Whether you’re a builder, plumber, carpenter or dog groomer, tools of the trade are essential.
Tools can be expensive and if they’re lost, stolen or damaged, it can have a detrimental effect on your business.
Not only could you have to pay to replace them, but if you don’t have any tools you may have to turn away essential custom.
Whether you store your tools in a workshop or at home, it’s important to make sure you have the right cover for them.
Specialist tool cover
Tool insurance will cover you in the event your tools are lost, stolen and possibly damaged.
Although it’s possible to buy dedicated tool insurance policies, it can come as part of your business insurance, or you might be able to add it as an optional extra.
Whether it’s cheaper to buy it separately or to add it to your business insurance policy will depend on your own circumstances, so shop around and check the options available.
Specialist business insurance policies like tradesman insurance can provide tailored cover for whatever you need, whether that’s cover for your stock, business equipment or tools.
Before taking out tool insurance, check the policy terms and conditions of any cover you already have.
You may already have cover under a business or home insurance policy in the event your tools or stolen, lost or broken, and you don’t want to double up on cover so it’s important to check.
Not all Tools Insurance policies are the same and it is important to consider whether the following exist:
- Restrictions on theft cover such as requirement for a forced entry into a vehicle or premises
- New for old replacement or depreciation applied to old tools
- Specification required of tools over a certain value
- Restricted cover or full accidental loss or damage
- Cover excluded for a mobile phone or other electronic devices