Builtin’s tools insurance is ideal for trade businesses that want to cover the cost of their tools & equipment if they’re stolen or damaged.
VAN BROKEN INTO
A builder’s van was parked on the street overnight when the lock was forced and a number of expensive tools taken, including a drop saw and Ramset gun.
LOCK BOX FORCED
A lock box containing the keys to a property was forced, and among other things the thieves took tools & equipment that had been stored on site.
LASER LEVEL DAMAGED
An employee dropped an expensive laser level and damaged it.
HOW MUCH DOES IT COST?The cost of having to replace your tools if they’re stolen could easily run into thousands of dollars. Not to mention the lost income if you’re unable to work while you’re without them. Compared to this, tools insurance is a good investment in managing your risk.
POLICY KEY FACTSThis is meant as a summary of the most important items of the policy. For a complete understanding of what it does and doesn’t cover you should always read the full policy wording.
- replacement value cover regardless of age, so you can buy new for old
- accidental damage
WHAT'S NOT COVERED
- trailers (these must be insured under a commercial vehicle policy)
- mechanical breakdown
- plant and/or machinery working underground
- damage that the supplier or manufacturer is responsible for
- loss or damage by wilful act or wilful negligence
OTHER THINGS YOU SHOULD KNOW
- a $500 excess is payable for each claim, except for actual or attempted malicious damage or burglary when it increases to $1,000, or theft when it increases to $1,500. For natural disaster the excess is 1% of the sum insured with a minimum of $1,000
- you must insure the replacement value of all your tools & equipment