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Is tools insurance worth it?

If you work in a trade connected to the construction industry, your tools are important. You will need to work out what insurance you require to properly protect your business, so it’s useful to know whether tools insurance is something to consider.

In this video, part of our Tools insurance FAQ series, we answer the question ‘Is Tools insurance worth having?’.

What does tools insurance cover?

Tools insurance covers you in the event your tools are lost, stolen or damaged.

What types of tools are covered?

Tools insurance should cover portable powered and non-powered hand-held tools belonging to you or your employees, as well as hired or leased items.

When will your tools be covered?

Some policies can cover your tools 24 hours a day, seven days a week. This includes items left in a vehicle, provided the doors and windows are properly secured.

They are also protected when left on site, provided the building is locked.

If you travel for work, your tools can also be covered anywhere in the EU.

How much cover will you need?

This will depend on what you are insuring. It helps if you have receipts for tools you have bought, and a list of tools in your possession. These will allow you to work out an accurate total value. We provide insurance for tools valued up to £15,000.

Is tools insurance worth the cost?

If you use tools for your work, then insurance can provide valuable protection.

If you haven’t got your tools, because they have been lost, damaged, or stolen, you won’t be able to complete your work, and potentially other jobs you have in the pipeline. This will mean that you can’t earn the money needed to replace your tools.

When you’ve got tools insurance, it provides peace of mind. You’ll be able to replace your tools quickly and get on with your work.

In which trades is it most important to get tools insurance?

Tools insurance is important for anyone who relies on their tools for work. This includes the range of trades related to the construction industry, including:

  • plumbers
  • bricklayers
  • electricians
  • carpenters
  • joiners
  • builders
  • decorators
  • plasterers

What other types of insurance will you need?

Depending on the type of work you do and where you do it, you should also consider:

  • public liability insurance
  • employers’ liability insurance
  • professional indemnity insurance

There may be other types of insurance you need in addition to these. If you’re not sure, you should contact an insurance company with experience of serving the construction industry.

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