As a Tradesman, people rely on you to fix things when they go wrong; and you rely on your tools in order to work. At PSC Direct, we understand that most Tradesmen can’t operate without their tools, and if you’re a subcontractor or self-employed tradesman, that means that you can’t earn any money for yourself or your family.
Without appropriate tool insurance you would have to use your own savings or business profits to replace your tools if they are damaged, lost or stolen. Protecting your business is our number one priority, that’s PSC Direct offer a Tool Insurance pack that will protect you, your business and your family from the financial impact in the event that things go wrong.
What is Tool Insurance?
Tool insurance is a must for all Tradesmen who use their own tools. It covers the cost of replacing your tools if they are stolen, lost or damaged in an accident.
Tool Insurance can help protect your investment property against unintentional and deliberate damage.
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Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What are the Specific Risks Faced by Tradesmen in Relation to their Tools?
Being a Tradesman is a hands-on occupation that often involves much transit and work exposed to the elements in all weather conditions. As such, the tools that Tradesmen use can be easily damaged, lost or stolen.
While every trade is different, there are several common risks that tradesmen should be aware of whatever their niche, for example:
- A mobile builder leaves his tools at one of the construction sites he is working at. When he returns the next day they are gone. With Tool Insurance, the cost of replacing these tools may be covered.
- A mechanic has her garage broken into and all of her tools stolen. She is unable to work without them. Tool insurance can cover the financial costs of replacing these business items.
- A plumber leaves his tools in a client’s driveway while he unpacks materials from his van and someone steels his tools. Appropriate tool insurance may cover the cost of replacement.
- A mobile carpenter’s van catches fire, destroying the tools and materials inside. With appropriate Tool Insurance, costs of replacing the tools may be covered.
- An electrician accidentally reverses his Ute over his tools, destroying some of them beyond repair. Depending on the Tool Insurance policy he has taken out, costs of replacing these tools may be covered.
It is possible to reduce your risk at work by evaluating the risks you are exposed to and taking steps to minimising them. However it’s important to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business in the event that something goes wrong.
What Other Insurance Should a Tradesman Consider?
Tool Insurance is important for Tradesmen in all sectors. There is also a range of other insurance policies that PSC Direct’s expert Insurance Brokers may recommend to fully cover your business:
- Income Protection Insurance:
- If you are unable to work as a result of injury or illness, income protection can provide cover in the form of a monthly benefit.
- Public Liability Insurance: Covering you and your business against legal costs and any compensation payout you are liable for in the event that you are sued by a 3rd party.
- Vehicle Insurance / Trailer Insurance: Providing cover for your vehicle and / or trailer in the event of theft or damage.
- Personal Accident Insurance: Covering you and your staff or contractors against injury as a result of an accident for the loss of income.
- Professional Indemnity Insurance: Protecting professionals against legal costs and claims for damages to third parties, which may arise out of an act, omission or breach of professional duty in the course of their business.
Who Needs Tool Insurance?
While some Tradesmen think they can do without Tool Insurance, a good policy can protect your business financially if something goes wrong. While there are some things you can do to protect your tools, such as locking them up and storing them off-site, insuring them will offer optimum protection.
Tool Insurance can cover anyone in the industry, from self-employed operators to large enterprises with many employees. From electricians, to roofers, builders, plumbers and tilers, there is a policy that will suit your requirements.
How PSC Direct Works for You
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and public liability insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
- 72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.