No matter what trade you are in, it’s likely that you’ve built up a significant range of tools that you use every day in the course of your work. If you spent 10 minutes totting up their value, you might be surprised at what you have invested.
Were your tools to be stolen, not only would it be a massive inconvenience that might cost you a couple of days work, but the cost of replacements can soon add up to.
What to consider when taking out tradesman tools insurance
It’s worth considering what the total value of your tools inventory is, as well as looking at whether you have any particularly high value single items. Where you have very specialist tools or equipment, you need to consider how easy it might be to replace them quickly.
You should also think about where your tools are typically stored. It’s understandable that you might not want to completely empty the work van every night – but many policies won’t pay out for tools locked up in a van overnight – you will need to specifically tell the insurer where this is the case so it can be covered.
Tradesman Tools Insurance – where items are lost or stolen
Assuming that your cover meets criteria relating to where stored and values, a lost or stolen piece of equipment will typically be replaced on a new for old basis. That means you will receive a pay out reflecting what it’s going to replace the item on a like for like basis.
What if the tool has been damaged, but is repairable?
A policy can usually be arranged to cover the cost or repair in this situation. Bear in mind, though, that it might take a few days or even weeks for a specialist tool to be repaired. You may wish to consider a further cover to protect you in the event that you’re unable to work or do a particular piece of work in the meantime.
What isn’t included on a tradesman tools insurance policy?
It’s worth bearing in mind that some tools and equipment – for example mobile phones and wearable devices – that are critical ‘tools of the trade’ are not typically covered by a tools policy – but can be otherwise covered. It’s worth speaking to our advisors to ensure everything you need protecting is included.