Equipment Hire Business Insurance*

It is important to know the types of business insurance available and the insurance coverage that your business could benefit from.

Public and Products Liability insurance is your first step when it comes to protecting yourself and your business. This type of policy provides protection for claims by a third party for any injury, loss or damage caused by the equipment and/or machinery you hire out. This may include injury to a customer, a third-party, or damage to someone’s else property.

To obtain Public and Products Liability insurance as a hire business, insurance companies require you to have:

1. A hire agreement in place
2. Regularly check and maintain the equipment or machinery to make sure it is in good operating condition.

Commercial Machinery Insurance may cover the machinery you hire out in the case of fire, theft and accidental damage caused by you, the hirer or a third-party.

Commercial property insurance may cover the building and facilities where you store your hire equipment/machinery in the event of fire, theft, storm damage and other insured events.

Business interruption or downtime insurance may provide financial support if you are forced to close your hire business for an extended event due to defined events such as a fire, theft or damage to the machinery or equipment hired out.

Cyber Liability Insurance may protect your equipment hire business from potential financial losses or any reputational damage that may arise from a cyber-attack or breach of data security. This type of insurance may also provide reimbursement or reimbursement of any money spent on responding to an attack and the costs incurred with repairing any damage caused, including notifying customers of the data breach.

At ‘Smart Business Insurance’, our team of brokers specialise in helping match small business owners with suitable and affordable business insurance.

 Protect your hire business and make sure it is adequately covered with the appropriate insurance. Contact us today!