An unwanted trade
A tradie working on a commercial building locked up his tools before leaving the worksite at the end of the day. When the job opened the next morning, his tools were gone. A double whammy – no tools and potentially a contractual penalty for delayed work. Fortunately, he had Tool and Portable Equipment insurance and the insured’s claim was dealt with quickly and easily. Not only was he able to replace his tools in time, he was also able to avoid delays on the work site.
Tool and Portable Equipment cover is a popular insurance product for Kiwi tradies of all types. Most tradies rely on their tools to get the job done and the value of all these tools can often add up to a tidy sum. Especially if you’ve been in your industry for a while, you’ve probably bought some more specialised tools to help you complete your jobs quicker and to a higher standard, making you more competitive as a worker. These tools may cost hundreds, thousands or even tens of thousands of dollars each. Whether you are a brick layer, plasterer, electrician, painter, form worker, mechanic, panel beater, plumber or builder, chances are you’ve collected some expensive gear over the years that you rely on every day to get the job done.
That is why taking out this insurance product makes sense for many tradies. Paying a relatively small monthly or yearly fee for Tool and Portable Equipment insurance has saved many a tradie a tidy sum later down the line. Keep on reading to learn more about this popular product and then you can consider if it could be the right product for you.