One of the leading tool manufacturers used to have a slogan that would be proudly attached to the side of each toolbox. To paraphrase, it said, "I make a living with these tools, so please don't ask to borrow them." If you agree with this as a tradie and rely on your tools in such a manner, then you should do more than try to discourage others from asking to use them. In fact, you should go out of your way to take out an insurance policy that covers them, just in case. What should you know about this type of protection?
Understanding the Risk
No matter what type of trade you are involved with, it is likely that you will have to expose your tools to the possibility of theft on a daily basis. You may need to move from point to point to work for your clients, or you may leave your tools overnight in your facility. In every case, they could be vulnerable to prying eyes and sticky fingers, so you will need to take steps appropriately.
Always make sure that you keep them under lock and key in every conceivable situation. If you have a ute of some kind, make sure that you install a lockable box that can be securely attached to the frame of the vehicle. This may not be completely foolproof, but it will at least have shown the insurance company that you have taken some appropriate measures. Park your vehicle off the street at night if you can and fit a good alarm system for added measure.
You should also protect your premises and fit motion detectors together with monitoring systems, if possible. This will help to protect not only your tools but also everything else within the building, and it should prove a deterrent for most casual criminals.
As a tradesperson, you know that you need various levels of insurance to cover public liability and even professional indemnity, but you may not realise that you can have a tools rider as well. If you really want to protect your equipment and make sure that you can continue even if you are deprived of them, talk with your trade insurance broker today. Take inventory of all the tools that you have and provide the replacement value to the broker so that they can come up with the right type of protection.Share
12 November 2019
When I first started up my business I had so much to think about. I was always worried about overlooking something, but luckily, I had a great insurance broker who reminded me of the different commercial insurance policies I would need. Commercial insurance is a subject I know very little about, so I decided to start this blog as a way of sharing information with other new business owners. From public liability insurance to coverage for your stock, there are different policies which you need just in case the unexpected happens. I can't personally advise you on your insurance needs, but my posts will give a broad overview of commercial insurance policies and what they do.