Tools of Trade Insurance – The definitive guide

A tradie and his tools are never parted, so the saying goes. All tradies need their tools to do their job, which means that tool insurance* for tradies from a reputable business insurance provider can be very important. Whether you’re a carpenter, an electrician, a plumber, a landscaper, a painter, or one of many other types of tradie, it’s all but impossible to work without the right toolkit.

That’s why it’s important for working tradies such as yourself to find a long-term solution (such as for protecting the essential tools that enable you to do what you do best. After all, where would any self-respecting tradie be without their tools and equipment? As such, for busy tradies it can be important to cover your tools with the best tradie tool insurance for your business needs.

Trade tools insurance

There are several different types of tool insurance in Australia, and tools of trade insurance coverage is available for the specific needs and preferences of each business owner. As a general rule, you may benefit from ensuring that you fully assess your business needs and your budget before buying your tools of trade insurance. And be sure to read and understand the product disclosure statement of any tool insurance cover you are thinking about buying very carefully.

What is tools of trade insurance?

Given the typically high value of a tradies’ tools, it should come as no surprise that they may be stolen or misplaced; they may also be damaged due to overuse and wear and tear. And this is when trade tools insurance can save the day for tradies.

Do you give names to your tools and have pep talks with them? Do you sleep with them by your side, and lovingly and tenderly clean and polish them at the end of each working day? Whether you do or don’t, it’s fair to say that any passionate tradie has a close relationship with his or her tools of the trade. And if you love your tools, then you might as well protect them with tools of trade insurance.

Insurance for your tools of trade

Tool insurance for tradies is considered an essential requirement for all active tradies. If one or more of your most important tools were lost or stolen, could you turn up to work the next day and keep delivering your trade services to your clients? Most tradies can’t work without their tools, and if you’re a subbie or a self-employed tradesman that means that you can’t earn an income for yourself and your family.

Without trade tools insurance, you may need to dig into your own personal savings to replace your tools. Or worse still you may have to borrow money from a friend, a family member, or via a short-term loan from your bank.

Tool insurance in Australia can provide the funds to replace your tools should they be stolen or damaged.

Tools of trade insurance policies can vary, so when purchasing a new policy or renewing your current policy it’s important to consider the restrictions, depreciation, or exclusions of the cover you choose.

Not all tools of trade insurance policies are created equal, and different policies will have different levels of coverage. That said, a typical tools of trade policy will generally cover things such as:

  • damage caused by fire or lighting;
  • theft following forced or violent entry;
  • damage caused by a vehicle collision or rollover; and
  • theft, which is arguably the most common risk for tradies, and therefore an important inclusion in most tools of trade policies.

Whether you use trade tools in Queensland or in any other Australian state or territory, you can benefit from reducing your exposure to the on-the-job risks you may face by investing in tools of trade insurance.

When looking for some of the most affordable and best tradie tool insurance options in Australia, explore your choices with BizCover. Compare competitive quotes from leading Aussie insurers online and get covered in just 10 minutes. Give us a call on 1300 920 871 to hear more about how BizCover can help your business.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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