A good tradesman never blames the tools and a smart tradesman makes sure the tools are appropriately insured. Trade tools unfortunately are a preferred target for thieves as they can usually be easily exchanged for cash. General Property or Tools of Trades Insurance allows for replacement of tools in the event of a theft. Not all Tools of Trade Insurance policies are the same and it is important to consider whether the following exist:
Restrictions on theft cover such as requirement for a forced entry into a vehicle or premises New for old replacement or depreciation applied to old tools Specification required of tools over a certain value Restricted cover or full accidental loss or damage Cover excluded for a mobile phone