousands. You don\u2019t have to pay what can be hefty upfront costs, and you don\u2019t need to worry about maintaining it either.<\/p>\n\n\n\n<p>The good thing about hiring is that it gives you access to the very best equipment and machinery, that you possibly wouldn\u2019t otherwise be able to afford. Or that you may not need for more than a few hours or days.<\/p>\n\n\n\n<p>So, hiring equipment is certainly a good thing. But what happens if you break or lose it?<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Not your equipment, not your problem, right?<\/h2>\n\n\n\n<p>Wrong.<\/p>\n\n\n\n<p>In fact, most rental companies will ask to see proof that you\u2019ve got the right hired-in equipment insurance before they hand over the goods. Stands to reason, they want to know their equipment is in safe hands.<\/p>\n\n\n\n<p>Not having the right insurance, or not having enough of it, could leave you with more than a hefty repair bill. If the rental company claims you\u2019ve broken the rental agreement, you could have some expensive legal loopholes to jump through.<\/p>\n\n\n\n<p>So, it\u2019s wise to treat any hired equipment as if it\u2019s your own. Or as if you\u2019d borrowed it from a dear friend. (If you do borrow from a friend, insurance can cover you for that too!). Because if you\u2019re careless, and something gets damaged, things can get ugly, fast.<\/p>\n\n\n\n<p>Make sure you read the rental agreement carefully too. That way, you know exactly what you\u2019re liable for, and the level of insurance you\u2019ll need.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do I need a special kind of hired-in equipment insurance?<\/h2>\n\n\n\n<p>If you use lots of expensive equipment to run your business, you probably already have <a href=\"https:\/\/www.policybee.co.uk\/business-contents-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">business contents insurance<\/a> or <a href=\"https:\/\/www.policybee.co.uk\/portable-equipment-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">portable equipment insurance<\/a>. And if you don\u2019t, you should.<\/p>\n\n\n\n<p>The good news is, that any equipment you borrow, or hire, can usually be covered by this type of insurance as well.<\/p>\n\n\n\n<p>Make sure you check your policy wording though, so you understand what\u2019s covered and what\u2019s not. It might be that the policy only covers certain types of equipment, or only for a certain length of time. If you\u2019re doing anything particularly risky, like filming from a height, or on water, you\u2019re not likely to be covered.<\/p>\n\n\n\n<p>You can tailor business contents insurance to suit the way you work. If you use rented equipment regularly, it\u2019s probably best to opt for a higher level of cover and be covered for anything you use, rented or owned, all year round.<\/p>\n\n\n\n<p>It\u2019s important not to underestimate the value of the equipment you use. When buying or reviewing your equipment cover, make sure you tot it <em>all<\/em> up, including the equipment you hire, even if it\u2019s only on the odd occasion. Being underinsured can leave you out of pocket if you need to make a claim.<\/p>\n\n\n\n<p>If you only hire equipment once in a blue moon, you can ask your insurer to increase your cover temporarily to cover these periods of increased risk.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><em>Why<\/em><\/strong> do you need insurance for hired-in equipment?<\/h2>\n\n\n\n<p>Because accidents can happen, whatever your line of work. And lost, broken, or stolen equipment can stop your business in its tracks. Equipment insurance is there to back you up, pay out for repairs or replacements and keep everything running smoothly.<\/p>\n\n\n\n<p>It doesn\u2019t really matter whether you own the equipment or not. If you\u2019re relying on it to get the job done, it needs to be covered by insurance.<\/p>\n\n\n\n<p>Say you\u2019re on a film shoot. You trip over a trailing wire and drop the hi-tech camera you\u2019ve rented for the weekend. It\u2019s stopped working and needs to be sent for repair.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.policybee.co.uk\/photography-equipment-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">Equipment insurance<\/a> will not only pay for the repair but will also pay your continued hire charges while the camera is out of action.&nbsp;<\/p>\n\n\n\n<p>If something like that were to happen, and you didn\u2019t have insurance, you\u2019d be waving goodbye to any profit you\u2019d made from the job. And maybe more.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The bigger picture<\/h2>\n\n\n\n<p>If you work in construction and you hire in plant or tools, you\u2019ll need a specific type of hired-in equipment insurance, which often comes as part of a <a href=\"https:\/\/www.policybee.co.uk\/tradesmen-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">tradesmen insurance<\/a> package.<\/p>\n\n\n\n<p>Mini diggers, cranes, dumpers \u2013 they\u2019re all highly valuable. And theft from construction sites is more common than you might think. An estimated <a href=\"https:\/\/www.cpa.uk.net\/legal-insurance-plant-theft\/plant-theft\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a3100 million+<\/a> of plant is stolen every year.<\/p>\n\n\n\n<p>Plant hiring companies and insurers will want to see where the tools or machinery are being kept, so they know it\u2019s secure. And will likely have a number of rules you need to abide by in order to hire it.&nbsp; One of those rules will certainly be having plant hire insurance.<\/p>\n\n\n\n<p>Just imagine the fallout if your construction site is broken into and the machinery is vandalised. Or worse still, it\u2019s stolen. Bad enough if you own it, but what if you\u2019ve hired it from someone else? You\u2019ll need to be able to reassure the rental company. And, most importantly, pay them for their losses.<\/p>\n\n\n\n<p>With plant hire insurance in your arsenal, you won\u2019t have to worry about your business going bust. It\u2019ll cover any continued hire costs and pay for repair or replacement.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The bottom line<\/h2>\n\n\n\n<p>Insurance is essential if you\u2019re hiring equipment. Arguably, it\u2019s even more important than covering equipment you own. If the worst happens, the cost of paying a hire company will likely be a lot higher than the amount you\u2019d have to pay if you owned the equipment in question.<\/p>\n\n\n\n<p>Because not only will you have to pay for its repair or replacement, you\u2019ll also have to pay any continued hire charges. And if it does have to be replaced, they\u2019ll only settle for something that\u2019s equal in value.<\/p>\n\n\n\n<p>Whatever your business does, no matter how little or how much you rely on hired equipment, it\u2019s a good idea to have the appropriate insurance to cover it.<\/p>\n\n\n\n<p>If you want help finding hired-in equipment insurance, give us a call on <strong>0345 222 5391<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From photographers to tradesmen, lots of small businesses and freelancers rely on rented equipment. Hiring equipment, rather than buying it outright, can save your business tens, or even hundreds of thousands. You don\u2019t have to pay what can be hefty &hellip; <a href=\"https:\/\/www.policybee.co.uk\/blog\/do-i-need-insurance-for-hired-in-equipment\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[290,132],"tags":[276,237,51,178],"class_list":["post-23335","post","type-post","status-publish","format-standard","hentry","category-self-employed-and-freelance-advice","category-small-business-advice","tag-business-contents-insurance","tag-freelancers","tag-photographers","tag-portable-equipment-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Hired-in equipment insurance<\/title>\r\n<meta name=\"description\" content=\"Wondering if you need insurance for hired-in equipment? 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