A merchant’s tools are his livelihood and not having these tools will make their work difficult or impossible. Therefore, insurance of these instruments is an important component of the company’s budget to ensure business continuity.
Protecting your business tools, equipment and plant whether you own or rent it against theft, loss or accidental damage makes business sense.
There are a variety of tool insurance products available that offer a range of coverage, and below we’ve explored what’s on offer.
Aviva
Some of the features and benefits of Aviva Secure Tool.
- Securing tools, inventory and work equipment
- Flexible cover
- Covers loss, theft and accidental damage to work equipment
- Includes theft from an unattended vehicle
- Covers the cost of replacement or repair
- These can include mobile phones, tablets, laptops, and computers
- Personal belongings or tools of employees and visitors
- Trade samples and promotional merchandise
- Small companies can buy companies outright or larger ones through a broker
- Offers a range of complementary insurance products such as scaffolding insurance
Aviva is an insurance company that offers a wide range of business insurance products designed for small and medium-sized businesses. They offer a wide range of business-to-business insurance packages tailored to the needs of specific trades and trades or product requirements, such as insurance for tools, inventory and work equipment.
Aviva Tool, Inventory and Work Equipment Insurance protects essential equipment and tools as well as your inventory, which can include trade samples and promotional merchandise. It covers these items against accidental loss, theft and damage. You may include the personal belongings of your employees and visitors when they are under your responsibility.
Aviva website
RSA
Some of the features and benefits of RSA secure tools.
- Insurance for tradesmen and home workers
- Designed policy
- The policy covers legal obligations and expenses
- Option to add more cover
- Tools up to £5,000 per person
- Theft of a vehicle overnight
- business stock
- Own and lease factory equipment
- Store items on household property
- Only available through an intermediary
RSA offers a broad range of business insurance products designed to meet the needs of a variety of business types with standalone insurance products and combined package products. This includes Tradesmen and Home Workers insurance which can include tool cover.
RSA Tradesmen and Domestic Workers have general liability and product liability with legal expenses as standard with a range of optional extras. Extras include a tool cover of up to £5,000 per person and the option to include theft from the car overnight. You can also cover commercial inventory, store equipment and inventory on local properties, and own and leased factory equipment.
RSA website
AXA
Some of the features and benefits of AXA Instruments Insurance.
- Business insurance for merchants
- Includes optional tool cover
- Covers a variety of deals
- General liability
- Employers responsibility
- Tool and equipment cover
- Rental plant equipment coverage
- Contract coverage
- Personal incident
- Vehicle insurance
AXA is an insurance company that offers a variety of business insurance products that cater to small and medium-sized businesses, sole traders and self-employed. They offer a range of insurance products tailored to specific trades and professions, including business insurance for merchants.
AXA Tradesmen Business Insurance covers trades including electricians, masons, carpenters, decorators, plumbers and plasterers with general and employer liability insurance offering a range of optional coverage. The Tool and Equipment Cover is an optional add-on that covers accidental loss, theft or damage to the tools, plant, equipment, machinery, trailers, cabins and caravans you own.
AXA website
Direct line Group
Some of the features and benefits of the Direct Line for Business secure tool.
- Instrument insurance
- Flexible product
- Covers accidental damage and theft
- Available as an add-on to general liability insurance
- It includes the tools and equipment of any insured employee
- Truck insurance can be added
- Protect your tools in your vehicles
- New customers can get discounts
- It cannot be purchased as a standalone cover
- It can be purchased directly from them
Direct Line Group is an insurance company with a wide range of business insurance products offering insurance products tailored to the needs of specific trades and professions. This specially designed group of products includes Instrument Insurance which is designed as an addition to the Product Liability Insurance product.
Direct Line Group Tool Insurance provides additional coverage for tools and equipment belonging to you or your employees. They also offer car insurance that can be added to the policy and cover your tools in the car. This is not a standalone cover and must be combined with general liability insurance.
Direct Line Group website
Zurich
Some of the features and benefits of tool insurance in Zurich.
- Merchant insurance
- Tool cover is offered as part of the package
- Choose the level of coverage
- Optional accessories
- £1,000 tooling cap
- Includes public liability
- Personal accident coverage
- Owned and leased factory equipment
- Coverage of more than 70 deals
- Offered in partnership with Trade Direct Insurance
Zurich offers a variety of business insurance products which include some products offered in partnership with Trade Direct Insurance such as Tradesman Insurance which has three levels of coverage – basic, classic and additional.
Tradesman Zurich insurance includes instrumentation cover of up to £1,000 as standard on its Classic and Plus products and you can extend this up to £15,000 and add optional cover for own and hired factory equipment. The policy comes with general liability insurance of up to £5m and employer liability of up to £10m if you have staff. Professional compensation of up to £100,000 is included in Classic and Plus, and Plus also includes personal accident.