Tool cover

Opting to purchase tool cover as part of your insurance policy will offer protection for you and your employees’ tool box, handheld tools and power tools if they are lost, stolen or accidentally damaged. Your tools are often expensive pieces of equipment that you use on a daily basis and if you found yourself without them, for instance if they were stolen, you may not have the budget set aside to replace them and risk disrupting your daily work.

Tool insurance typically insures hand held power tools such as drills, impact drivers, grinders, hammers, screwdrivers, chisels, spanners, saws, sanders and more. You could also request equipment insurance for other business equipment you use such as ladders, portable office equipment like laptops or other hand held devices you may use in the day to day running of your business. Policy terms will differ, so it’s important to read the details carefully before you buy.

Using your tools everyday subjects them to general wear and tear and potentially a loss in performance, however this would not be covered by your insurance. Tools insurance is designed specifically to cover the event of loss, theft or accidental damage.

It’s also important to ensure that your tools are kept securely and locked away when not in use. For instance, theft from unattended vehicles may be excluded, but you can purchase an extension to account for this gap. Because motor insurance does not cover the tools and equipment inside your vehicles, tradesmen usually purchase commercial vehicle insurance and a business insurance policy which includes van tool insurance and van contents insurance. It’s advisable to check when you purchase your cover if there are any restrictions.

Tool cover isn’t the only recommended cover for businesses: there are a number of other covers which can help to protect your assets and liability towards others. Taking out the right insurance for your business can give you peace of mind to focus on what really matters – your business.

As a business owner, it’s important to evaluate all the risks to your business. By considering what could potentially go wrong will help you establish the covers you need most.

Protecting those around you is also essential. Public liability insurance protects your business financially if someone has a slip, trip or fall or sustains an injury as a result of your business activities. It also covers accidental damage to their property if something goes wrong while you work.

Similarly, if you’re an employer then you’re required to take out employers’ liability insurance by law. You have a duty to protect your staff while they work and they could pursue you for compensation if they had an accident and sustained an injury. Employers’ liability insurance protects your legal liabilities and your business financially in these circumstances.

There are a number of other insurances available including legal protection, business interruption, professional indemnity and many more. Having a bespoke insurance solution that’s tailored to your individual needs is essential for any business owner.