What is equipment and tool insurance?
Tradesman Saver’s tools & equipment insurance cover offers financial protection against theft and damage, so if the worst should happen, you won’t find yourself out of pocket paying for replacements. We have varying levels of cover to accommodate big and small businesses, which means you can focus on keeping things running smoothly, while we take care of any bumps along the way.
It is important that you cover the full value of your tools or else you will be under-insured.
Why do you need tool insurance cover?
When you’re running a business, the most important things you need to work are your tools. If any vital equipment is stolen, damaged or lost, you’ll be forced to replace them because you can’t risk being unable to complete a job on time, and to a high quality. This could put a serious financial dent in your business, and stop you from doing your job until you can afford new tools. If your tools have been taken after a break-in on your van, or even simply been damaged on the job, tool insurance cover can help you get back to work quicker than you could have ever expected.
Unlike public liability, tool insurance cover is not an automatic cover, it is an optional cover which can be added to your standard Tradesman Saver policy.
Tradesman Saver’s Tool Insurance
Our standard cover is:
- Up to £5 million cover for public and products liability
- £10,000 cover for any financial loss (£50K cover optional)
- Worldwide liability cover for temporary work abroad for up to 14 days (excluding the USA and Canada)
Tradesman Saver’s tool insurance begins from the moment you purchase your cover from us. Our policies are also in effect around the clock, and around the world, offering you total protection if you can no longer use your equipment.
We cover van tool insurance in our policy, which also covers tools left in an unattended vehicle, although you will pay a slightly higher excess if they are stolen.
Tradesman tool insurance is one of our optional covers, but our complete automatic package also insures accidental death, paying out a lump sum in the event of a sudden, unexpected incident kills you or any of your staff. In addition, our standard policy includes public liability insurance, which covers you against any claims made if your business activities injure a customer or member of the public, and products liability, protecting you if any injuries are caused by one of your products. In addition, you’re also covered for financial losses inflicted on a third party, and legal expenses of up to £250,000.
To provide your business with the most comprehensive protection against potentially disastrous circumstances, we offer personal accident insurance on top of our five-part automatic package. This provides coverage against major fractures, burns, the loss of limbs and senses, dislocation, and disability, as well as any hospital stays which last longer than 24 hours. Depending on the severity of your situation, you could be entitled to receive a lump sum of up to £200,000. This, along with many other forms of cover, can be tailored to your needs as part of a wider public liability insurance policy.
Please note that tools insurance cover is an optional cover that you can add to your policy alongside your public liability.
Online & Anywhere
We like to keep things simple. Your quote, purchase and documents are all available online, anytime.
No need to wait for your documents. Our tradesman cover starts from the moment you purchase.
Public liability, products liability, financial loss, legal expenses and accidental death cover as standard.
Cashflow is important to every business. Spread the cost by paying in easy monthly instalments.
Tools Insurance: Frequently Asked Questions
Can I get tool insurance without applying for any other cover?
Most insurers are unable to offer tool insurance on its own due to the high level of claims that arise from this type of cover. It is often included as part of a comprehensive public liability insurance package.
Does Tradesman Saver’s tool insurance cover theft?
Yes, theft cover is provided anywhere in the UK but please note, there is often an increased excess if tools are stolen from an unattended vehicle.
Will my tools be covered on site?
Yes. Your tradesman tool insurance is an “all risks” policy, which means that your tools will be covered anywhere in the United Kingdom, no matter where they are located.
What kind of security do I need to worry about when it comes to covering my tools?
Before making a payment as a result of your claim, insurance companies will want to ask you some questions about the safety of your tools.
Some of these may include details such as vehicle alarm specifications if you leave your tools overnight in a van, or details about the construction of the building you were keeping your tools in. Keep in mind that, in some cases, insurance companies require you to keep your vehicle in a locked compound overnight if you intend to store your tools in it.
Our Tradesman Saver tools insurance provides cover for tools left in an unattended vehicle but you will pay a slightly higher excess if they are stolen.
What is not covered by tool insurance?
Insurance does not cover some events no matter how basic or comprehensive the policy you choose is. Some of these include any form of intentional damage or any damage that was caused by you or someone who works for you misusing the tool or equipment. You will also not get cover for any unlawful use of tools.