Can you work if your most important tools were lost or stolen? If you’re like most tradies, you won’t be able to work so you won’t be paid! Tool insurance is designed to cover the replacement cost of your tools if they are stolen or damaged. This specialised trade insurance helps safeguard your investment in your tools and equipment. It helps to minimise the financial impact of a loss so you can get back to work as soon as possible.
What does insurance for tools cover?
Atlantic Insurance offer tool insurance policies that are designed to cover your tools of Trade Australia-wide and at your business location.
There are two levels of tool cover available. A “listed events” cover offers limited coverage for theft following forcible and violent entry, collision, fire, and other threats such as an explosion, lightning, malicious damage or vandalism. The other type of tool cover is “accidental damage”, which provides more inclusive coverage of accidental loss and damage to your tools (excluding cover whilst the tool is in use) as well as listed events cover.
How much should I cover my tools for?
Our Client Managers suggest you insure your tools for their total replacement value. It’s essential to cover all your tools—not just the power tools, from a screwdriver or hammer to a tape measure. Consider how much it would cost to replace all of your tools simultaneously.Â
While ensuring your tools are covered for the correct value is essential you will also need to understand the limits that apply per item, in most cases you will need to individually specify higher value items. You must also prove ownership. In the case of theft or damage, having a receipt or invoice indicating you are the owner is helpful.
How much is tool insurance?
The cost of tool insurance depends on many factors, including your risk and the coverage level you choose. The higher the level of coverage, the more expensive the insurance premiums become. And while it may be tempting to undervalue your tools to save some money, if your tools need to be replaced, you will be out of pocket.Â
Atlantic Insurance Client Managers offer tool insurance cover tailored to your business requirements and our experience ensures that we can provide options on different levels of cover. Tool Insurance provides peace of mind that if your tools are stolen or damaged, you can still keep working.
What if I don't have insurance for tools?
The financial burden of replacing tools will fall entirely on you without tool insurance coverage. This monetary stress not only interrupts your ability to work it may also mean that you are unable to keep trading if you are unable to replace your Tools. Tool Insurance is another important insurance consideration in addition to public and product liability, commercial vehicle insurance and income protection cover. Tradie tool insurance should be seen as an investment in your livelihood that ensures that your business can still operate following loss or damage to your tools.
Atlantic Insurance can assist you with Tools Insurance
At Atlantic Insurance, we understand that being a tradie involves years of refining your craft, developing more innovative processes and understanding quality materials over time. We have been accommodating the various needs of our trade clients for over 25 years. Our Client Managers consistently review the insurance market and complete professional development to assist you better and offer quality Insurance for Tradies.Â
Enjoy competitive premiums, interest-free monthly premiums in some cases, and access to a wide range of products and insurers with often no paperwork required. Contact us today to discuss the appropriate policies to protect your tools and receive a quote.Â
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.