Tools of Trade Insurance: Every tradie needs their tools
If you are a tradie or a subbie, you work with tools. Every tradesman has their special set of tools, equipment, and machinery required to perform a variety of tasks for customers who need things done. Without these tools, tradies wouldn’t have a business. That is the most important reason for tradesmen to carry tools of trade insurance. This insurance cover is crucial to subbies who own their own business in any trade.
Tools of Trade Insurance: The two main reasons for tool cover
- Theft – Things happen on the job site and at the office. If your tools get stolen, tools of the trade cover will help you recover your losses. Tools that are not properly stored in an appropriate locked container, your insurance may not cover that. Every insurance provider has different policy guidelines, so it’s important to know what’s covered and any exceptions for tools of trade insurance before you choose a provider for your tools.
- Damage – Tools get damaged on the job. Depending on the insurance provider you choose, the cover rules will vary. Where most insurance for tools covers accidental damage due to being run over by a vehicle or due to a vehicular collision, others may have a broader range of tools of trade insurance cover.
Tools of Trade Insurance: What types of tools can be covered?
Virtually any known tools most commonly used by tradies to perform their jobs and projects can be covered.
- Mobile phones
- Power tools
- Hand tools
- Storage components, cases, and tool benches
- Tractors, generators, excavators, bobcats, and other work-related machinery
Keep in mind that these tools must be part of the operation of your business/job in order to be eligible for tools of trade insurance.
You should consider the fact that your tools are what allow you to do your job, so if they are stolen or damaged, you cannot perform your work. Tools used by tradesmen are a rather large investment in a business, so covering them with the right insurance is crucial to your ability to do your job and to make money.
Most machinery and tools are covered under tools of trade insurance cover. Failing to carry cover on your tools is a huge risk. The best way to ensure your tools are covered is to talk to a licenced recommended insurance broker so they can advise you on the right kind of policy for you.
Tools of Trade Insurance: How do you obtain tool insurance?
Just like any other kind of insurance you carry to cover yourself and any employees you may have, you get a quote for tools of trade insurance from local insurance providers. These professionals will go over the aspects of your cover and inform you about other insurance cover that may be required in order to carry cover for your work tools.
If you do need a good insurance broker to help you with tools of the trade insurance, try contacting an insurance broker from our Tradebusters Academy network. These insurance brokers specialise in helping tradesmen in business and we are sure one would be a good choice for you.