There’s an old saying “give us the tools and we’ll the finish the job.” As far as sayings go, it’s a pretty accurate picture of how life works. Without our tools, doing our job would be so much slower, sloppier or painful. Even in our home life, the right tool makes chores so much quicker. When you first moved into your home, you might have tried to save a few dollars by not buying all the mops, brooms and brushes to keep the floors clean. After your first attempt trying to sweep the house using a dustpan & brush, you probably realised just how useful those things are.
Given that these tools help us do your work quicker and easier they are an important asset of the business. That’s why they’re worth insuring. You might think paying insurance isn’t worth it for the chance of having to replace a step ladder that fell off a verandah, but when half a dozen tools are stolen, someone drives over the spray-gun, or a tree falls onto your trailer full of tools the cost of replacing your damaged tools can become a real strain on the wallet.
Insuring your tools of trade is fairly simple. Most business insurance policies offer a ‘General Property’ section that usually covers your tools of trade at home, on the job-site, or anywhere else in Australia. You usually do not need to insure all of your tools, so you choose yourself how much you would like the insurance to pay you in the worst case scenario. The insurance cost is usually only 5-10% of the amount you are insuring, so it can be a worthwhile investment given that the General Property section normally covers fire, impact, storm, flood, theft & misplacing it.