Essential tools insurance

In many different trades such as building, plumbing or landscape gardening for example, tools are an essential part of the business. Protecting those vital tools with proper tool insurance should be an essential part of any insurance policy.

Not only could losing or damaging tools be expensive due to the cost of having to replace them, it might cost you money through lost business too. There are enough things to worry about when you’re running a business so putting the right policy in place will allow you to focus on those important things.

Don’t just assume that when you take out contents insurance that your tools are automatically covered, quite often they aren’t. Additionally, your tools are usually with you when you’re out and about on jobs so the cover needs to reflect this.

Check your insurance policies and make sure:

  • Your tools are covered and that the value of them overall is accurately reflected
  • Your tools are covered while you’re on the move and away from your business premises
  • Check and recheck the policy terms for those small print conditions

The conditions will include the principles under which your tools are covered. Are you covered under so called ‘new for old’ principles? In other words, you’ll get a new tool in the event that one is stolen for example.

There will be security conditions and it’s really important that you’re happy with these. These conditions could include details such as the construction of the building you’re keeping the tools in, your vehicle alarm system and require the vehicle to be kept in a locked compound overnight.

You may need to prove that you’ve been mindful of these conditions in the event that you need to make a claim.

We’ve vast experience of helping businesses across the full spectrum of trades with their insurance needs. To see how we can help you, give us a call on 01273 789 979 today or send us an email.

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