Tools insurance

 Tools of Trade Insurance is a must for any tradie out there. If you use tools in your everyday job, it’s important to realise that these tools are the backbone of your livelihood. Without them, you would not be able to complete your projects and earn a living.

What is Tools of Trade Insurance?

Tools of Trade Insurance covers the tools and equipment you use as part of your trade. If your tools are lost, stolen or damaged, tools of trade insurance can pay for repairs or replacements.

What sort of tools are included in Tools of Trade Insurance?

  • Carpenters: A carpenter’s tools might involve air-driven hammers, bradawls or table saws
  • Plumbers: Plumbers might have tools like shovels, tube cutters or pipe bending machines
  • Landscapers: Landscapers might require larger machinery, like hydraulic excavators or stump grinders
  • Business Tools: Things like mobile phones and laptops can also be counted as crucial tools for your business

4 Reasons Why You Should Get Tools of Trade Insurance

If something happens to your tools and you don’t have Tools of Trade Insurance, it can affect your workload and your income greatly:

1. Loss of Income & Money

One of the biggest impacts of not having Tools of Trade Insurance is the loss of finances. Without Tools of Trade Insurance, you would have to pay for:

  • The costs to repair or replace the tools and equipment – this could cost in the hundreds of thousands of dollars
  • Contractors and labourers who are now required to work longer to finish the job
  • Any fees or penalties for not completing the project on time
  • Any costs associated with legal taken against you for not being able to complete the project (or start a new project due to lack of tools)

These expenses can send business profits plummeting and in some cases, can cause you to become insolvent.

2. Lost Time & Production

Without the right tools (and tools insurance), you will be unable to move forward with your projects. You can lose valuable time and may have to push out your schedules/deadlines until you can replace or fix your tools.

Without Tools of Trade Insurance, you will also have to spend your time sourcing new tools and balancing your expenses.

3. Loss of Work / Customers

If you had to tell a client that their project is being delayed by six weeks because something’s happened to your tools/machinery, would they still want to work with you?

Clients may decide to go elsewhere to get their job finished, which means that you also lose customers and subsequently damage the reputation of your business. If you take longer than planned to complete a current job, it also means that any future projects you have lined up could also be lost. This would affect your future earnings greatly.

4. Lost Business

In some cases, failing to invest in Tools of Trade Insurance can mean you lose your business altogether.

Without Tools of Trade Insurance, you’re responsible for paying all the tool costs. While replacing a $200 drill may not be that much of a big deal, replacing a machine that costs $90,000 could send your company broke.
 

Make sure you are prepared for uncertain circumstances. Talk to one of our representatives today or apply online to get multiple quotes instantly.  

 

 
 
 
 
 
 

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