I have a liability policy, does this cover my tools? No!
Tools of Trade cover is a separate policy that provides in most policies Australia Wide cover for all your tools. Insurers don’t need an individual list of items but will need a value for them, and some may require you to specify items if they are over a certain value, which is around $2500 depending on the value of the item.
If any of your tools got stolen, can your business still run? Or if your entire toolbox was stolen, how much would it cost you to replace all of the items in it, including many of the items that you have built up over many years.
Tools of Trade cover can provide cover for these items so you won’t be left out of pocket or unable to work without these items.
It is important to check your policy on a Tools of Trade policy because sometimes the cover can be limited by either location or theft exclusions. For example, if a Tool was stolen from a non-locked vehicle, toolbox, shed or back of a ute, it may not be covered depending on the insurer.
Can you afford to run your business without your tools? Or will the small cost of Tools of Trade insurance provide adequate protection to keep you running in a frustrating time when your tools have been stolen.
Fitzpatrick & Co have specialised in the horticulture and arboriculture industry for over 30 years providing assistance and financial support to companies, associations and events. They are there when your industry needs you.