Industry sector:

Tool hire: Insurance

When you start up in business you will need insurance cover. Contact an insurer and explain how your business will operate. They will then be able to recommend what cover you should have. This might include:

  • employer's liability
  • public liability
  • hire product liability and indemnity
  • premises, premises contents and stock of tools (including cover for when they are out on hire)
  • all risks cover for plant and equipment out on hire
  • cash
  • business interruption
  • motor insurance (for delivery vehicles)

Premiums may be paid in a lump or they may be paid in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.

Specialist hire firm insurance is available to members of the Hire Association Europe (HAE) through HAE Insurance Services. Information is available on the HAE website. The Construction Plant Hire Association (CPA) does not offer insurance but works with insurers and other specialist providers to assist its members with insurance matters.