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The Ins and Outs of Tool Insurance

Rhino Trade Insurance 06 September 2021

We've talked previously about the importance of tool insurance. This type of cover protects tradesmen from the hefty costs of replacing their tools if they're damaged or stolen. If you drive a van for commercial purposes, you will almost certainly want to consider our tools in transit insurance. Be mindful that most van insurance premiums don't cover the cost of tool insurance, and this is an optional extra that you will need to weigh up.

Below, we've detailed the ins and outs of tool insurance to direct your research and help you decide what's right for your business.

What is tradesman tool insurance?

In a nutshell, tradesman tool insurance covers the cost of repairing or replacing your tools, should they be damaged in transit or when loading or unloading your vehicle. You will need to get a tradesman tool insurance policy per vehicle in your fleet. Most van insurance policies do not provide tool insurance, so you must apply for it separately. 

Does public liability insurance cover my tools?  

As a self-employed tradesman, you will almost certainly have public liability insurance, which protects you from any claims made by the public as you carry out your work. Depending on the level of your cover, it may also cover your tools against damage or theft, but you will need to speak to your provider directly to confirm this. 

How do I make sure my tools are insured?

The best thing to do is not to leave it to chance. Some people assume that their business contents insurance or van insurance includes cover for their tools but are often left bitterly disappointed when they come to make a claim. Speak to us or your current insurer and ask directly about tool insurance, or opt for a separate policy altogether. 

Should I consider separate insurance for my tools?

While you might be able to build tradesman tool insurance into one of your current insurance policies, you can just as easily take out a separate policy that covers your tools specifically. Doing this ensures you're clear about precisely what is included if you should ever need to make a claim. 

Are there other ways to insure my tools?

It's possible to insure your tools by adding the additional provision to your van insurance, but this often comes with caveats, and you will need to follow specific guidelines.

What should I consider when buying tool insurance?

Some key considerations when buying tradesman tool insurance include:

  • Value of tools covered (this is often up to £7,500). 
  • Terms of overnight storage. 
  • Scope of cover – does it include damage, fire, theft, etc.? 
  • Monthly or annual payments. 
  • Can you combine other aspects of your business into the same policy? 

Make sure you're crystal clear on the terms of your tradesman tool policy so you don't get any unwelcome surprises if you need to make a claim. 

Can I leave my tools in my van overnight?

Our policy wording is very clear surrounding this topic. Security requirements must be met, such as the vehicle being securely locked or parked on your property. Fair enough, right? You need to carefully read your insurance policy's latest terms and ensure you follow the conditions outlined.

Final thoughts.

For every tradesman, tools are one of the most critical aspects of your work. If your tools are damaged, or stolen, you will be unable to work and will lose income as a result. So while we hope for the best, it's worth spending the time looking for the right kind of insurance that covers you should the worst happen. If you have any questions, then please get in touch with our team, and we'd be happy to help.


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