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Compare tool insurance

Compare tool insurance

If you’re a tradesperson – be it a carpenter, joiner, electrician or plumber – tools of the trade are essential to your business. Without them, you can’t work. It’s as simple as that.

That’s why it’s important to have the right kind of insurance in place to protect your tools and keep your business running smoothly.

Emily Kindness
From the Business team
minute read
posted 27 NOVEMBER 2019

What is tool insurance?

Tool insurance covers the cost of replacing your tools if they’re lost or damaged through fire, flood or theft.

This might include:

  • handheld tools
  • power and non-power tools
  • plant equipment
  • owned, loaned, leased or hire-purchased tools

Specialist tools can be expensive. If you have to wait until you can afford to replace them, you may end up losing valuable customers. Tool insurance means you can quickly replace your tools and carry on working with minimal disruption to your business. Tool insurance can be bought as part of a business insurance package alongside cover like public liability insurance.

What does tool insurance cover?

Benefits can vary between insurance providers, but may include:

  • choosing your level of cover -  from £1,000 to £10,000
  • 24/7 cover - so your tools are protected overnight
  • EU cover - if you travel to Europe for work
  • cover for tools at home as well in the workplace
  • ‘tools in transit’ cover - to protect your tools while you’re on the road

Policy terms will differ, so it’s important to read the details carefully before you buy.

What else should I consider when taking out tool insurance?

  • Before you take out a policy, check to see if you’re already covered on any existing insurance. Your business or home cover, for example.
  • If you use a van for work, make sure your tools are covered as part of your van insurance.
  • If you work from home, let your insurance provider know. They may be able to amend your home contents insurance so it covers work-related tools.
  • Check the excess. A high voluntary excess could help reduce your premium costs, but it’s pointless if the amount is higher than the replacement cost of the lost or stolen tool.  

Top tips for keeping your tools safe

The Federation of Master Builders (FMB) reveals that tool theft is on the rise. 51% of builders in the UK have had their tools stolen at some point, either from vans or building sites. So now, more than ever, it’s important to keep your tools safe.

And, as well as helping to protect your tools, these few tips could also reduce the cost of your premium:

  • take tools out of your van and keep them inside overnight
  • if you leave your tools in a van, make sure the vehicle is alarmed and the tools are out of sight
  • keep your van parked securely overnight. And, if possible, park against a wall
  • install security systems, such as CCTV, wherever you keep your tools
  • mark your tools with an address and phone number in invisible ink, to increase the chances of recovery if they’re stolen
  • register your tools’ serial numbers in an online database

Where can I compare insurance with tool cover?

Just let us know that you need tool cover when you’re searching for a business insurance quote. Get a quote with us and start protecting the tools of your trade today. 

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