A tradesman’s tools are their livelihood and do not have these tools would make their job difficult or impossible. So, insuring these tools are an important element of the business’ budget to ensure business continuity.
Protecting your business’ tools, equipment and plant whether you own or have hired it against theft, loss or accidental damage makes business sense.
There are a variety of tool insurance products available that offer a range of cover and below we have explored what is on offer.
The table below gives a quick comparison of the top UK providers for tool insurance.
| Company | Minimum cover | Maximum cover |
|---|---|---|
| Aviva | Not stated | Not stated |
| RSA | Not stated | £5,000 per person |
| AXA | Not stated | Not stated |
| Direct Line Group | Not stated | Not stated |
| Zurich | £5,000 | £15,000 |
| Allianz | Not stated | £5,000 per person |
| Ageas | Not stated | Not stated |
| QBE | Not stated | £10,000 per person |
| LV= | Not stated | Not stated |
| Lloyds Banking Group | Not stated | Not stated |
| Covéa | Not stated | £5,000 per person |
| NIG | Not stated | £10,000 per person |
| Churchill | Not stated | £10,000 per person |
| UK General Insurance | Not stated | Not stated |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. Aviva
Some of the features and benefits of Aviva’s tool insurance.
- Tools, Stock and Business Equipment Insurance
- Flexible cover
- Covers loss, theft and accidental damage of business equipment
- Includes theft from an unattended vehicle
- Covers the cost of replacement or repair
- Can include mobile phones, tablets, laptops and computers
- Employees’ and visitors’ personal belongings or tools
- Trade samples and promotional merchandise
- Small businesses can buy direct or larger ones through a broker
- Offers a range of complementary insurance products such as scaffolding insurance
Aviva is an insurance provider that offers a wide variety of business insurance products that are designed for small and medium-sized businesses. They offer a broad range of dedicated business insurance packages that are tailored to the needs of specific trades and professions or product requirements, such as Tools, Stock and Business Equipment Insurance.
Aviva’s Tools, Stock and Business Equipment Insurance offers protection for essential equipment and tools as well as your stock which can include trade samples and promotional merchandise. It covers these items against loss, theft and accidental damage. You can include the personal belongings of your employees and visitors when they are under your responsibility.
2. RSA
Some of the features and benefits of RSA’s tool insurance.
- Tradespeople and Homeworkers Insurance
- Tailored policy
- The policy covers liabilities and legal expenses
- Option to add further cover
- Tools up to £5,000 per person
- Theft from a vehicle overnight
- Business stock
- Own and hire plant equipment
- Storage of materials in domestic properties
- Only available through a broker
RSA offers a wide range of business insurance products that are designed to meet the needs of a variety of business types with standalone insurance products and combined package products. This includes Tradespeople and Homeworkers Insurance which can include tool cover.
RSA’s Tradespeople and Homeworkers Insurance has public and product liability with legal expenses as standard with a range of optional extras. Extras include tool cover with a limit of £5,000 per person and the option to include theft from a vehicle overnight. You can also cover business stock, storage of equipment and stock in domestic properties, own and hired plant equipment.
3. AXA
Some of the features and benefits of AXA’s tool insurance.
- Business Insurance for Tradesmen
- Includes optional tool cover
- Covers a wide variety of trades
- Public liability
- Employer’s liability
- Tools and equipment cover
- Hired-in plant equipment cover
- Contract works cover
- Personal accident
- Van insurance
AXA is an insurance provider that offers a variety of business insurance products that cater for small to medium-sized businesses, sole traders and the self-employed. They provide a range of tailored insurance products that are designed for specific trades and professions, this includes Business Insurance for Tradesmen.
AXA’s Business Insurance for Tradesmen covers trades including electricians, builders, joiners, decorators, plumbers and plasterers with public and employer’s liability insurance that offers a range of optional cover. Tools and equipment cover are one of the optional extras which cover accidental loss, theft or damage to your tools, plant and equipment, machinery, trailers, huts and caravans you own.
4. Direct Line for Business
Some of the features and benefits of Direct Line for Business’ tool insurance.
- Insurance for tools
- Flexible product
- Covers accidental damage and theft
- Available as an add on to their public liability insurance
- Includes any insured employee’s tools and equipment
- Can add van insurance
- Protect your tools in your vehicles
- New customers can receive discounts
- Cannot be purchased as standalone cover
- Can be purchased directly from them
Direct Line for Business is an insurance provider that has an extensive range of business insurance products that offer tailored insurance products that are designed to meet the needs of specific trades and professions. This tailored range of products includes tools insurance which is designed as an add on to their product liability insurance product.
Direct Line for Business’ Insurance for Tools offers additional cover for tools and equipment that belong to you or your employees. They also offer van insurance which can be added to the policy and cover your tools in the vehicle. This is not standalone cover and must be combined with public liability insurance.
Direct Line for Business website
5. Zurich
Some of the features and benefits of Zurich’s tool insurance.
- Tradesman Insurance
- Offers tools cover as part of a package
- Choice of the level of cover
- Optional extensions
- £1,000 tools cover
- Includes public liability
- Personal accident cover
- Owned and hired plant equipment
- Cover for over 70 trades
- Offered in partnership with Trade Direct Insurance
Zurich offers a variety of business insurance products which include some products that are offered in partnership with Trade Direct Insurance such as Tradesman Insurance which has three levels of cover – Essential, Classic and Plus.
Zurich’s Tradesman Insurance includes tools cover up to £1,000 as standard on their Classic and Plus products and you can extend this up to £15,000 and add optional cover for own and hired plant equipment. The policy comes with public liability insurance up to £5 million and employer’s liability of £10 million if you have employees. Professional indemnity of up to £100,000 is included in Classic and Plus, and Plus also includes personal accident.
6. Allianz
Some of the features and benefits of Allianz’s tool insurance.
- Complete Contractor
- Includes optional tools cover
- Public liability and legal expenses are included as standard
- Up to £5,000 tools cover per employee
- Contract works cover
- Material damage
- Business interruption
- Property damage
- Employer’s liability
- Available only through a broker
Allianz is an insurance provider who offers business insurance to a variety of industries and businesses. They offer insurance to sole traders through to large businesses through a network of brokers. They offer combined insurance such as Complete Contractor which includes tool cover as an optional extra.
Allianz’s Complete Contractor insurance offers up to £5,000 per employee tool cover as well as a variety of other optional covers. Standard cover includes public liability up to £2 million with the option to increase it to £5 million and commercial legal expenses. Other optional cover includes £10 million employer’s liability, contract works, material damage, business interruption, property damage and terrorism cover.
7. Ageas
Some of the features and benefits of Ageas’ tool insurance.
- Tradesman Insurance
- Tailored cover
- A flexible policy with a choice of cover
- Tools all risk cover
- Includes stock in transit
- Public and product liability
- Employer’s liability
- Contractors all risks, contract works and plant
- Legal expenses
- Available only through a broker
Ageas is an insurance provider that offers a range of combined insurance packages for businesses which are tailored to the needs of specific trades and professions as well as offering generic business insurance products. They provide insurance through brokers only. Their range includes Tradesman Insurance which offers a flexible product that allows you to build your own cover such as tools.
Ageas’ Tradesman Insurance offers tools cover which includes all risks and stock in transit cover. This policy also offers a choice of public and product liability cover, employer’s liability, contractors all risks, contract works and plant cover, legal expenses, personal accident and business interruption.
8. QBE
Some of the features and benefits of QBE’s tool insurance.
- Tradesman Insurance
- Suits a broad range of SME businesses
- Option to include cover for tools, equipment and stock
- Own plant and business equipment
- Hired plant
- Employees tools and business equipment up to £10,000 per person
- Business equipment at your premises
- Business stock
- Contract works
- A wide range of other covers
QBE is an international insurance provider offering business insurance products that cover most business risks and cater for most businesses of all sizes. They offer a variety of combined insurance packages and standalone insurance. Their range includes Tradesman Insurance which offers tools cover as part of its optional cover.
QBE’s Tradesman Insurance includes public and product liability and legal expenses as standard as well as a wide range of optional cover. This includes business goods which cover equipment and stock on your premises. It also includes contractors all risks which covers contract works, own and hired plant equipment, employees’ tools and business equipment up to £10,000 per person.
9. LV=
Some of the features and benefits of LV=’s tool insurance.
- Trades and Professions Insurance
- A tailored policy with flexible cover choices
- Can include contractors all risks
- Or can cover tools only
- Contract works
- Own and hired plant
- Tools and equipment
- Public liability
- Employer’s liability
- Legal expenses
LV= is an insurance provider that caters for domestic and commercial insurance policies. They provide a range of business insurance products which include life cover and tailored sector specific insurance policies which include Trades and Professions Insurance.
LV=’s Trades and Professions Insurance offers a flexible product which can include public liability with a choice of cover level, £10 million of employer’s liability and legal expenses as well as contractors all risks or tool cover only. Their contractors all risks cover includes contract works, own and hired plant equipment, portable tools and equipment on site, in transit and on your premises.
10. Lloyds Bank
Some of the features and benefits of Lloyds Bank’s tool insurance.
- Tradesman Insurance
- Tailored cover
- Choice of cover and level
- Public liability
- Optional employer’s liability
- Damaged or stolen tool cover
- Commercial vehicle cover
- Personal accident cover
- Easy to buy online
- Offered in partnership with Arthur J. Gallagher Insurance
Lloyds Bank is a financial provider that offers a variety of business insurance products in partnership with Arthur J. Gallagher Insurance. They offer standalone insurance and combined package policies tailored to specific trades and professions which includes Tradesman Insurance.
Lloyds Bank’s Tradesman Insurance offers tailored insurance where you can select the cover you need and the level. It includes public liability as standard with a choice of £1, £2 or £5 million of cover. You can add tools cover to protect your tools and equipment in the event of accidental damage or theft. You can also add commercial vehicle cover, £10 million of employer’s liability and personal accident cover.
11. Covea
Some of the features and benefits of Covea’s tool insurance.
- Tradesman and Professionals Insurance
- Tailored cover
- Includes up to £5,000 tools cover per person
- Contract works
- Own and hired plant equipment
- Goods in transit
- Public and products liability
- Employer’s liability
- Suits businesses with up to 10 employees
- Available through their e-trade portal
Covea offers a range of business insurance products that are tailored to meet the needs of specific sectors. They offer their products directly through their e-trade portal to small businesses or through their network of brokers for small to larger businesses. Their combined insurance products include Tradesman and Professionals Insurance which covers tools.
Covea’s Tradesman and Professionals Insurance is a comprehensive policy which includes tool cover for up to £5,000 per person as well as contract works up £500,000, own plant and hired plant up to £50,000 each, and goods in transit. It also includes public and products liability up to £5 million and employer’s liability of £10 million.
12. NIG
Some of the features and benefits of NIG’s tool insurance.
- Tradesman Insurance
- Flexible cover
- Includes tools and business equipment cover as optional cover
- Standard cover is for public liability only
- Offers a range of optional extras
- Business stock
- Own and hired plant
- Contract works
- Employer’s liability
- Personal accident
NIG offers a variety of business insurance products which includes tailored combined packages that are designed to meet the needs of specific sectors which includes their Tradesman Insurance which incorporates tool cover. You can purchase their policies through their e-trading hub.
NIG’s Tradesman Insurance offers £1 million public liability as standard cover which can be extended to £10 million and you can add a range of extra cover. Their optional cover includes tools and business equipment up to £10,000 per worker, own plant up to £50,000, hired plant up to £20,000, contract works and business stock. You can also add employer’s liability of £10 million, money and personal accident.
13. Churchill
Some of the features and benefits of Churchill’s tool insurance.
- Tradesman Insurance
- Flexible cover to add extra cover
- Tools
- Business equipment
- Public liability
- Employer’s liability
- Business stock
- Contract works
- Own and hired plant
- Personal accident
Churchill offers job-specific business insurance products and general insurance products designed for landlords or public liability insurance. Their insurance products are designed for smaller businesses and include Tradesman Insurance which has tool cover as an optional extra.
Churchill’s Tradesman Insurance has public liability at its core which is set at £1 million but can be increased to £2, £5 or £10 million. It has the option to include equipment cover which covers up to £10,000 of tools and business equipment including mobiles and laptops. You can also add business stock, own and hired stock, contract works, employer’s liability up to £10 million and personal accident.
14. UK General Insurance
Some of the features and benefits of UK General Insurance’s tool insurance.
- Tool in Transit Insurance
- Standalone cover
- Cover up to your specified amount
- Repair or replacement cover
- Stolen or damaged goods
- Includes storage in vehicles overnight
- Vehicle must be stored in an approved way
- Cover available throughout the UK
- Doesn’t include items not directly related to your trade
- Available only through a broker
UK General Insurance is an insurance underwriter with a range of specialist insurance products that cater for domestic and business sectors. Their range is available only through a network of brokers and it includes Tool in Transit Insurance.
UK General Insurance’s Tools in Transit Insurance offers repair or replacement cover for a workman’s tools against theft or accidental damage. It provides cover for tools in a vehicle overnight if the vehicle is stored in a locked garage, compound or building, or parked on a driveway at your main residence. It doesn’t include items not directly related to your trade such as mobiles, sat navs or computers.
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