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Essential Guide To Tools Insurance
It’s claimed that a van is broken into and tools are stolen every 23 minutes. It’s a major concern for self-employed tradesmen, which appears to be getting worse. The number of thefts of tools from vehicles rose to 22,749 in 2016/17, up two-thirds from 2014/15. And there are warnings to be vigilant as vans are increasingly targeted in ‘peel and steal’ (also known as ‘peek and seek’) attacks. This makes stark reading if you rely on your tools for your livelihood. Read our guide to tools insurance to find out if you need it, and what to look out for when you’re getting a quote. We’ll also outline how to get the best price.
Do I need tool insurance?
From builder to electrician, you need your tools to go about your day-to-day business. If they are damaged or stolen you can’t work. That means you could let customers down and lose your good reputation. It also means that your income dries up, which can be a serious problem for your cash-flow. Replacing equipment can be an expensive business. That’s where tools insurance comes in. If something happens and you need to buy new tools, insurance gives you peace of mind that you’re financially covered.
If you would struggle to find the funds to replace essential tools quickly, then tools insurance is probably a wise idea for you.
Are my tools covered by my business insurance?
You don’t want to pay out twice for the same cover. If you already have business insurance, check it carefully to see if your tools are already included. It’s important to double-check the small print for exclusions that may apply. For example, make sure any limit on value is sufficient to cover the costs of replacing all your tools. You should also check if there is a maximum limit for any single item. If your toolkit includes specialist, expensive items, you may need to specify these pieces individually. It’s worth taking the time to see if it covers your tools on site and in your van, as those situations are sometimes excluded. And double-check if there are any extra security measures required.
Are my tools covered by my home insurance?
Probably not. In most cases, home insurance won’t cover anything used for business purposes. But it’s always worth checking first to avoid wasting money unnecessarily.
Insurance for tools options
Tools insurance can cover hand tools, power tools, and plant equipment. Think about how and where you use your tools and what sort of insurance cover you might need. It can include cover:
- Against fire and theft
- Against accidental damage
- For tools in your van or car in transit or when left unattended, including overnight
- For damage whilst loading or unloading from your van
How to get a cheap price on your tools insurance
1) Look for a tailored deal, so you’re not paying for anything you don’t need.
2) Stay claim free. Lock tools away securely. And don’t leave them in your van overnight if you can help it. If you can avoid making any claims, you can keep your insurance premiums as low as they can be.
3) In some cases, it could be cheaper to insure your tools as an add-on to your Van Insurance or as part of your Business Insurance. In other circumstances, it will be cheaper to insure each separately. Speak to your broker, or Easy2Insure, for advice on the best value option for you.
4) Shop around. Each insurance company calculates their tool insurance premium in slightly different ways. That means you could get very different prices for very similar cover. Always shop around by calling as many insurance companies as you can. Or get a broker like Easy2Insure to do the calling around for you.
Tool insurance that meets your business needs and budget
Part of the family-run Park Insurance Group, our helpful, UK-based team at Easy2Insure understands the specific needs of all tradesmen. We’re independent insurance brokers, so we’re not tied to just one or two insurance companies. We use our expert understanding of insurance and what you need, to find the best value deal for you. We focus on value for money, but we also make sure there are no surprises in the small print that could cause problems or leave you unable to trade. For more information, or for a free quote on your tools insurance call 0800 917 9522 or complete the form below to get a quote today.