At the heart of the BEA Insurance Broker’s business, our core principle is representing and managing our clients’ best interests by securing the ideal solution for their insurance needs. We find and utilise the proper insurance for your business, to give you peace of mind.
With this in mind, we’ve determined that client businesses remain underinsured when it comes to their tangible assets.
Unfortunately, a frequent claim that crosses our desks is the result of thieves brazenly stealing your tools and gear from your vehicle, even if they’re in a secured toolbox on your Ute or Trailer and parked in the driveway. Universal anti-cut locks are a good countermeasure but they’re not infallible and won’t deter a thief.
Unfortunately, a lot of clients only become aware after the fact or when they need it, that there is a specialist product specifically tailored to this risk:
General Property or as it’s more frequently referred to as, Tools of the Trade Insurance.
Tools of the Trade Insurance: A No-Brainer In Protecting Your Livelihood.
For builders and tradesmen across Australia, your tools are the backbone of your business. Whether it’s a hammer, a power drill, or specialized piece of equipment, these items can be vital to your role.
Tools are at semi-constant risk of damage, loss, or theft, whether on the job or locked securely in your Toolbox.
Tools of the Trade Insurance, also referred to as General Property Insurance, provides cover for your equipment, Australia-wide, 24/7, covering you against accidental or malicious damage, theft, loss & other standard insured events. Ensuring that you can lodge a claim, get paid for your loss quickly and get back on with it. With the most prevalent claim being property damage for businesses & theft of tools on the rise, this highly affordable and tailored policy is a must-have for every tradie.
What are some of the perks of taking out Tools of the Trade Insurance?
Tools of the Trade Insurance is designed to protect tools and equipment used by builders, professionals and tradesmen. It covers a wide range of risks, including:
- Theft: Covers tools stolen from worksites, storage, or work vehicles
- Damage: Protects against accidental damage, such as drops, spills, or environmental impacts, such as storm or flood damage if a site was flooded
- Loss: Provides coverage for tools misplaced or lost during transit or on-site, simply by obtaining a police report as proof of loss, with your purchase receipts or photos showing the tools & their serial number.
Why Tradesmen Need This Coverage
Property damage claims dominate the industry due to the nature of the work, being hands on and physically demanding means your tools are exposed to damage more frequently.
Theft from work vehicles & as a whole is a growing concern, thieves steal tools on a regular enough basis that a 2023 report from the Australian Institute of Criminology highlighted a rise in property crimes targeting trades vehicles, as tools can represent an easily resold high-value item. Losing key tools due to a theft or accidental damage can halt projects whilst you restock your inventory, causing delays on deadlines, and have the potential to damage client relationship, if you don’t have the cash on hand to replace them right away.
Tools of the Trade Insurance mitigates these situations by covering your repair or replacement costs, minimizing downtime. Key features include:
- Australia-Wide Coverage: Protection wherever you work, from Brisbane to Broome.
- 24/7 Security: Covers tools in vehicles, on-site, or in storage, day or night.
- Customizable Policies: Coverage for all your tools, from basic gear to high-end equipment.
Benefits of Tools of the Trade Insurance:
- Quick Recovery: When claiming, General Property insurers recognise the needs for fast payouts and/or replacement of your gear, so they work quickly to resolve the issue, keeping your business work on track.
- Affordable Protection: Premiums are cost-effective compared to replacing tools, which can cost thousands and offer low excesses.
- Comprehensive Coverage: Protects against property damage (the most common claim), theft (third most common), and loss, safeguarding your livelihood.
- Peace of Mind: Work confidently knowing your tools are covered, no matter where or when.
Real-World Example
Picture a plumber in Melbourne whose van is broken into overnight, with $4,000 worth of tools stolen—a scenario all too common. Without insurance, they face significant out-of-pocket costs and project delays. With Tools of the Trade Insurance, they file a claim and quickly receive funds to replace their tools, keeping their business running smoothly.
Why We Recommend It
With property damage being the most prevalent claim in the industry and theft claims coming in at third position, Tools of the Trade Insurance is a critical safety net for tradespeople. This affordable policy protects against the financial impact of these common risks. Whether you’re a sole trader or managing a team, this insurance ensures you can get back to work without breaking the bank.
Tips for Tradesmen
- Secure Your Tools: Use anti-cut lockable toolboxes and park in secure areas such as garages or driveway instead of on the street to minimize theft risks.
- Document Assets: Maintain an inventory with photos, receipts, and serial numbers of your equipment to simplify and expedite the claims.
- Check Your Policy: Ensure coverage reflects your tools’ value and is kept updated with the correct replacement value through consultation with your broker.
Conclusion:
Tools of the Trade Insurance is a game-changer for Australian tradesmen, protecting against property damage (the top claim) and vehicle theft (third most common). This cost-effective policy ensures you’re covered 24/7, anywhere in Australia, so you can replace tools fast and keep working. Contact your insurer today to secure this essential coverage.
Disclaimer: Policy details vary by provider. Always review terms, conditions, and exclusions with your insurer to ensure the policy meetsyour needs
