DIY How To

Tradesman Tool Insurance – Ensures Your Livelihood Does not Suffer

Regardless of your trade, the tools you use are crucial for your business and indeed your livelihood. Tools cost money, and if damaged or stolen, the costs of replacement can be prohibitive. Moreover, if replacements are not immediately available, then work suffers.

Clients get uneasy about delays, and if such delays lead to financial losses for the client, then you may be have to face a claim for that. Repercussions arising from damaged and stolen tools can cascade into severe losses. Equipment, whether owned or rented, is expensive too. Protect yourself from financial contingencies arising from theft and damage of tools and equipment.

Insurance Matters

This insurance makes its usefulness felt over the career of a tradesman. Tools will most likely get stolen. It is possible that the van carrying your tools may get stolen. This insurance is equally useful for tradesmen contractors and self-employed tradesmen.

With Tradesman Saver, you get bespoke insurance tailored to your needs. The benefits of such a tools and equipment insurance policy are twofold. One, you get the best possible cover for your needs. Two, you pay only for the cover that applies to you. Not all insurance providers offer these benefits. In fact, many charge a high premium because of the high risks associated with this insurance. And even then, the cover may not extend to all situations that may lead to stolen or damaged tools.

When insuring work tools and equipment, always quote the full value of the tools to be insured. Doing so will enable you to get the maximum amount possible when you make a claim. The extent of cover provided by Tradesman Saver increases in steps of £5,000, so that you pay the lowest possible amount for the maximum possible cover.

Under-representing the value of tools and equipment will leave you poorer by the amount you may have otherwise got. This policy is not available as a stand-alone cover because of the high level of risk associated with it. There are not many insurance companies out there that offer new for old cover. Tradesman Saver does. What this means that Tradesman Saver will replace stolen or damaged old tools and equipment with new ones. On your part, you must see that you have ensured the equipment at the right amounts. This is a far better deal for tradesmen as compared to policies that insist on knowing every minute detail about the tools including the age and extent of use before a claim is cleared. Without a new for old policy on tools, you will have a higher out of pocket expense even when your claim is honoured.

On your part, you must ensure that you take the necessary precautions to keep tools and equipment safe. While Tradesman Saver does not insist that your vehicle be fitted with an alarm, taking such a precaution will result in lower premiums. If you can help it, do not leave tools in vehicles overnight. Some insurance companies may expect you to keep the vehicle in locked premises for the night if you keep tools in the vehicle. With Tradesman Saver tools and equipment insurance policy, you can be assured of a policy customized for your needs, stripped of all non-useful benefits that you may otherwise pay for.

Tools and equipment insurance does not cover damage or theft during unlawful use of covered items. Knowingly damaging tools and then seeking insurance is not allowed. Using tools in a manner other than the prescribed procedure is not advised if you wish to benefit from this cover. Tools insurance is available as an optional add-on to the automatic cover provided with a tradesman public liability insurance policy.

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