TOOLS INSURANCE
Atlantic has been assisting our Trade and Plumbing Clients arrange Tools Insurance Policies for over 25 years.
We appreciate that the theft or accidental loss of a Tradie’s Tools can have a catastrophic impact on your business and will often mean that you are unable to work and ultimately earn an income.
Speak with us today about the options for arranging an Insurance Policy to cover the theft or accidental loss of your Tools.
WHAT DOES TOOLS INSURANCE COVER?
A Tools Insurance Policy is designed to cover a Tradies Tools whilst at your business location and also Australia Wide. There are generally two levels of Tools cover available with a “Listed Events” cover providing a limited cover for fire, theft, collision and other perils such as lightening, explosion, malicious damage or vandalism. An Accidental Damage cover is much more comprehensive and generally our recommendation of choice that will provide cover for accidental loss and damage to your tools (excluding cover whilst the tool is in use) as well as fire, theft, collision and other perils.
It is important to note that most Tools Insurance Policies require “forced and violent entry” to either your premises or vehicle for coverage to be triggered however some insurers can extend their policy to provide “theft in the open air” subject to an extra premium.
Important consideration must be given to a Tools Insurance Policies “basis of settlement”. Some insurers will only provide cover for the market value of your tools based on the age and factoring in depreciation. Atlantic have access to insurance products that will offer you new for old replacement with some conditions on the age of Tools.
Whether you are a Plumber, Electrician, Landscaper, Painter or any other specialist Trade, you will likely carry stock and scaffolding. Atlantic can negotiate the inclusion of cover for stock and scaffolding subject to some limitations to protect you.
Many Tradies have a requirement to hire specialist equipment to complete jobs from time to time. There is a misconception that hire companies will provide automatic coverage for loss, damage or theft whilst on hire and when cover is purchased from these hire companies often the cover is limited or excesses very large. It is important that you understand this exposure. Our experienced Client Managers can discuss whether a “Hired In Extension” would be suitable to provide cover for the equipment that you hire in from time to time where you may be responsible for loss or damage.
Speak with one of our experienced Client Managers todays to discuss how we can help you protect your Tools. (& source of income)
WHO NEEDS TO TAKE OUT TOOLS INSURANCE?
If you rely on your Tools to earn an income you should consider a Tools Insurance Policy. Following an insured loss a Tools Insurance Policy will assist you financially to replace your Tools and get back to work.
DOES ATLANTIC INSURANCE ASSIST WITH CLAIMS?
Returning to your vehicle or premises and discovering your Tools have been stolen can be exceptionally distressing for any Tradie.
Our experienced Client Managers will assist you to prepare your claim, lodge your claim with your insurer and negotiate a fast and fair settlement.
Providing proof of purchase / ownership of your Tools is often one aspect of a Tools claim that may delay settlement.
Out Client Managers will outline what is required to substantiate your loss during your first notification of a claim which will often assist your insurer assess and provide a settlement offer leading to a faster resolution for our Tradie Clients.
WHAT POLICY EXTENSIONS / ENDORSEMENTS MAY BE RELEVANT TO CONSIDER?
• Theft in open air – Most Tools Insurance Policies require “forced & violent entry” for coverage to be triggered, but most losses occur when Tools are left on a job site or the car is unlocked. A “Theft in Open Air” extension may allow you to claim for stolen tools, where there has not been evidence of “forced & violent entry”.
• Stock and Scaffolding – Extending a Tools Policy to cover “Stock & Scaffolding” will provide protection for Trades that regularly carry these items.
• Accidental Damage/Loss – An “Accidental Damage” cover or extension can provide additional coverage beyond a standard policy offering fire, theft, collision and other perils such as lightening, explosion, malicious damage or vandalism.
• Hired in equipment – A “Hired In” extension can provide cover for the equipment that you hire in from time to time where you are responsible for loss or damage.
FAQ's
Whilst Home Policies all differ, generally a Home Insurance Policy will exclude cover for Tools that are used for earning an income when away from the Home.
Generally a Motor Policy will only provide a very small limit for Personal Items and will only respond following damage to your vehicle.
Most insurers will provide a limit for unspecified Tools, these limits generally range from $2,000 – $3,000 per item. Anything below this limit does not need to be specified and is covered to the unspecified Tools limit taken.
In most cases a cash settlement can be negotiated allowing you to replace your tools at a supplier of your choice. To facilitate this proof of purchase or ownership is a must.
