aba Group Provides Insights on Managing Hired Plant Risks This Winter
aba Group, will be advising contractors and managers on the risks associated with hired plant and on how to manage them to prevent project interruption as the colder weather sets in
This winter, the Bolton-based business insurers, aba Group, will be advising contractors and managers on the risks associated with hired plant and on how to manage them to prevent project interruption as the colder weather sets in.
Good project management and risk management skills are vital to ensuring the smooth running of a project; yet with even the greatest planning, not all events can be foreseen and guarded against.
Aba Group’s Managing Director, Mr Graham Webster states that:
“Incidents of plant theft and damage do occur, and can have disastrous consequences on a project timeline and on the contractor’s cash flow. As such, these risks need to be managed with good contingency planning and a Hired Plant Insurance policy that caters for the contractor’s needs”.
Due to the very nature of contractors’ work, the risks that need to be managed and the plant that needs to be protected will change depending upon the project at hand. In the winter weather, some contractors will be swapping their traditional vehicles for gritter lorries and snow ploughs as market demands change, helping to ensure that UK roads remain clear. Other contractors will be using the same plant, but may not be aware of best ways to manage the additional risks the winter weather brings. It is useful then, as part of managing a project’s risks, for contractors to consult with a specialist Business Insurance Broker to understand precisely what risks they face, and how to get the right cover.
When hiring plant, all liability for the vehicle and machinery passes to the contractor; and so in the event of theft, the contractor is then responsible for its replacement and the daily rental costs until a suitable replacement is delivered. These costs will eat into the project’s profitability and can hold up work, disrupting project timelines.
“Damage to hired plant carries similar problems, it is often down to the contractor to pay for repairs and to ensure that hired plant continues to be fit for the job; with the onset of winter however, damage becomes a key concern as snow and ice can making working conditions treacherous, thus increasing the overall risk of an accident or breakage occurring during operation” says Mr Webster.
Without any form of Hired in Plant Insurance, the contractor will be liable for all of these things and so It is often better for cash-flow, and profit in the event of an incident, to manage these risks with a tailored Hired Plant Insurance Policy, where in the event of a successful claim these damages and replacements can be paid for by the insurer; allowing for work to resume as quickly as possible.
“We work with businesses in Bolton, Manchester and the surrounding areas, so if local contractors are looking to improve their risk management practices, or are seeking advice on how a tailored Hire Plant Insurance policy might help them, we’d be more than happy to consult with them and show them their options” adds Mr Webster.
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About aba Group:
aba Group has been operating in Bolton for years, headed by Managing Director Graham Webster and fellow Director Lynne Eckersley, they have 70 years’ experience in the industry between them. Their specialist insurance coverage spans directors, officers, contractors, engineers, landlords and a whole host of other professional roles and activities; which has seen them become the go-to business insurance brokers locally.
For further information contact:
- Contact Information
- Graham Webster
- Managing Director
- aba Group
- (44) (0) 1204 364 842
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