Spray guns, drills, ladders, and more – the average tradie carries around expensive equipment in their utes and vehicles. With the proliferation of cordless tools and secured toolboxes, many tradies have become more confident in quickly transporting equipment between jobs. The Australian hardware and building supplies sector continues to grow and is projected to reach $23 billion in 2021. The sales and demand are both increasing – but so is tool theft.
Tool theft is one of the real yet often overlooked problems. It happens all over Australia. According to the Australian Bureau of Statistics, about 19% (equivalent to 44,500) of break-in incidents in 2018-19 involved tools.
Tool’s Cover Is More Important Than Ever
Tradespeople are among those heavily impacted by tool theft in the country.
It’s in the news. Tradies were reported to have lost equipment worth thousands of dollars, typically stolen from their work sites. Apart from the devastating loss, most tradies could not get back to work for some time. We’re talking about compressors, sanders, and even generators. These tools are hardly inexpensive, and many tradies could not afford to purchase new ones right away.
What is General Property Insurance?
Are your tools insured? If not, you should be looking in to get covered. Tools cover, otherwise known as general property insurance, protects your transportable items if they’re lost, damaged or stolen.
For tradies who rely on their tools to help carry out their daily work, personal tool insurance is particularly important. Without tools of the trade cover in place, you could find yourself in serious debt if something happens to your tools.
For an easy tools cover insurance quote, contact the team at All Trades Cover today!
Are Tools of the Trade Covered Under Contents Insurance
Tool cover should not be viewed as the same as Household Contents Insurance. It is a common mistake that many homeowners and tradies make. Contents insurance usually excludes business equipment and tools. If they are covered, tight claim limits are placed upon them. Also, you’re unlikely to be covered if you’re not at home.
For those reasons mentioned, tradespeople should always have a separate insurance policy covering tools and equipment used for work.
Are Tools Protected Under Car Insurance?
Any smart tradesman should read through the terms and conditions of their insurance policy.
Do not assume your current car insurance covers tools even if your tools could be in a vehicle at the time of theft. In fact, It’s improbable that your existing policy covers the tools left in the car. Car insurance is unlikely applicable if tools are stolen. In most cases, it is difficult to provide the evidence required. Make your life easier by simply having tools insurance that is specially intended for your work tools.
Why is Tool Cover important?
- Tradies carry around thousands of dollars’ worth of equipment every day, and if something happens to it, repairs and replacements have the potential to be very expensive.
- Even more distressing after a theft is discovering you’re uninsured or your existing insurance does not cover the loss. It is a serious predicament that could put tradies out of business.
- Fortunately, having general property insurance means that you’re protected financially so you can have your tools replaced quickly to allow you to get back to work faster.
- Although larger power tools tend to be the items that tradies think about with tools of the trade cover, even a collection of smaller tools can really add up if they’re stolen. Don’t take the risk!
Choose All Trades Cover
- Depending on the number of tools you have, you can select your sum insured from a minimum of $5,000, and you can claim up to $5,000 per item at claim time.
- We offer accidental damage cover and on-site overnight cover for the theft of tools if there’s evidence of forcible entry.
How Much Is Tools Insurance & Is It Worth It?
The cost of tool insurance will depend on many factors, from your risk to the equipment to cover level. Of course, the higher the level of cover, the more costly the insurance premiums become. However, it’s never a good idea to undervalue your tools so you could save a few dollars.
Contact our friendly insurance professionals to gain more information about securing the most suitable cover for your tools.
- Our tool cover here at All Trades Cover applies on tool theft and accidental damage.
- Every trade is different, which is why we tailor our insurance products for you. So, if you use tools for your business, tool insurance is definitely worth it.
- Having the reassurance of knowing your expensive tools are covered under the right insurance policy can help you feel at ease even if you encounter tool damage or theft.
What We Offer
Here at All Trades Cover, tools cover is included in our trade insurance package to ensure that all of our tradies are protected. Depending on the amount of tools you have, you can select your sum insured from a minimum of $5,000 and you can claim up to $5,000 per item at claim time. We offer accidental damage cover and on-site overnight cover for the theft of tools if there’s evidence of forcible entry.
For more details about our general property insurance or if you require additional cover for your tools, contact All Trades Cover today.
Get a Quote Today!
Speak with the team at All Trades Cover today to organise your general property insurance cover.
● Fast online quotes
● Claim up to $5,000 per item
● Monthly repayment options
● Free legal advice