Being a successful tradie takes skill, hard work, and the right equipment. Take any of these factors out of the equation, and your success, as well as the existence of your business, will likely come into question.
What Does General Property Insurance Cover?
Frequently known as tools of trade insurance, general property insurance for tradies protects your transportable items. If your tools and equipment become lost, damaged, or stolen, you have recourse.
What Circumstances Apply to General Property Insurance Cover Paying on a Claim?
There are several circumstances involving the loss or damage of your tools that the majority of general property insurance policies cover. For a detailed account of what your policy includes, please consult your insurance professional.
- Loss or damage occurring because of an auto accident
- Theft of secured equipment
- Destruction of equipment as the result of a fire or other disaster
What Events Are Usually Not Covered by General Property Insurance?
As with all insurance policies, your insurance expert can give you a complete list of the exclusions that apply to your policy. Typically, occurrences not covered by a general property policy include:
- Typical wear and tear
- Intentional damage
- Faulty equipment
- Insignificant damage
- Unsecured gear
Will My Public Liability Policy Cover Stolen, Lost, or Damaged Tools?
The notion that public liability insurance will pay a tradie whose tools are lost, stolen, or damaged is an extremely common misconception. Your public liability cover will pay in the event of damage or loss to someone else’s property but not your belongings.
Four Important Facts About General Property Insurance
- You may hear general property insurance cover called ‘tool insurance.’ These are the same kind of cover.
- A general property insurance policy will ONLY cover the loss, theft, or damage to equipment that is portable. Belongings that are permanent to your place of business have cover under the policy written for the contents of your business.
- Depending on your trade, you may want specific provisions included in your general property insurance.
- To maintain the full amount of cover, you should plan on evaluating your tools and equipment regularly. It is easy to believe your cover is sufficient, then learn the value is not the same as when you bought the policy. Tradies often schedule a review of the replacement costs of equipment during their annual policy renewal.
Five Tips to Help Protect and Possibly Recover Your Gear
Aside from the typical (and wise) suggestions to lock your valuables and keep tools and equipment out of plain sight, here are five things that can help you prevent theft or recover your stolen property.
1. Make All of Your Locks and Other Security Measures Highly Noticeable
Frequently, tool theft is the result of an opportunity to grab items and get away quickly and easily. If your Ute and gear are clearly locked, a criminal will likely look elsewhere rather than risk discovery whilst trying to get past your security measures.
2. Attach Your Toolboxes to the Tray of Your Vehicle
Whenever possible, secure large pieces of equipment with sturdy chains and locks.
3. At the End of the Day, Park Your Ute in Your Garage if You Can
If you must park outside, back the vehicle in or take other measures that will make access difficult. Take typical precautions such as good lighting and anti-theft systems. Again, your goal is to make your property look like a good deal of work to get at and not a fast score for a thief.
4. Take a Few Minutes to Photograph Your Trailer and Equipment
At the very least, you will have information to share when you report your things stolen.
5. Engrave Your Most Valuable Tools So You Can Have a Chance of Recovering Them
In addition to your name, add your driver’s license number. This information will help prove ownership of the equipment. With a name and driver’s license number, authorities who seize tools in a raid can have up to date information to contact you.
As a tradie, you know how much you depend on your tools and other equipment to do your job. If you do not have general property insurance, would like to learn more about this type of cover, or need to review your policy, feel free to contact Tradies365. Our experienced staff can help you take care of the tools that keep you in business.
*Please Note* The material presented in this blog post is for informational use only. It does not constitute legally binding insurance advice and should not be used to take the place of a consultation with an insurance professional.