Van tool insurance
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Cover for the tools of your trade
For most small businesses, work tools are the lifeblood of the trade. If your tools were lost, damaged or stolen from your van it could have a massive impact on your business.
Tools insurance can help minimise this impact and allow you to carry on working without having to worry.
Whether you use your own personal tools or hire them for the job, van tool insurance can provide cover and peace of mind. Insurance is available for hand tools, power tools and any plant equipment and can cover against loss, damage or theft.
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Why separate van tool insurance is important
Although tool insurance may be available via an existing business or van insurance policy, you can also buy it separately from a different insurer.
Whether it’s cheaper to get a policy add-on or separate policy will depend on your own circumstances, so it’s important to shop around and look at all the different options.
The main benefit of arranging a separate van tool insurance policy is that you are in full control of the level of cover you get. This is particularly important if the collective value of your tools is quite high, as in this case they may exceed the limit of a policy add-on.
Another benefit is that if you have a separate van contents insurance policy and have to make a claim, then it will not effect the no-claims discount on your van insurance policy.
Other things to consider with tool insurance
When you buy a van tool insurance policy there are a number of different features and optional extras you also need to consider. For example,
Some policies can also cover your work tools if you are using them in a personal capacity, so if you regularly use your tools for reasons other than work this could provide valuable extra peace of mind.
Getting a van contents insurance policy may provide peace of mind, but it doesn’t mean you should stop looking after your work tools.
Some policies offer cover if tools or van contents are stolen from an unattended vehicle, but not all of them do, so it’s always best to remove the tools from your van when it is parked overnight.
It is important that you know exactly how much your van tools are worth, as this means you can buy the exact cover you need – without under- or over-insuring.
Keeping a track of all your tool purchases will also help in the event of a claim, as you will be able to show the insurer exactly what tools you had and how much they cost.
Before you buy a van tool insurance policy, make sure you know what the policy excess is. The excess is the amount of money you will have to pay in the event of a claim – and can be used to make the policy cheaper by having a higher excess amount.
However, if the excess ends up costing a similar amount to your tool(s) then it will negate the benefits of having the policy in the first place.
Van tool insurance alternatives
As well as specialist tool insurance policies and as extras to existing vehicle and business insurance policies, there are other options for those looking to insure their tools and van contents.
Some insurance companies offer protection and cover for work tools under the following policy types:
Public liability insurance
A public liability policy can provide cover against damage and theft of tools. The advantage of this type of policy is that it can also offer cover for any damage to the tool caused by you or one of your employees.
There are lots of specialist tradesman insurance policies that offer protection for your business against various financial risks. These can be tailored to suit your business and offer tool and equipment cover alongside other forms of cover such as professional indemnity, public liability, buildings and stock cover.