When you're a busy tradie, insurance can be the last thing on your mind and it's easy to overlook this part of your business. However, having the right insurance package can give you financial peace of mind and means you're not caught out if the unexpected happens. One of the most important forms of insurance for tradies to consider is tool insurance.
Always Be Prepared
A lot of tradies overlook just how expensive their tools and equipment are and it's easy to underestimate the cost, especially if you've accumulated your gear over a long period of time. However, if there was to be a situation where your tools and equipment are damaged, lost or stolen, you could find yourself in a situation where you need to fork out thousands of dollars for repairs and replacements. Unfortunately for tradesmen, if anything happens to your gear it can often mean you need to cancel jobs which can affect your cash flow.
The Herald Sun recently reported that tradies in the Moonee Valley area in Victoria had been victim to a number of tool thefts which resulted in around $57,000 worth of tools being stolen from various vehicles. Some of these tradies didn't have tool insurance in place and had $8,000 worth of equipment taken. This just highlights how easy it is for tradies to find themselves without their livelihood.
Tool Insurance will cover your tools and equipment if they're lost, stolen or damaged. This means you don't need to use your own hard earned money for repairs and replacements.
Read The Fine Print
It's important to remember that your tool insurance won't cover every situation and you need to know the specific conditions of your policy so you're not left in a situation where you're unable to be covered by your insurer. Tool insurance policies will usually cover the loss, theft or damage of tools which are held at home, in a locked box, or in a locked vehicle. This means you're unlikely to be covered if you've left your tools unsecured.
When shopping around for tool insurance, it's best to look for a policy that doesn't have an item limit. If your policy has an item limit in place, it means that even if you claim $3,000 worth of tools, your insurer may only allow you to pay up to $1,000 due to an item limit. It's also worthwhile to consider a policy that offers replacement cost rather than existing cost as this will account for price increases with tool and equipment. If you're not sure what your tool insurance covers, speak to your insurance broker to make sure your policy suits you.
At All Trades Cover we offer insurance packages designed to meet the specific needs of tradies and we make sure you have the right level of cover in place. With easy to deal with staff and competitive prices, you'll find insurance with us hassle-free and convenient.
For more information about tool insurance or for any other insurance related questions, contact All Trades Cover on 1300 826 850 today or fill in our online form for an obligation free quote.