Your tools are essential for doing the job properly, no matter what kind of tradesman you are. You rely on your equipment to get the job done every day, but have you thought about what would happen if you lost or damaged your tools, or even worse if someone stole them? If you are a tradesman looking for tool insurance and you don't know where to start, this guide will help you learn more about what tools insurance is and how to get the best deal for you.
Why Do I Need Tool Insurance?
Your business is less likely to survive financially if you needed to replace all the equipment you own. Imagine that one morning you go to your van and discover that your tools are no longer there. By having tool insurance, you get reassurance that if you were left out without your equipment, you could get your business on track as soon as possible.
Tool insurance covers you against accidental damage and loss of the equipment as well as for theft. By choosing an insurance policy for your tools, you can get protection for your equipment at any premises, whether you are on or off site.
What Does Tool Insurance Cover?
As a rule of thumb, tool insurance covers the cost of replacing lost, damaged, or stolen business equipment. You can also get cover for overnight theft from an unattended vehicle, but this is often subject to policy terms and conditions. Moreover, you can get insurance for all your gadgets you use for work, including mobile phones, laptops, tablets, and computers, whether they are located in your office or if you take them with you off premises.
Additional insurance you can get together with your main tool insurance policy includes cover for your visitors' or employees' personal belongings as well as for any tools that don't belong to you but you have in your control while doing your job.
Do I Need Special Tool in Transit Insurance?
By choosing to have insurance for your tools when they are in a vehicle day and night, you can make sure you are not left out of pocket if you were there and is stolen or broken into. The majority of the insurance policies don't have cover for contents, so you will need special tools insurance to protect your equipment against theft from the vehicle.
For this type of insurance, you can get protection against glass, theft, and damage to equipment at all stages of transit. This means that you will be protected when you leave your van outside customer's property while you do your job.
How Do I Evaluate How Much Cover I Need?
To get the best price for tool insurance, it's important to evaluate the amount of coverage you need properly. Depending on the provider you choose, you can ensure up to £10,000 of tools, and then go into increments of £500. To determine the amount of coverage you need, make a clear list of all the tools and equipment you use, together with their cost and how old they are. Your premium will depend on how many tools you need to ensure, your risk factor, as well as the value of your tools. Just like in the case of other types of insurance, you can get a no claim bonus if you don't make any claim over the years.