Why do I need Tool insurance? Tradesman rely heavily on their tools to produce income for them so they are a very important part of their business. They can also be expensive to replace particularly for those tradies who have tools worth over $10,000 and some of the claims we have experience have results in a tradie losing all his tools because their utility or trailer has been stolen.
Some circumstances are beyond our control – a fire, an unfortunate motor vehicle accident and someone breaking into you vehicle and steeling tools are all incidences which have occurred and will occur to a tradie again and insurance offers the only real financial solution to having a tradie back where they were before the loss and once again able to earn income.
Who can take out Tools InsuranceAnyone associated with the building trade including apprentices, garden maintenance contractors, handyman services, mechanics, floor sanders and basically anyone who has tools that they use to earn a living. Tool insurance is the solution.
What does my insurance cover against?
Various insurers offer different covers. What you need to be aware of is the scope of the cover. Some questions tradies need to address to understand their insurance are;
Does the insurance cover my tools in the back of my vehicle when its not locked or they are not in a locked secured tool box?
- Are they covered if they get stolen on a work site?
- What excess applies to a claim?
- Is there a limit any one item?
- Are they insured if damaged in an accident?
- If I claim do I get the new tools or just the value of the old ones?
- Does the cover include stock?
- How long does it take to be paid on a claim?
Unfortunately not all insurers offer the same cover and it is important that Tradies understand their particular cover so they can take action to avoid losses where they may not be insured.
It can vary from insurer to insurer and you would need to ask each insurer individually what their cover is to be clear.
What our Cover is forAt Tradesure our cover is as for; Fire, flood, lightning, explosion, malicious damage or vandalism, theft following forcible and violent entry which causes visible damage to a locked vehicle or premises, theft of equipment which is securely attached to a vehicle through use of locks or padlocks, which result in visible damage to the securing devices, collision or overturning of the conveying vehicle.
Limit $2,000 per item unless specified
Excess $250 per claim
By restricting the cover to these occurrences Tradesure has been able to reduce the insurance premium substantially which is much more affordable to tradies as the premium dropped from as high as $80.00 per $1,000 per year at some insurers to just over $30.00 at $1,000 per year at Tradesure. The premium is of course tax deductible
Tradesure also have a claim guarantees in that if all the paper work is in order that you claim will be settled within 5 working days of being submitting. To assist with claims and something that will also assist your accountant with your tax we strongly recommend you keep an up to date register of all your tools which should include a description of the tool, its purchase price and the date purchased