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New Year, New Tools: Is it time to Upgrade Your Equipment?

Rhino Trade Insurance 12 January 2023

We don't always focus our efforts on trade insurance. Sometimes we share helpful tips on how to make your lives easier on-site. Today, we want to explore the reasons you may need to upgrade your tools this new year. 

Whether it's time to say goodbye to those trusty old tools, working out if they still operate to the best of their ability or if they are generally slowing down your work, we are here with this helpful guide. 

Is your older equipment still safe to operate?

This ought to be your first port of call when deciding whether now is the right time to trade in your gear. Simply put, it is time for an upgrade if your current equipment is unsafe to operate. 

Safety should always be your top priority for you and your employees. Not having a duty of care can result in a compensation claim - especially if the tools cause injury. 

It may be time to retire your tools if they experience a sudden loss of power or control, fail mechanically, or alert you to a fault in the tools system. 

Wear and tear will always occur and can be lessened by routine maintenance; however, expensive parts of your tools (especially power tools) will eventually fail due to stress and use - so it's best to be safe than sorry.

Why you should consider upgrading your tools

When they are used repeatedly, old tools will, of course, lose their quality over time. Overhauling your whole kit may seem extreme. However, if you own tools past their sell-by-date, it may lessen the possibility of the tools breaking down and not functioning on a job. 

On top of this, your business is a visual representation of you as a tradesperson. If you turn up on-site with old, rusty tools, your customers could second-guess their choice in hiring you. Customers appreciate a business's credibility and reputation more favourably if it uses cutting-edge tools and has an attractive tool storage box.

Calculate whether your equipment is slowing down projects.

It's common for older equipment and tools to be slower and less effective than more recent models - especially at the rate technology keeps improving. 

That's why it is time to consider upgrading your equipment if it's slowing down your projects and hurting your business's income. 

More up-to-date tools and equipment are designed with speed and precision in mind. With quicker settings, you can product trade work faster and over-deliver for your customers.

Common trade concerns when upgrading

The main issue for tradesmen and women is the cost of replacing their vital weapons of choice. Should you be put off, though?

2022 was a challenging economic year for businesses; inflation affected every aspect of society, and new tools weren't exempt. It's worth taking a moment to consider how your old tools are performing and whether they are impacting your work. If your bottom line is, in fact, suffering, then that's a clear indication that upgrading should be a priority. 

If you have to maintain your tools regularly or find them going out of commission at the most vital time, it may be time to invest in the future of your tool bag.

Consider all of the positives we have listed. With newer tools, you may increase the speed and efficiency of your projects, giving you the ability to take on more jobs and earn back the money you spent on the tools. What's more, with flexible payment terms these days, you can find interest-free monthly payment options that can ease the cash flow of your business whilst granting you a new bag of tools for the new year.

Why Choose Rhino for your Trade Insurance for your tool insurance?

Trade Insurance shouldn't be a struggle. The team at Rhino Trade Insurance have years of experience in the trades and has designed fantastic, tailored cover options for almost every trade. Building on our foundational trade insurance product: Public Liability Insurance, your coverage options are endless. 

You can add valuable tool insurance to your cover and protect the tools you own up to a value of £10,000. This policy protects you in case your new tools are ever stolen or damaged and ever covers for storage in your van overnight (subject, of course, to conditions). 

So what are you waiting for? Get yourself a quote online quickly without having to tell us your life story, or call us on 0116 243 7904.

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