The Ultimate Guide to Tool Insurance
Specialist tools and equipment play a significant role in keeping your business running smoothly. Not to mention being expensive investments. Having tools insurance in place will protect you from the cost of repairing or replacing them if they are damaged in fire, transit, or get stolen. It is there to get you back on your feet asap if the worst happens.
What does tool insurance cover?
We don’t just cover your tools at work. Unlike other insurers, we will cover your tools in your house overnight and insure your work laptop or tablet, all at no extra cost.
One of the main things to think about when quoting for insurance, is how much cover you’ll need. We cover up to £20,000 of tools*, which is a whopping £10k more than some other insurers. Here’s a list of the type of tools and equipment you can cover:
- Power tools
- Hand tools
- Machinery and equipment
- Consumables
- Your laptop or tablet
What to think about when quoting for tool insurance
Working out which policy is right for you can be a chore. You’ll have to make sure it fits the size of your business and the way you work. To help you out, we’ve listed 3 things to consider when making your choice.
1. Knowing the rough value of the tools and equipment you want to insure is a great place to start. You’ll have to enter the value into your quote, so it’ll need to be as accurate as you can make it. If you don’t have an idea already, make a list of your tools and take a look at old receipts and business records to get started.
2. You’ll also need to choose which insurance level suits you best. Insuring with Admiral Business gives you the option of Classic or Pro cover.
Getting Pro cover gives you extra benefits, like 24-hour claim pay-outs at the full original price of your unrepairable tools. Our Classic option is also industry leading. With cover in your home overnight and insurance for your work laptop or tablet*.
3. It is always good to check the policy documents for the insurance you want to buy. For example, look at the excess you might have to pay if you claim and check what isn’t covered under the insurance policy. Knowing what to expect from your cover can prevent you from ending up in a vulnerable situation if something goes wrong.
What does tools in transit insurance mean?
Tools in transit insurance means you’re covered for the cost of repairing or replacing your tools and equipment, if they’re damaged, destroyed, or stolen whilst being transported.
Are my tools covered at work?
We can only speak for ourselves, but your tools are covered in your van away from your home address 24/7*. As long as you return within 24 hours. If you don’t return, you’ll have to make sure the van is in a locked or secured building.
Is tool insurance worth it?
Tool insurance could save you thousands if something happened to your equipment. Not to mention the peace of mind it gives you. Here’s what a few of our customers said:
“Very competitive policy price, covers more than others and when I had to make a claim it was easy quick and hassle free” - Carpenter, Southampton
"After returning from holiday to find my van was broken into I was devastated - being a self-employed carpenter I was unable to work. However less than 4 days later I had the funds in my account to replace all my stolen tools and work was not disrupted too much. This was thanks to Admiral Business from Admiral." - Carpenter, Worcestershire
“From start to finish I’ve felt supported and cared for by the team at Admiral Business” - Plumbing and Heating Engineer, Dudley
*Information based on Admiral Business policies, correct as of July 2022. T&Cs (Terms & Conditions) apply. Please visit our FAQ’s page for further information.