Plant and equipment insurance

Updated 1 November 2026. Reviewed by James Rock (National Partnerships Director).

Plant and equipment insurance covers the machines a business owns and runs: earthmoving and construction plant, farm machinery, forklifts, access equipment, trailers, mowers and more. Through EquipCover it’s a multi-year policy, with the price for the whole term, from 12 to 60 months, set on day one. These pages cover the equipment businesses most often finance and insure with us, and real example premiums where we have them.

Real example: $5,511 for 5 years on $171,700Excavator insuranceMini excavators to machines over 7 tonnes, new or used, with one premium for up to five years.Tractor insuranceFarm and contracting tractors, including older and conditionally registered machines, with one premium for up to five years.Forklift insuranceForklifts in warehouses, yards and on site, one or several on a policy, with one premium for up to five years.Loader insurance: front end loaders and backhoesFront end loaders, wheel loaders and backhoes, new or used, with the price for the whole term set on day one.Elevated work platform (EWP) insuranceBoom lifts, scissor lifts and cherry pickers, one unit or a fleet, with one premium for up to five years.Dry hire insurance for plant and equipmentFor equipment you own and hire out without an operator, under a hire agreement, with one premium for up to five years.Real example: $4,310 for 5 years on $55,209Mini excavator insuranceMini excavators and small diggers used in your business, new or used, with the price for the whole term set on day one.Skid steer and bobcat insuranceSkid steer loaders of any make, new or used, with the price for the whole term set on day one.Real example: $21,556 for 5 years on $703,150Telehandler insuranceTelescopic handlers for construction and farm work, new or used, with the price for the whole term set on day one.Bulldozer, grader and scraper insuranceBulldozers, graders and scrapers for earthworks, mining and road building, with the price for the whole term set on day one.Roller and compactor insuranceRollers and ground compactors for civil and road work, new or used, with the price for the whole term set on day one.Generator, compressor and lighting tower insuranceGenerators, air compressors, lighting towers and variable message boards used in your business, with the price set on day one.Real example: $5,511 for 5 years on $171,700Heavy machinery insuranceDozers, graders, loaders, rollers and other heavy plant, new or used, with the price for the whole term set on day one.Real example: $11,190 for 5 years on $141,977Business trailer insuranceTipper, curtainsider, low loader, refrigerated and car-towed box trailers used in your business, priced once for up to five years.Commercial mower insuranceRide-on and commercial mowers and slashers used in your business, new or used, priced once for up to five years.

Plant and equipment insurance by state

The cover is the same everywhere, but stamp duty and registration differ: NSW, Victoria, Queensland, WA and South Australia.

What plant and equipment insurance covers

• Sudden and unforeseen physical damage to the machine, including permanent loss by theft.
• A total loss, settled at the insured value for that year. For a machine less than two years from its date of manufacture, it can be up to 115% of that value if the replacement cost has gone up.
• A finance payout: if a machine under finance is a total loss and more is owed than that year’s insured value, every policy can pay up to an extra 30% of the insured value towards it.
• Automatic extensions, within the limits in your policy schedule: hiring an equivalent machine while yours is repaired, recovery costs, emergency services charges, and mechanical damage caused directly by covered damage.
• Third party property damage for registered machines, where your policy schedule shows it as insured.

What it doesn’t cover

• Public liability: injury and damage to others is a separate policy. Public liability vs plant insurance.
• Machinery breakdown: a part failing because of a defect. Machinery insurance vs breakdown cover.
• Wear and tear, rust, corrosion and gradual deterioration, and tyres and batteries unless they’re damaged in a covered event.
• Light commercial vehicles: cars, utes, 4x4s, quad bikes and motorcycles.
• Equipment used wholly or predominantly for personal, domestic or household purposes.
• Items that aren’t on the approved list below.

This is a summary. The policy wording sets out the full cover, limits and exclusions, and our specialist insurance partner sends it with your e-brochure.

How the price works

The price for the whole term is set on day one and isn’t re-rated for claims or market movements. The insured value is 100% in years 1 and 2, then a 10% depreciation is applied each year from year 3. How it works and what equipment insurance costs.

Frequently asked questions

The full approved list

Every item type our specialist insurance partner covers, as they appear on the indication form. New or used up to 40 years old, used wholly or predominantly for business, up to $2 million per policy.

Don’t see your machine? Call us on 0457 932 988 or email info@equipcover.au with the make and model and we’ll check. Prime movers and cranes aren’t on the list. Browse by industry.

Get your insurance indication in about 90 seconds.