Why do you need tradie tool insurance?

 Trade tools are undeniably one of the important investment for tradies. Mainly because without it, they are unable to finish a job.

Since tools are important, it’s just right to protect it and you can do so by getting tradie tool insurance.

Why do you need tradie tool insurance?  

Protecting your trade tools must be your top priority because of several reasons. One of them lies in the tradies working environment.

A tradies' job is typically located in an environment that is prone to accidents. So, there is a possibility that your tools may get caught on accidents causing serious damage any time.

Another reason is the trade tools cost. The trade tools cost may vary depending on the type and brand. But overall, it can cost a lot of money. For this reason, the tools become a prime target of thieves.

There‘s a long list of other reasons, but in the end, only one thing that matters and that is protecting your investment.  Tradie tool insurance can give you peace of mind that you will get your money’s worth no matter what happened.

Tradie tool insurance is often underappreciated by tradies because it is an added cost. But looking at the benefits it can provide, having tool insurance is a smart investment.

What type of trade tools you can insure?  

There are no limitations as to what type of tools one can insure. This means that you can secure every trade tool you have.

There are even some insurance companies that offer coverage for trade tools that are not primarily used for business. This is a great option, particularly for a hobbyist who own expensive, heavy-duty equipment at home.

There are numerous options for tradie tool insurance. It’s ideal to explore your options first when shopping. This is to ensure you will get the right coverage that fits yours and trade tools’ needs.

What to look for when shopping for tradie tool insurance?  

There is numerous type of tradie tool insurance nowadays. This makes the decision-making a bit harder. To avoid a possible headache, here’s a list of the factors that can help you make a decision.

Coverage

You can determine if the tradie tool insurance are good if they cover the following:

• Lost

• Theft

• Unforeseen events such as floods, fire, explosion, and other accidents

• Tools and stock are included on the cover with no additional cost

• Can easily contact the service support

• For branded trade tools, the coverage must worth $2,000 or more.
• Last, and the most important, the item limit is well-written and explain

On the theft condition, insurance companies commonly have a condition for stolen trade tools. One of the possible conditions is, as long as it’s not left on the construction site overnight. But other open-aired places are covered.

If the above conditions are not all met, you can raise this to the company’s representative to clarify the subject matter. Few of the questions you may raise can be any of the following:

• What are the restrictions of the coverage?

• Does the value of old tools depreciate when claiming for replacement?

• How long do you need to wait to get paid on a claim?

Exclusions

There are certain conditions that are negotiable and can be included on the tradie tool insurance. But there are some that insurance companies are strict not to include it. These conditions are:

• Intentional damage

• Dents, scratches, and tear and wear

• Tools mechanical malfunctions

• Tools that police confiscated
• Third-party damages (e.g. tools damage due to repair)

Tradie tool policy details

Another factor that must be well-written and explain on tradie tool insurance is the policy details. Here you will know the overall coverage of the insurance plan you purchased, the value of your tools, restrictions, exclusions, deductions on claims and more.

If you are not familiar with the process, you can always ask for assistance from the insurance company representative or someone you trust that’s knowledgeable about tradie tool insurance.