Insurance Products

Tools and Trades Materials Insurance

Tool theft is a common scourge of the trades and construction sector, and with the average tool theft claim in the UK now estimated to be £1,692 according to research by Powertools2U, it makes sense to ensure your vital tools and equipment are covered.

What is tools insurance?

Tools insurance provides cover for the cost of repairing or replacing your items if they are lost, damaged, or stolen. Cover is based on the value of insurance you require and should the worst happen, our partners at Markel Direct will process your claim and help eliminate stress to get you back ‘on the tools’ as quickly as possible.

Do I really need tools insurance?

It’s too easy to take for granted that your tools will always be there for each job. Even if you take good care of your tools, there will always be a risk that something could go wrong, which could mean your equipment isn’t available to you.

Your essential kit could be stolen by an opportunist thief while your van is parked outside a customer’s home or while you’re working on a construction site. Or you could store your equipment in a place that is susceptible to flooding, such as a garage or shed, and after a typical UK deluge of rain your power tools are ruined by water damage.

If you’re not insured, you’d need to replace the tools out of your own pocket, which could costs hundreds or even thousands of pounds. This kind of outlay could have a detrimental effect on your finances.

By ensuring you have tools insurance, you can relax in the knowledge that if anything does go wrong you’ll be covered.

How can I keep my tools safe?

As with most risks, prevention is better than cure. There are ways you can prevent damage or theft of your tools, as well as things you can do to help you easily identify what tools have been taken if your vehicle is broken into.

  1. When you store your tools in your business premises or in your home, keep them off the ground on shelves. This will help prevent damage from potential flooding.
  2. Keep vigilant and always ensure you lock your vehicle each time you leave it, even if you are working on a fenced and gated building site.
  3. Only transport the essential tools and equipment that you need for the job. If you know you won’t use it, leave it safely locked away at home or in your business premises.

Should the worst happen, and your tools are stolen, our partner at Markel Direct who administer your policy and therefore handle all claims, will ask you to identify what has been taken so an assessment can be made. If you follow these pointers you’ll help speed up the claims process.

  1. Keep hold of all your receipts when you buy your tools, in case you have to make a claim and you’re asked to prove the value.
  2. Keep a log of all the tools you’re carrying in your van. This will add time to the start of your working day, but it could make a difference if you need to make a claim.
  3. Where possible, keep a note of the serial number for each of your tools. This will help identify you as the owner should tools be recovered at a later date.

How to arrange tools insurance

GSI have partnered with trades insurance specialist Markel Direct who can offer you a quotation online in minutes.

Quick Online Quote from Markel Direct