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Tools in Transit insurance

If you rely on your tools in order to make a living, you’ll want to make sure their protected should something happen to them. A tools in transit insurance policy, also referred to as tool insurance, protects your tools while being transported for business use and covers you from loss, damage, and theft.

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Do I need tool insurance?

Your tools are vital to your trade and without them, it would be hard to earn a living, right? With that in mind, the question is why wouldn’t you want tool insurance? Professional power tools don’t come cheap and as a result, they are a prime target for wannabe thieves. Tool theft in the UK costs tradesmen and businesses well over £100 million a year in damages.

If you needed to replace all your tools, the costs are excessive, not to mention the downtime and potential lost business while you’re waiting for replacements. It could be hard to swallow that financial burden and could have lasting negative effects on your income.

With a tool insurance policy, you’ll have the peace of mind that your covered in the event of loss, damage, or theft of your tools and gets you back to work quickly with minimal disruption.

  • Tool insurance benefits

    Tool insurance is usually sold as a separate policy to your existing Van insurance. Contrary to popular belief, your tools are not covered under your standard Van insurance policy. Getting dedicated insurance cover for tools will protect you for loss, damage, and theft of a wide range of handheld tools, power tools and plant equipment whether you own it outright, have it on hire purchase or have borrowed it from a friend.

    The main aim of a tool insurance policy is to provide quick, like for like replacements of your tools in the event they are stolen or damaged while in transit. Most tool insurance policies provide replacements in under 24 hours which keeps business disruption to a minimum. You’ll also be covered for any loss of business while waiting for your replacements to arrive.

  • How do I insure my tools?

    Tool cover is sold as an additional addon to your existing Van insurance policy. Some insurers may offer tool cover as part of their standard policy, but you should carefully check the limitations of the policy. Not every insurer offers the same level of cover. In many cases, it could be worth increasing the cover for your tools by taking out a separate policy.

    When comparing Van insurance deals, you’ll want to make sure you opt in for tool insurance to be able to compare the various policies offered from different companies. Always make sure you read the policy wording carefully and check with an expert if there is anything you are unsure of.

    Your tools will be covered as soon as you pay for your policy. For most, this is the same time as they start their Van insurance cover.

  • Whats covered and whats excluded?

    As with any insurance policy, there is likely to be restrictions and/or exclusions with regards to whats covered and whats not. Many insurers will offer different levels of cover and impose their own restrictions as to what they won’t cover.

    If you leave you tools unattended or in a vehicle overnight, some insurance companies wont cover you. If its difficult for you to unload your Van at the end of each day or you have no other secure storage for your tools, make sure your policy covers tools left in your vehicle overnight.

  • Are there any alternatives to tool insurance?

    Insurance policies come in many different forms and cover many different bases. You should always check your existing business insurance policies to see if your already covered. Some comprehensive buildings & contents policies will already have your tools covered as well as existing business or tradesman insurance.

    Always read the small print and make sure your properly covered. In the event the worst happens and your left without your tools, you need to make sure your business doesn’t suffer as a result and that your adequately protected financially.

  • How do I get a quote?

    Getting a quote for tools in transit cover is easy. Simply use our online portal to gather quotes from a range of top providers all at the click of a button. You can easily check whats on offer, analyse policy details and compare prices online.

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