Tools Cover

There are a number of insurance products on the market today, all providing different forms and levels of protection for different situations and it can be daunting trying to wade through them all to work out which ones you actually need. Tools cover is one such add-on that many people overlook. 

While our team is happy to chat with you about your needs and advise you on the best cover for your business, we’ve put together a handy guide to help. Find out what your public liability insurance covers and whether Tools Cover is worth the additional cost, below.

What Does Public Liability Insurance Cover?

Public Liability Insurance, particularly for tradespeople, is a crucial insurance policy to have. While it’s not a legal requirement in order to operate, it’s something that most customers expect you to have, and for good reason. Public Liability Insurance ensures that you are covered in the case of a claim made by your customers or a third party for injury, damage, or loss as a result of your business practices. Public Liability Insurance covers you against claims for:

  • Personal injury (of customer or third party)
  • Loss of customer property
  • Damage to customer property
  • Death

Accidents happen and while you should take every precaution to protect your customers and their property, you can’t always anticipate every potential risk. Public liability insurance will provide cover for: 

  • Incidents that occur on your own business premises
  • Incidents that happen off-site, such as at events or activities organised by  your business
  • Your home, if your clients visit your home for professional purposes.

It’s also worth noting that public liability insurance isn’t a replacement for Employer’s Liability Insurance, which you legally need to also have as protection for your staff. Public Liability Insurance covers the following people: 

  • Customers/Clients
  • People visiting your business
  • People taking part in your events or activities
  • People watching or observing your events or activities
  • Passers-by who are caught out by your business activity (e.g. a sign falls from the front of your store and injures a passer-by)

What Is Tools Cover?

Tools cover is an additional insurance product that you can add to your public liability insurance policy, designed to protect your handheld tools and equipment, both owned and hired. Any trade that utilises hand or portable power tools can benefit from Tools Cover – this insurance will protect you financially against the costs of replacement or repair of the tools you use, as well as replacement in the case of theft. Public Liability Insurance doesn’t cover your tools directly, and any damage caused by members of the public will need to be covered through Tools Cover. Damage or injury caused by your tools (e.g. if you drop them, or cause damage while using them) to property or persons will be covered under liability insurance, but only as far as compensation is concerned and not usually damage to the tools themselves.

Many insurers will include Tools Cover with your Public Liability Insurance as an option when first taking out the policy, however, you should make sure that this is confirmed and added. Not every insurer will include it as standard, as it is considered an additional product, and therefore additional cost.

What Does Tools Insurance Cover?

Tools Insurance can vary from provider to provider, with some including transit as part of the product and others offering Goods in Transit as a separate product. We can help you find the perfect product for your business in the best and most cost-efficient way possible. Generally, however, Tools Cover will usually protect the following things: 

  • Rented and Owned tools (you may need to specify when taking out cover)
  • Handheld non-power tools (e.g. hammers, screwdrivers)
  • Handheld power tools (e.g. drills, chainsaws, welders)
  • Safety equipment/tools (e.g. masks, hard hats)
  • Other Equipment (e.g. Work tablets, laptops, phones, etc)

Tools Insurance will cover the above, and sometimes more against any damage, destruction, and theft, providing the financial means in which to replace or repair any affected equipment. Heavier machinery or non-portable equipment may need an additional Plant cover, but this can vary from provider to provider. It’s worth noting, however, that tools cover won’t usually cover the following: 

  • General wear and tear
  • Mechanical/Electrical breakdown
  • Damage caused by insecure storage (e.g. tools left out in the rain)
  • Manufacturer faults
  • Cosmetic Issues (scratches, dents that don’t affect performance)

Every policy differs, so it’s important to make sure that you find the right policy for your business and read the fine print. We can help you find the perfect tools cover and any additional cover that you may need.

Is Tools Cover Worth It?

Tools Cover is an often overlooked but crucial insurance product for any tradesman out on the job. Without good tools, any job is made far harder, whether you own or hire out your equipment, and replacing or repairing broken, damaged or stolen pieces can be a costly endeavour. Accidents happen and accidental damage can be the most costly at all, especially because it’s, by nature, unexpected. You could drop your tools from a height or a thief could break into your secure lockers overnight – accidents and thefts are unpredictable, and having cover in place can ensure that you are protected financially. 

If you would like to add Tools Cover to your Public Liability Insurance, or are looking to renew your insurance with Tools Cover included, we are on hand to help. Simply get in touch and we’ll help you find the perfect combination.

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