Questions About Tools Insurance for Professionals
When you are in the construction industry, carpentry, or any field that requires the use of specialised tools, you need to have some sort of insurance policy in place. One of the most common types of theft on a job site are tool thefts and the problem is only getting worse. In order to protect yourself from these potential losses, you need to have a tool insurance policy in place.
There are a lot of questions that company owners typically have about tool insurance. Here are answers to some of the most common:
I don’t work on a job site very often so I don’t really need a tools insurance policy, right?
Wrong. Tool insurance doesn’t just cover your tools against loss or theft but also against damage. If your expensive band saw breaks down in the middle of a large job, can you afford the time and expense of replacing it?
I work from my home so my home insurance policy should cover my tool losses, correct?
While in some cases a home insurance policy would cover tools, you would have to check with the individual company to see what their policies are. Since most homes are not used as places of work or commercial enterprise, many home insurance policies will not cover the loss of damage of commercial tools.
The construction site I work on has 24 hour security, so I’m positive I don’t need tools insurance. Am I correct in thinking this?
Even the most secure job sites can be targeted for theft. If you are one of many trades working on site there is also the increase likelihood that your tools will be picked up accidentally by other tradesmen, moved or misplaced. Tool insurance policies could protect you against accidental loss and damage.
Aon Construction Direct could provide your business with tool insurance under our specialist commercial package scheme. Call today on 0845 602 1039 or apply online for more information.
Terms and conditions apply, please refer to the policy.
