Out of all the trades, carpenters are often the ones with the biggest collections of power tools.
Unfortunately these are very attractive targets for thieves, looking to cash in on the hard work of others by stealing their gear.
There are things you can do to try and stop them, but some thieves are determined enough that they’re going to get your gear no matter what.
In this case the best form of protection is a tool insurance policy.
What does it cover?
A typical tool insurance policy for a carpenter will cover the following losses:
- Theft following forced or violent entry
- Damage from fire or lightning
- Damage from a vehicle collision or rollover
For most carpenters the main reason for taking out cover is to protect against theft, so with that in mind we’ll take a closer look at how it works.
Whilst all policies are slightly different, a typical policy will cover the tools for theft only when forced entry has been used to gain access to the tools.
Where the tools are stored can vary from a locked car or trailer, locked toolboxes secured to a ute tray or just sitting in a locked garage.
The main point is that the thieves have had to break to something (such as a lock or a window) in order to gain access to your tools and equipment.
Damage from fire or lightning is pretty self-explanatory, and with the vehicle collision or rollover the tools must be being carried in the vehicle involved.
For carpenters seeking a greater level of cover for their tools there are policies available that cover accidental damage.
These policies are more expensive, and it is
Doesn’t my car insurance cover my tools?
In 99.9% of cases a standard car or ute insurance policy will not cover your tools of trade.
Many car insurance policies will provide some cover for the contents of the vehicle, but we’re only talking a couple of hundred dollars, and in some cases this excludes any tools of trade.
Car insurance is simply not going to cover all of the tools that a carpenter will have in their ute, van or trailer.
How much does it cost?
Tools cover is actually one of the cheapest forms of carpenters insurance available.
For a small policy covering $5,000 worth of tools the annual premium will be around $220.
Monthly this equates to just over $20, which is not much more that a six-pack of imported beer each month!
Considering that it could save you thousands in tool replacement costs, it’s a pretty good investment.
And because tool insurance is regarded as a business expense for a carpenter, the premiums are 100% tax deductible.
For more information about tool insurance or a quote on your cover please click here to get in touch with us.
Don’t wait until it’s too late and your gear has already been stolen – get yourself covered today and sleep easy knowing that you’re protected.