If you’re a self-employed Tradesperson or running a business in the construction industry, you’ll be aware of the importance of the tools you use. Without the right tools for the job, you could find yourself turning away business which means turning away money. Having a variety of the best construction tools means you can say yes to work and earn more money in your business.
If you’re considering starting a business in the construction industry, you’ll need to consider which tools are the most vital for your business. If you’re already in the construction industry, you’ll be aware of the value of your tools and what they mean to your business.
But what would happen to your business if something happened to the tools you use?
What is tool insurance?
Tool insurance is designed to protect business owners in the event of risks such as theft, loss or damage to the tools you own and use in your business.
The cause of these risks can be varied and depend on the type of construction site you are working on. Risks can include weather-related damage such as floods and storms, fire damage and also malicious damage, vandalism and theft.
Tool insurance is designed to provide your business with the protection it needs for the tools you use on site to get the job done. If any of the above risks occur, tool insurance can replace your essential business tools so that you can continue doing the work you need to do.
Some policies also cover you for compensation if additional hire is needed due to delays in repairing or replacing your lost or damaged tools.
At constructaquote.com, we have a Contractors All Risk policy which is designed to protect businesses against all such risks and more besides.
Who needs tool insurance?
Any business that operates in the construction industry and uses construction tools should consider tool insurance.
While it’s not a legal obligation to have a tool insurance policy, construction business owners or self-employed Tradespeople run the risk of tool theft, loss or damage.
What happens if I don’t have tool insurance?
If you decide that tool insurance is not necessary for your business, in the event of any risks causing your tools to be damaged, lost or stolen, you will have to cover the cost of replacing these tools. It could also leave you unable to complete agreed work for clients as well as take on any new work until you have replaced or repaired the tools that you need – which can be very expensive and time-consuming.
Depending on the type of work you carry out, the cost of the tools you use can range in price with many being expensive. Without tool insurance, you will have to pay the price of the essential tools you need to continue taking on construction jobs and making money.
If you don’t want to spend hundreds or even thousands of pounds repairing or replacing construction tools, tool insurance is a great insurance policy to consider.