How to arrange hired-in plant insurance and hire accounts

Get covered before you hire

If you plan to rent any equipment for your jobs, from a cement mixer to a mini-digger, you need to sort out two key things first: setting up trade accounts with hire companies and getting the right insurance. Standard business insurance won't cover rented equipment, so you must add Hired-in Plant insurance to your policy to protect yourself from the potentially huge costs of theft or damage while it's in your care.

Understanding Hired-in Plant Insurance

This is a specific type of cover, usually added to your main business insurance policy. From the moment a piece of equipment is delivered to your site until it's collected, you are legally responsible for it. If it gets stolen overnight or accidentally damaged during use, the hire company will hold you liable for the full cost of repair or replacement.

To get covered, you should:

• Contact your insurance provider or broker and ask to add 'Hired-in Plant' cover to your policy.
• Estimate the maximum value of equipment you might hire at any one time. For example, if you hire a £25,000 excavator, you'll need at least that much cover. It's better to overestimate slightly.
• The insurer will provide you with a certificate of insurance, which hire companies will need to see before they open an account for you.

Setting Up Plant Hire Accounts

While you can sometimes hire equipment as a one-off, setting up proper trade accounts with local or national suppliers is much more professional and efficient. The main benefits are access to trade pricing, credit facilities (allowing you to pay on a monthly invoice), and a much faster rental process.

Follow these steps to get set up:

1. Identify suppliers: Research a few local independent and national chain plant hire companies (like HSS Hire, Speedy Services, or Jewson) to see who has the equipment you need at competitive prices.
2. Apply for an account: Contact their trade desk or fill out an application form online. You will need to provide your registered business details.
3. Provide your insurance: During the application, you will be asked to provide a copy of your insurance certificate showing you have adequate Hired-in Plant cover.
4. Pass the credit check: The hire company will likely run a credit check on your business before offering you a credit account.

Top Tip: When equipment is delivered, inspect it immediately for any existing damage and take photos on your phone. Report any issues to the hire company straight away to ensure you aren't blamed for them later.