Insurance for the tools of your trade

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Insurance for the tools of your trade

If you’re a tradesman or contractor your tools are your business. If they were lost, damaged or stolen you may not be able to keep up with the work you have lined up, which could have a big financial impact on you and your business.

Having tools insurance ensures that you can get on with the job, without having to worry about the cost of replacement. A Tools policy can cover hired equipment or your own personal tools. Hand tools, power tools and plant equipment can be insured in case of loss, damage or theft.

Do I need tools insurance?

Having tools insurance is not a legal requirement. However, if you work using tools on a daily basis having insurance will cover you for any losses on the off chance that your tools are lost, damaged or stolen.

Here are a few tips for insuring your tools:

  • Check your policy document before you purchase for exclusions and excess
  • Don’t underestimate the value of the tools in your possession
  • If you decide you need tools insurance, you’ll have to add it onto your full business insurance policy
  • Tools in transit? Check your policy to make sure your tools are insured against damage or theft while they’re in transit

What does it cover?

Tools insurance covers you against the damage, loss or theft of your tools. Meaning that you don’t have to worry about not being able to finish the job if anything ever goes wrong.

Tools insurance can cover:

  • Hand tools
  • Power tools
  • Equipment
  • Tools in your van
  • Hired equipment
  • Machinery
  • Stock and contents

How much cover do I need?

With Simply Business, you can insure up to £10,000 worth of tools and equipment. The level of cover you need will depend on the type of business you run and what kind of tools you’re insuring. And, if you need other types of cover, you can add them to your policy – to make sure you’re covered and protected in any instance.


Get a quote today


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