We’ll tell you about the hidden things to watch out for in your policy.
Is your business fully insured against tool theft?
Last month, ITV News reported that a Hampshire builder was left devastated following the theft of thousands of pounds worth of tools from his work van. Sadly, there are many stories just like this appearing daily. There are even Facebook groups specifically setup to help locate stolen tools.
Incidents like these are not only costly and annoying but they could have a severe effect or even mean the end for a small business.
Tool theft is more than an inconvenience
Hampshire Constabulary have issued a warning that thieves are targeting tools left inside vehicles, but the crime isn’t specific to our immediate area. There are worrying statistics that illustrate how widespread an issue tool theft is, and thieves can strike wherever you’re working.
Things you can do to prevent tool theft
- Park against a wall – Park your vehicle with sliding or rear doors against a wall or sturdy fence so it’s difficult for them to be opened.
- Visibility – Where possible, make sure you park in well-lit areas with lots of foot traffic, and ideally with CCTV cameras in sight.
- Security Conscious – Remember to lock your vehicle & windows even if you’re popping out for a minute.
- Van Vault – Lock & secure tools within the vehicle itself or consider a van vault.
- Remove tools overnight wherever possible – Nowadays, a lot of break ins can be from ‘peel and steal’ and electronic key fobs, so even well-secured vans are at risk.
- Mark your tools – Having identification marks on your tools makes it difficult for stolen tools to be sold on. It also helps to recognise you as the owner if they’re recovered.
- Record serial numbers – Make a note of serial numbers, as well as the make and model of tools you own. Providing this to police in the event of them being stolen will help to identify your tools if they’re found, as well as easing the process of making an insurance claim.
- Make sure you are insured – Replacing your tools is likely to be expensive. Having insurance in place, whether standalone tools insurance, or as part of your business insurance policy, can help to give you peace of mind as well as support with the sudden financial shock of tool theft.
- Keep an itinerary of your tools – you can even do this by taking photos of your tools.
- Keep receipts for tools – This can really help speed up a claim.
- Fully comprehensive insurance – Choose comprehensive insurance that includes tools cover.
Make sure your Tools Insurance is suitable!
Keep your eyes peeled for hidden T&C’s & Exclusions!
We cannot can’t stress enough that you should check wording within your current policy as there are often terms or exclusions that apply that mean many traders discover that their insurance doesn’t actually cover their tools, but only after it’s too late.
Things to look out for:
- Whether you actually have tools insurance as this is not automatically included within a tradesman policy.
- Whether tools theft from vehicle’s overnight is covered?
- Whether your vehicle has to be in a locked compound or building at night?
- If there are time restrictions when tools cover would not apply
- If there are any limits per individual tool item.
- If there are any alarm or lock conditions for the vehicle or the tools
In our November article, A Guide to Contractors All Risk Insurance we talked about the risk of having insufficient insurance cover and listed the items to ensure are covered in your insurance policy. It’s important to check that tools are included in your insurance!
Glowsure Insurance brokers for peace of mind
At Glowsure, we understand the range of potential risks that can have a big impact on a tradesman’s business.
Our Tradesman policies including tool cover theft from vehicle overnight start from as little as £90 (based on a carpenter, sole trader, £1m PL cover & £1,000 tools cover). Not only that but we will also deal with any claims!
Speak to our team of experts about the right cover for your business on 01730 239387 or send us your policy and we will check what your policy actually covers for you.
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