If you are a self-employed contractor or run your own SME business then you will have various insurance options to look at depending on the sector in which you work. If, for example, you work in an area where you need tools to do your job then you may need to look at insuring your interests. Insurance for your work tools may be one of the easiest ways to make sure that you don’t lose out financially if something happens to your tools or equipment.
For many contractors and small businesses the tools that they use to do their job are essential. This can work across various sectors. So, for example, if you work as a tree surgeon, a builder, a plumber or even as a musician or DJ then you simply can’t do your job without certain tools. This kind of insurance may simply help you protect your investment in those assets.
So, for example, if your tools got stolen how much would it cost you to replace them? What would happen to the jobs you have booked in that you won’t be able to do without these tools? Insuring your work tools may simply be a good source of financial help to make sure that you can keep your business up and running and that you can replace what you’ve lost without being out of pocket yourself.
You also have to consider the value of your tools and their replacement costs. If you work in specialist sectors then you may already realise how much it would cost you to replace expensive tools or sets of equipment that you have built up over the years. The chances are, especially if you work in a specialist field, that this could run into hundreds or even thousands of pounds.
Your tools may well be vital to the job that you do but you also need to be aware that others are just as aware of how valuable they are. Work tools are a common target for thieves no matter how careful you are to store them securely or to keep an eye on them while you’re on a job. Insuring your work tools may simply give you peace of mind benefits and financial cover to help you cope if things do go wrong.
By Robert Watson