Trade Insurance – The Real Cost of Forgetting to Insure Your Tools

August 11, 2017

We get it, being a tradesman keeps you really busy and it can be hard to think about much else other than keeping on top of your work. However, just stop for a moment and think how difficult it would be to actually do your work if something happened to your tools. Pretty difficult, right? That’s why it’s so important to have General Property Cover in place to protect your work-related tools. The bottom line is that if you’re reviewing your trade insurance in Perth, don’t forget about insuring your tools!

What’s the big deal with General Property Cover?

General Property Cover for tradesmen is designed to protect you financially if your transportable tools and other equipment are lost, damaged or stolen. If you’re undecided as to whether this cover is necessary, think for a moment what you’d do if your tools were stolen from the back of your ute. Not only would this impact on your ability to complete your work, it would also be a very costly exercise if you needed to fork out your own money to pay for replacements. This could see you unable to work for longer or having to rely on borrowing your workmates tools until you can save enough to replace all of your items. Imagine having to explain to your employer that you have no tools to complete a job. It probably won’t go down too well!  

With General Property Cover, you can be confident that if something happens to your tools then you’re covered financially and you’ll be able to replace them quickly and easily. Even though General Property Cover isn’t compulsory, you rely on your tools for your work and it could be devastating financially if something happened to them.

How much cover do you need?

The level of cover you need with General Property Cover will depend on the total value of all your tools and equipment. Way too many tradesmen seriously underestimate how much all their gear is worth which can lead to underinsurance – make sure you take a note of every tool you transport with you on the job and write down how much each item would cost to replace. You’ll be very surprised at how quickly it adds up! If you have specialised equipment which is particularly expensive, make sure you mention this to your insurance broker as this may need to be added to the policy separately.

If you’re not sure whether your current General Property Cover is sufficient, or if you don’t have cover for your tools at all, speak to your insurance broker.

GSK Insurance for your trade insurance

If you’re on the lookout for tradesman insurance, you’ve come to the right place with GSK Insurance. We understand the specific risks associated with being a tradesman and work hard to ensure you have the right level of cover in place so your areas of risk are covered. Our team of insurance brokers have an established relationship with trusted insurance providers and provide specialist trade insurance offers – get the right cover with us today!

For a trade insurance specialist, contact GSK Insurance today on 1300 687 962.