Tool insurance is essential if you are a tradesman. Whether you are a carpenter, plumber, or electrician, you need your tools in order to accomplish your work. If you don’t have your specific tools, then you can’t work. It’s just as simple as that. That is why it is very important that you should acquire the right insurance that can protect your tools so you can keep your business running smoothly.
What is tool insurance?
With tool insurance, you won’t have to worry if your tools get stolen, lost or damaged. This policy can cover for the repair or replacement of your tools so you can continue working without any disruptions. The tools that can be covered by tools insurance include power and non-power tools, handheld tools, and plant equipment whether you owned, leased or loaned them.
Most often specialist tools can be very expensive and you can’t afford to replace them right away. If you don’t have your tools, then you can’t continue operating your business. This means that you could end up losing your loyal customers.
With a tool insurance policy in place, you can quickly repair or replace damaged, lost or stolen tools and continue with your work with lesser interruption to your business. If you already have business insurance, then you can include the tool insurance in your package together with other significant covers such as public liability insurance.
What should you consider when getting tool insurance?
Before obtaining a tool insurance policy, be sure to check your existing insurance. Perhaps it is already covered in your home or business insurance. If you already purchased van insurance, then you can also include tools insurance in the cover. Inform your insurance provider if you work in your home. Perhaps they might be able to revise your home contents insurance so it can also cover your work-related tools.
Tool insurance is a great help in case you accidentally lost your tools or they were stolen from you. You can purchase a separate tool insurance policy or you can add it to your home or business insurance.
What are the benefits of tool insurance?
Tool insurance cover can vary from one insurer to another. Most often they can cover tools at home, in the workplace as well as tools in transit. With a 24/7 cover, your tools are covered overnight. Be sure to choose a cover that fits your needs and budget. The terms and conditions of the policy may vary. Hence, it is important that you read it carefully before making a decision.
Can you manage without your tools? Do you own a back-up set which you can use in case your existing tools gets damaged? Or can you borrow tools from other people?
Perhaps you might not need tool insurance if you are saving some money each month to be used when unforeseen events can happen. But what if something happened and your savings is not enough to replace your tools.
A tool insurance policy can include several features. There are some policies which include personal use cover. This means that your tools can be covered while you are using them for your own personal purpose whether they get stolen, lost, or damaged. Some policies can cover tools which are placed in parked vehicles. Nevertheless, it would be best to take your tools with you if you are planning to park your car or van overnight.
Maybe your car insurance or van insurance can cover the things that are stolen from your vehicle but it’s only up to a specific amount. Also, it may not cover the stuff that is used in your business. In order to be sure, you can contact your insurance provider to find out.
When choosing your tool insurance policy, don’t forget to check the excess and make sure that it should not be too high. If the amount that you pay for the excess is more than the cost of the stolen, lost, or damaged tool, then your policy would be useless.
It is essential that you understand what you actually need from your tool insurance. You must examine your policy documents carefully before making any exclusions and excesses. Never undervalue the cost of your tools. In order to guarantee that your tools are covered while in transit, you must check your policy and examine if that cover is included.
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