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Insurance For Your Tools and Equipment

Insurance For Your Tools and Equipment


If you're a tradesman, contractor, manufacturer or a small business owner in any of these industries, you’ll know how important tools are to carrying out your work. Without your tools, you might not be able to run your business. So, it’s important to ask yourself: if your tools were ever lost, damaged or stolen, what would be the impact to your business operations?

By including tools cover in your contents insurance policy, you can protect your tools against loss, damage and theft in a number of situations. For example, consider the following circumstances:

  • Loss: Your business has moved to a new location and valuable tools are misplaced.
  • Damage: You or an employee drops an essential piece of kit while you’re unloading at a construction site and it is damaged beyond repair.
  • Theft: Your workshop or business premises is broken into overnight and essential business apparatus is stolen. These are all situations in which tools insurance could provide you with financial reimbursement to replace or repair your items, and minimise possible interruption to your business.

It is important to note that your policy may have certain conditions that you will have to adhere to, to ensure that it remains valid. For instance, many policy documents state that you are required to inform your insurance company if the quantity or value of your tools changes at any time. Failure to do so could result in your policy becoming void if ever you make a claim.

It’s also important to provide an accurate estimation of the value of your tools when taking out an insurance policy. By underestimating the value of your tools, your business may not receive the funds it needs to fully replace or repair your items if ever theft, loss, or damage does occur. On the other hand, overestimating your tools’ value could mean that a claim on this policy is rejected on the grounds of submitting false information.