That time of year plant insurance

[doobin]

just chucking a scenario out there, currently have a contractors all risk policy and fleet to cover machines and vehicles and am a limited company.This currently comes to about 12 grand a year.
In an alternate universe I could run one van,several sub 3 ton mini diggers and be a sole trader/ owner operator.never taking on contracts or price work,just day rate man and machine.
Anyone currently insure this type of setup, am sort of looking at future options,what sort of policy and premiums would be required?

Ask your broker to price it up.

 

[Simon edwards]

Cheers Doobin, I do’nt want to speak to the broker yet,I would rather have an idea of exactly what I require and get an idea of cost first.Our broker has been good for years but I’m just kicking a few ideas around really!

 

[DaveDCB]

£1200/yr for fire/theft on 100k of kit £280 for road risk on one.
Public liability varies a lot, but around 1k.. employers was around same.
Never did anymore than that and I did price work but never paid for any extra insurances - not a big fan of paying for it in all honesty!

 

[Simon edwards]

£1200/yr for fire/theft on 100k of kit £280 for road risk on one.
Public liability varies a lot, but around 1k.. employers was around same.
Never did anymore than that and I did price work but never paid for any extra insurances - not a big fan of paying for it in all honesty!

Does that level of public liability cover an element of contractors risk,ie. cable strikes etc. or did the employer’s liability cover it at that premium.
That is a lot less than I am told we need to pay .

 

[DaveDCB]

That covered cables etc damage to property, list of exceptions was huge! And you needed uptodate scanners and dialbeforeudig etc. haven’t renewed for afew years as swayed away from private work.

Will be needing a new company for our next job as it’s through company - no doubt I’m in for a shock!!

 

[Giles]

mine used to be silly like yours but changed Broker 5 or more years ago and im covered for 5m public liability 10m employers, 100k hired in plant, my kit upto 50k 1 piece, 150k max contract cover, legal etc cover 3 employees, gone up this year so its about £1600 but id set limits of max depth 2m etc as we don't do much deep stuff anymore.
huge list of exemption and requirements though

fleet policy is more but covers 10 vehicles including 3cx and Telehandler for road, works out about 1k a vehicle

20 years no claims and must have spent 50k on insurance or more, touch wood

 

[DaveDCB]

mine used to be silly like yours but changed Broker 5 or more years ago and im covered for 5m public liability 10m employers, 100k hired in plant, my kit upto 50k 1 piece, 150k max contract cover, legal etc cover 3 employees, gone up this year so its about £1600 but id set limits of max depth 2m etc as we don't do much deep stuff anymore.
huge list of exemption and requirements though

fleet policy is more but covers 10 vehicles including 3cx and Telehandler for road, works out about 1k a vehicle

20 years no claims and must have spent 50k on insurance or more, touch wood

That’s good! Who’s your broker?!

 

[Stroppymonkey]

Well it it makes you feel better …
Public Liability 5mill
Employers liability for 12
Fleet Policy
Directors and officers insurance
Cybercrime cover
Sickness cover

£26k for this years cover

 

[Simon edwards]

That is very, very different to what I pay now, pretty much same cover.
My possible future thinking of a massive downsize would be only one vehicle,no road cover for kit.
who’s your broker?

 

[DaveDCB]

Well it it makes you feel better …
Public Liability 5mill
Employers liability for 12
Fleet Policy
Directors and officers insurance
Cybercrime cover
Sickness cover

£26k for this years cover

Have you ever had a claim amounting to anything near 26k??

 

[TiltyShaun]

Have you ever had a claim amounting to anything near 26k??

The devil is always in the details.
Employers liability for 12 is not going to be cheap before you even add the fleet policy!!

 

[DaveDCB]

The devil is always in the details.
Employers liability for 12 is not going to be cheap before you even add the fleet policy!!

I guess 2k odd per person isn’t too bad , still I’d like to see some combined discount! Van insurance is really not the cheapest either!

 

[Stroppymonkey]

Have you ever had a claim amounting to anything near 26k??

Had a few... and expect they total over that.

2K per person including all of the above makes it seem less worse.

 

[Storrsy]

Well it it makes you feel better …
Public Liability 5mill
Employers liability for 12
Fleet Policy
Directors and officers insurance
Cybercrime cover
Sickness cover

£26k for this years cover

Gulp

 

[Storrsy]

£ 140 a month for me.
5m public liability
10mil employers .
3 diggers insured
50k hire in plant

I don't bother with dumpers, small plant or trailers. Gets to the point where your better off insuring yourself. Some one said to me once only insure what you can't afford to replace. Kind of agree really

 

[DaveDCB]

When you see the size of insurance company boss houses then you soon realise who’s the biggest winner in the insurance game!

 

[Giles]

When you see the size of insurance company boss houses then you soon realise who’s the biggest winner in the insurance game!

Their builders? Haha

 

[6feetdown]

When you see the size of insurance company boss houses then you soon realise who’s the biggest winner in the insurance game!

If you've not watched it documentary on Quinn from Ireland how he started etc, he said when they went into insurance 1 of the most profitable things he ever did

 

[Stroppymonkey]

If you've not watched it documentary on Quinn from Ireland how he started etc, he said when they went into insurance 1 of the most profitable things he ever did

One of my customers used to be quite wealthy, and a name at Lloyd’s. Huge house in Surrey with a pool. Couple of big national problems (hurricane of 87?) and they ended up living in a 2 bed in Devon .

 

[doobin]

mine used to be silly like yours but changed Broker 5 or more years ago and im covered for 5m public liability 10m employers, 100k hired in plant, my kit upto 50k 1 piece, 150k max contract cover, legal etc cover 3 employees, gone up this year so its about £1600 but id set limits of max depth 2m etc as we don't do much deep stuff anymore.
huge list of exemption and requirements though

fleet policy is more but covers 10 vehicles including 3cx and Telehandler for road, works out about 1k a vehicle

20 years no claims and must have spent 50k on insurance or more, touch wood

About the same here. Probably £700 a vehicle on fleet but mine are all old.