A lot of tradies rely on their tools and equipment for their day to day work but don’t stop to consider what they would do if these tools were lost or stolen. After all, when you’re busy going about your job, you probably don’t think about the consequences if something unexpected happened.
Not only can having your equipment lost or stolen impact on your work, it can also have serious consequences for your finances when it comes to repairs or replacement. This is where tool insurance comes in as it covers the cost if your insured tools are lost, stolen or accidentally damaged.
Protect Yourself From the Unexpected
It’s easy for tradies to think that it’ll never happen to them – after all, how common is it to have your tools stolen? Unfortunately, it happens more often than you think and an article in The Chronicle earlier this year reported that a tradie had his $10,000 trailer stolen along with $20,000 worth of tools. Although this may seem like an extreme example, you’d be surprised at how much it would cost to replace all of your tools and equipment.
It can be tempting to rely on luck and hope that nothing ever happens but the last thing you need is to find yourself in the situation where your tools and equipment have been lost or stolen. A lot of people underestimate how much their property would be to replace but when you add everything up, having to replace all of your gear could leave you seriously out of pocket.
Look for a Policy That Suits Your Needs
Tool Insurance, otherwise known as general property cover, will cover the loss, theft or accidental damage of your tools and equipment. Remember, not every policy is the same and you need to read your Policy Disclosure Statement or speak to your insurance broker before signing up so you get a policy that is the best for your specific situation.
It’s important to remember that most tool insurance policies will specify that they will only cover items lost or stolen from a locked vehicle or premises. Some insurers also have an item limit on their policies so you can only insure up to a certain amount on each item. Although this may suit you if you don’t have hugely expensive equipment, you may need to keep looking if you have expensive items as you don’t want to find yourself in a situation where you only receive a portion of what the item is worth. Differences like these means you need to shop to find the best policy.
Tool insurance is essential for tradies who want to go about their business without worrying about the cost that comes with something happening to their gear.
To discuss property and tool cover or for any other questions, contact All Trades Cover on 1300 826 850 and we would be happy to help. You can also fill in our easy online form for a hassle free quote.