A tradesman’s most important assets are his tools. They can be protected with tool insurance, but the key to getting your insurance right is understanding your policy. Don't believe us check out our Case Study on Stolen Tools
Are you covered? FYI - home contents insurance, only covers personal use tools, not tools of trade used in your business.
Don’t assume that tool insurance is a blanket cover, not all tool insurance policies are the same - you need to have the right policy and the right level of protection that suits your budget and your business – A broker can help with this.
Cheapest is not always best – basic cover generally covers Fire/Storm damage (excluding flood) & Vehicle collision/rollover damage – THIS DOES NOT cover theft!
The coverage of your tools will depend on the type of policy you take out. Many tradesmen make the mistake of choosing the cheapest policy.
Standard Cover typically covers Fire/Storm Damage/Vehicle collision/rollover damage/theft of tools following violent or forced entry. - This means that your tools need to be stolen from a secure location in order for them to be covered, and there must be evidence that force was used to access them.
Comprehensive Cover typically covers Fire/Storm Damage/Vehicle collision/rollover damage/theft of tools following violent or forced entry. As well as Theft of tools in ‘open air’/accidental damage/flood damage
Even with ‘open air’ cover for tools, you will still need a police report of the theft.
Please note this information is general in nature and should not be relied upon as final, it is designed to make you aware of the different tool policies cover. The best way to make sure you are covered for what you need is to speak to a broker, who will help you work out the right cover for you and your business needs.
Why choose Peter Vickers? – For dedicated Personal service, Professional results, we will ensure you get the best policy we can deliver.
To be part of our success stories talk to us at Peter Vickers Insurance Brokers on 1300 784 011
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Peter Vickers Insurance Brokers is part of the Steadfast broker network.