Are you one of the thousands of self-employed contractors or small business owners who depend financially on their tools to make a living? Would you be interested in a type of insurance policy that protects you against the loss or damage of these tools? If so, you may want to consider tool insurance to help protect your assets. Here we will give a brief definition of tools insurance in the UK, along with some of the reasons for securing this type of protection.
What is Tools Insurance?
Many self-employed contractors are under the erroneous assumption that their tools are completely covered with their vehicle insurance policy, but sadly, this is not always the case. Even with a comprehensive type of insurance policy, expensive tools and equipment are often excluded unless you add a rider to that policy or you secure an additional tools insurance policy.
Tools insurance is a specific type of insurance policy which covers the cost of replacing your tools in the event of theft, fire, vandalism or other damaging incident. This type of coverage is essential for anyone who depends on their tools for their work.
Why Do I Need Tools Insurance?
Unfortunately, tools are one of the most popular items among thieves. Without a doubt, thieves know what your tools are worth, and if you’re not careful, these implements, which are necessary to perform your job and make a living, could be gone in a flash. Now what? Can you count on your vehicle insurance to cover the cost of these tools? Unless your policy explicitly states “tools coverage” the answer is “no.”
So the question is this: How much are your tools worth to you? If you think about it, your tools are probably worth much more than their actual cost, especially if you depend on these tools to make a living. Lost tools mean lost revenue, and in some cases, a possible collapse of your business. Tools insurance will help you recover the proper tools necessary for your trade and get you back to work quickly.
Thousands of independent contractors depend daily on the tools of their trade to earn a wage. Whether you’re a builder, plumber, gardener or even a music professional, the tools you carry with you from job to job allow you to do each job correctly. Without these tools, your business would suffer significantly. Therefore, securing tools insurance allows you to sleep easy knowing your tools are always covered, whether they are stolen or damaged.