In Australia, many tradies will experience theft at some point throughout their career. In fact, according to the Australian Bureau of statistics, an estimated 73,400 Australians aged 15 years and over have experienced the unfortunate event of robbery during 2018 to 2019. Stolen tools from a tradie is no exception and is a tradies worst nightmare. Not only can it be costly to replace stolen goods, it can also take time to find the cash to source new equipment. This can seriously impact the productivity of your work costing you even more money. Not to mention the frustration that your clients may feel having to put a stop to the work you are doing. This is where general property insurance comes in handy! Read on to find out more about insuring your tools and property with All Trades Cover.
What is property and tools cover?
Property and tools cover, otherwise known as general property insurance, is a cover that protects your transportable work equipment in the case of accidental damage or theft. Tools insurance with All Trades Cover can offer peace of mind, financial protection and security. You can have confidence knowing that you will be reimbursed for the cost of your tools or that your gear will be replaced, ensuring your speedy return to work.
Why do you need property and tools cover?
It’s a no brainer that tradies need to insure their tools. Most tradies carry around thousands of dollars’ worth of equipment every day and if something happened to it, repairs and replacements have the potential to be very expensive. Tools of trade insurance means that you’re protected financially. This will ensure that in the unfortunate event that you fall victim to theft or property damage, you can have your tools replaced easily allowing you to get back to work faster.
Not only does property and tools cover protect you financially from theft, it also insures damage to your work equipment if you were in a car accident. Plus, in some cases it will cover you for fire and storm damage -so it’s a pretty important insurance to have.
Even if you don’t carry larger more expensive tools around, a collection of smaller tools can really add up if they’re stolen or damaged. It’s not worth the risk!
When would you make a claim for property and tools cover?
You would make a claim for property and tools cover after the unfortunate event that you have suffered from theft, loss or damage of transportable items. To make a claim, contact our friendly team at All Trades Cover who will take over with minimal hassle.
We will evaluate how your tools and equipment were stored before paying out a claim. If the items were stored in a locked toolbox or within a locked vehicle, there must be evidence of forced or violent removal. This would usually be evident with broken padlocks or a smashed window. However, if the items were not secured, they may be considered as “open-air” and therefore will not be covered under tools insurance as they weren’t protected to begin with. Moral of the story is make sure you store your tools away properly before packing up for the day.
What are you covered for with property and tools cover?
At All Trades Cover, we offer tools insurance starting at a minimum of $5000 cover. General property insurance covers the theft, loss or damage of transportable items. This could include the theft of your tools after a forced entry, damage to equipment after a fire, or damage which occurs after a vehicle accident. As with all insurance, there will be certain exclusions. In the case of general property insurance, a common exclusion will be open air theft where a robbery occurs when tools are not properly secured. There will also be a limit on the maximum amount that you can claim per item. There are some other circumstances where your items may not be covered such as intentional damage to equipment, general wear and tear, mechanical faults, flooding and theft by a trusted person (someone with access to tools via a key or alarm code). Our team at All Trades Cover can assist you with any questions you may have on what is and isn’t covered as part of general property insurance.
How much does property and tools cover cost?
The cost of your general property insurance will generally depend on the total value of the items that you wish to cover and the type of cover you require. If you have specialist equipment that you carry around with you, make sure that you mention this to see if you require additional cover. One of the most important things to remember is not to underinsure – take the time to get an accurate estimate of the value of your tools.
Here’s a handy little tip – make sure you record serial numbers for your tools, engrave them with your details and keep receipts as an extra safeguard.
Remember that each item big or small can contribute to the flow of your business every day. Jump online and use our instant quote tool for your general property insurance quote. Alternatively, you can contact All Trades Cover today on 1300 826 850.