Insuring your tools and equipments – Tradesman tool insurance UK

Are you a tradesman who runs your own business? If answered yes, you must already be acquainted with the fact that your tools and equipments are your bread and butter because they help you earn your living. In the event of any accidental theft or damage, your tools and equipments require insurance coverage so that you don’t have to face the risk of not being able to complete your task on time.

There are many of them who think that a tool insurance cover is similar to a car insurance coverage which means that it will cover any type of event. However, such assumptions are far from being true as all tool insurance policies aren’t the same and they don’t cover everything.

Tool and equipment insurance – What does it cover?

The kind of tool insurance policy that you take will decide the type of coverage that you may need. Whenever you set the policy, it is vital that you cover the total value of all your equipments and tools. Not doing that will keep you under-insured and this could curb the amount which you may receive during the settlement of the claim. In case your tools are worth £2000 and you make the mistake of insuring just £1000 which is just 50% of the actual value, then you should anticipate that you will only get 50% of the claims payment. So, don’t ever underinsure your tools.

It is also vital that all tool insurance policies don’t offer new for old coverage. There are few which sate that the condition and the age of the tool are the factors which are taken into account while paying a claim.

What sort of security will I be concerned about while covering my tools?

Before making a payment due to a claim, the insurance companies will tend to ask you few questions regarding the safety of your tools and equipments. They might want you to invest in vehicle alarms in case you leave your equipments overnight in a van or they may also ask you on the construction of the building where you are keeping the tools. There are few cases in which the insurance companies will ask you to keep your vehicle inside a locked place in case the tools are there inside it.

Restrictions to take note of

As with majority of the insurance policies, there will always be an excess which is the amount that you need to pay for each claim that you make. With a higher excess, you can reduce the insurance premium but that would mean paying bigger during the event of a claim. One more thing to need to take into account is that tool insurance just covers you against accidental damage or loss of tools due to robbery or theft. It doesn’t cover mechanical failure or breakdown.

Tool insurance – What it doesn’t cover

No matter how comprehensive or basic the policy which you have is, tool insurance won’t cover few events. Intentional damage or damage which was caused by someone else or mishandling of the equipments won’t be covered by this insurance policy. If there is unlawful use of tools, you won’t get any kind of coverage.

Equipment and tool insurance is comparatively cheap and it comes as a part and parcel of tradesmen insurance package. You get a peace of mind when you can rely on the fact that your equipments and tools will be replaced or repaired by your insurer in case they’re stolen or damaged.

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