Tool and Portable Equipment Insurance

Tool and Portable Equipment Insurance covers you for loss and damage to items of portable equipment associated with your business.
These can include tools of trade and items of stock.

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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.

What’s typically covered*?

Loss or damage that is caused by:

  • Fire, storm, water, explosion, impact or malicious damage
  • Accidental damage
  • Collision or overturning of the conveying vehicle
  • Theft following forcible and violent entry to locked vehicles or locked buildings
  • Theft of equipment securely attached to a vehicle through the use of locks or padlocks

Specified portable equipment can include items such as:

  • Mobile plant
  • Photographic or video equipment
  • Mobile communication equipment, including telephones and radios
  • Electronic equipment, including computers, diaries, GPS units
  • Accessories for the items listed above

What’s typically NOT covered*?

Loss or damage to your portable equipment that is caused by:

  • Wear, tear or gradually developing conditions
  • Cracking, scratching, marring or breakage of glass or fragile items or surfaces
  • Rust, oxidation, mildew, mould, moths, insects, vermin, dry rot, contamination or pollution
  • Any process of heating, drying, cleaning, dyeing or alteration to any insured item
  • Faulty materials or workmanship
  • Theft by employees
  • Unexplained inventory shortage

Things to consider

  • Does your business rely on portable property (such as tools)?
  • Would having to replace or repair of the equipment put your business under financial stress?
  • Is your portable equipment stored in the open air or is it secured? Your policy wording is likely to explain how your portable property is required to be securely stored for it to be covered by your insurance.

What level of cover do I need? 

There is no once size fits all answer for this one. Every tradie’s collection of tools will be worth a different amount. You should also ask yourself how much you would be able to pay to replace lost, damaged, or stolen tools without causing severe financial impact to yourself or your business. This can be a good starting point for you to figure out what amount you should set your excess to.  

You can also think about what the consequences would be if your equipment were to become lost, damaged or stolen. Would the ensuing missed work cause severe damage to your reputation, relationship with others, or even cost you your current or future contract or jobs? If you’ve answered yes, you should have a think about taking out a decent amount of cover. After all, staying in business is the name of the game. 

How much will Tool and Portable equipment insurance cost me? 

We can’t answer this one with a one-size-fits-all answer, because each business will pay a different amount for all their insurance products. This will depend on several factors including: 

  • Your specific business type 
  • Any specific inclusions and exclusions 
  • Your excess 
  • Level of cover chosen 
  • Your previous claims history 
  • The required sums insured 

Fortunately, at Publicliability-insurance we make the process as easy as possible. All you need to do is answer a few short questions about your business online, and we provide you with multiple competitive quotes for Tool and Portable Equipment insurance from some of New Zealan’s leading insurers. If you prefer to talk to an operator you can also call us on (9) 222 0807. 

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
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