While most tradies are aware of the importance of having public liability insurance, an equally important form of cover is general property insurance. Whether you’re an electrician, builder, carpenter or any other tradie, chances are that you transport your tools and other equipment with you. General property insurance will provide cover if something happens to these transportable items. Today, we’ll be looking into what you can expect when you take out general property insurance.

What is general property insurance?

General property insurance means that you’ll be covered financially if your transportable items, such as your tools, are lost, damaged or stolen. This cover is often referred to as tools of trade insurance. For tradies who rely on their tools for their work, it’s easy to see why this form of cover is important. Not only is it inconvenient if something happens to your tools, it can also be expensive when faced with replacements using your own money. 

If you’re thinking that you may not need general property insurance as your tools aren’t worth much, you’d probably be surprised! Take a look inside your tool box and estimate how much it would be to replace each item – you’ll be surprised at how quickly it adds up. 

What does general property insurance cover?

As we’ve already discussed, 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 general be a limit on the maximum amount that you can claim per item.

Some common exclusions attached to your general property insurance will be general wear and tear on your tools, intentional damage, mechanical faults, or damage which is not significant. 

How much does general property insurance 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 your insurer to see if you require additional cover. One of the most important things to remember is that not to underinsure – take the time to get an accurate estimate of the value of your tools. 

All Trades Cover was established to bring high quality, cost effective insurance to Australian tradies, no matter the size of your business. We’re partnered with the world’s leading insurance and reinsurance marketplaces to bring you insurance cover with minimal hassle. Your trade insurance package also includes free tax audit cover and for additional protection and peace of mind.

To find out whether general property insurance is right for your business, contact All Trades Cover today on 1300 826 850.

Get a Free Quote Today!

[contact-form-7 404 "Not Found"]