If you are self employed or operate a business how important are your tools and equipment?
Have they been collected over years of trading or been purchased brand new as part of your apprenticeship?
If they were stolen today would this affect your ability to trade and then your income?
In recent weeks we have seen a group of thefts from garages and sheds with items stolen including garden equipment, business tools and equipment. Unfortunately in many cases anything related to a business is not covered by a standard household insurance policy, leaving potentially thousands of pounds of vital equipment uninsured, posing financial risks to an individual’s business and the ability to trade.
It may even be that your tools are insured under a specific business policy, but if you leave your items in a vehicle overnight your policy may not automatically deliver this cover and effectively you would be uninsured in these circumstances.
Insuring your equipment is not just a consideration for manual trades but also for clerical professionals who may have valuable electronic equipment such as business mobiles and laptops.
Here are our tips…
If you operate a business we recommend you take a moment to calculate the total value of your equipment.
Check your current insurance cover is it accurate and suitable for your requirements? Does it extend to covering items in a vehicle overnight? Are the replacement values accurate do they need revision?
If you are insured keep receipts of any items or if not take photos of your equipment. This will help in the event of a loss to determine a value meaning you should have a payment quicker and your business less affected.
Insuring your tools and equipment is simple and can be added to many public liability policies for low premiums in many cases. At Sharrocks we have unique discounts with some of the UK’s largest insurers meaning we can often deliver savings as well as the cover your business needs.
For more information visit our page for self employed workers and contractors Sharrocks Self Employed / Contractor Insurance