Equipment Insurance FAQs – Can I Insure My Tools?

Set of Construction Tools All Insured Under an Equipment Insurance Policy

If you’re a tradie, then you know that your tools are essential to your work. Unfortunately, tools can be expensive to replace, and they’re often easy targets for thieves. That’s why it’s important to have Tool insurance for tradies – so you can rest assured knowing that your tools are protected. In this article, we’ll discuss the essentials of equipment insurance, including what it covers and how much it costs. We’ll also help you decide if tool insurance is worth it for your business.

The Importance Of Portable Tool Insurance

Many tradies rely on their tools to complete jobs and earn a living on a daily basis – so it’s essential to have the right coverage in place in case of an emergency. Portable tool insurance for tradies is an important type of equipment insurance that helps protect tradies from the costs associated with replacing stolen, damaged, or lost tools. 

Depending on the type of coverage you purchase, your policy may include protection against theft, accidental damage or loss. This coverage can include a wide range of tools, including power tools and hand tools.

How To Get Equipment Insurance

The process of insuring your tools starts with understanding what type of coverage you need and finding the right insurance company. You’ll want to check the details of any policy you take out, including its exclusions and limitations, before making a decision.

Once you’ve decided on the type of coverage that’s best for you, it’s time to start looking for an insurer. You’ll be able to compare quotes from different insurers to find the one that offers the right level of protection at an affordable price.

It’s also important to consider how much coverage you need – while some policies may offer unlimited coverage, others may have a limit on how much they will pay out in the case of a claim. Once you’ve found an insurer that meets your needs, you’ll need to fill in an application form and provide details of the tools you want to insure.

When you take out a portable tool insurance policy, it’s likely that you will have to pay a deductible if you make a claim. A deductible is the amount of money that you have to cover before the insurance company pays out on any claims made against your policy. Before taking out any policy, it’s important to understand what kind of deductibles are involved so that you’re not left out of pocket if something goes wrong.

Factors To Consider When Insuring Tools

There are a few factors to think about when looking into tool insurance. First, consider what type of equipment insurance you need. Depending on your needs for example the cost of tools you want to be insured, the kinds of tools you use and the kind of jobs you do, your ideal coverage may vary. Also, determine how often you will be using your tools and factor this into the cost of the policy. Insurance for tradies provides two types of tool insurance for tradies.

First Broad cover for tools under $2,500 which basically gives you coverage for all your lower-value items without the hassle of having to list each item. Plus, these policies provide an unbeatable value with a generous limit of up to $3,000 per individual tool.

The other coverage includes Itemised cover for tools over $2,500 in which you are guaranteed that your most expensive tools are protected with this specified tools insurance cover. This policy is customized to ensure each valuable item worth over $3,000 receives special attention if an incident should occur!

Steps To Take Before Insuring Your Tools

Before you take out a portable tools insurance policy, here are some steps that you should consider:

Take inventory of your tools: Take inventory of all the tools and equipment that you’ll be covered under your policy. This will help you determine the appropriate amount of coverage needed.

Determine the value of your tools: After creating an inventory of tools and equipment, establish the individual values of each item. This will help you determine the correct level of coverage needed.

Research different policies: Compare different policies to find the one that best meets your needs.

Compare insurance quotes: Additionally, it’s recommended that you compare insurance quotes from different providers to ensure that you get the best deal for your tool insurance policy.

Speak to an insurance broker: Don’t want to go through the hassle of researching different policies and comparing quotes? That’s where an insurance broker comes in handy. Thanks to their network of insurers and negotiation skills, they can provide you with a tailored quote that fits your needs and keeps your business protected.

Frequently Asked Questions

Does car insurance cover stolen tools?

It depends on the type of car insurance policy you have and what coverage it provides. Generally, car insurance policies do not cover stolen tools unless they are specifically listed and named on your policy.

How do I insure my tools at work?

If your tools are used for business purposes, then you may be able to purchase a portable tool insurance policy that covers them while they are used at work. These policies may provide coverage such as theft and damage protection, so it is important to research different types of policies to find one that best suits your needs.

How does tool insurance work?

Tool insurance policies typically provide coverage for theft and damage to your tools. Depending on the type of policy, you may also be able to include coverage for additional items such as power tools and machinery. The amount of coverage provided is usually based on the value of the tools being insured, so it is important to make sure that all of your equipment is accurately valued in order to receive the full benefits of your policy.

How much does tool insurance cost?

The cost of a tool insurance policy will vary depending on the type and value of the tools being insured. In general, policies can range from a few hundred dollars up to thousands of dollars depending on the coverage you choose.

Is tool insurance worth it?

Tool insurance is definitely worth it for tradies looking to protect their most important assets. Without tool insurance, any stolen or damaged tools could cost you a significant amount of money out of pocket. With the right policy, you can be sure that your equipment is always covered in case of theft or damage.


When it comes to protecting your tools, portable tool insurance for tradies is a good option. It can help protect your tools from theft, as well as provide you with peace of mind. The cost of tool insurance varies depending on the type of coverage you choose, but it’s important to make sure you’re choosing the right coverage for your business. Don’t have time to research policies and compare insurers? One of our expert brokers can provide you with a tailored quote based on the specific tools and equipment that you use. This ensures that you’re only paying for the coverage you need, rather than being over or under-insured. With Insurance For Tradies, you can rest assured that your policy protects your business if the worst were to happen. Contact us today for a free quote or comparison. 

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