Tools of trade insurance
Tools of trade insurance quotes from licensed Australian brokers
Tools stolen out of a locked ute is one of the most common trade claims in Australia. Get cover that follows the tools rather than the address.
- Licensed Australian brokers
- Free to use
- No obligation
Add up what is in the back of a working ute and the number usually lands between ten and forty thousand dollars. That kit is not covered by your motor policy, which insures the vehicle, and it is not covered by a home policy once it is being used for business. Tools of trade cover follows the tools: on site, in the vehicle, in storage and in transit. For most tradespeople it is inexpensive relative to what it protects and to the days of work lost while replacing everything. CoverMy is free to use.
What tools of trade cover includes
The policy covers loss of or damage to your tools and portable equipment away from a fixed address. Cover is usually written on a specified basis for higher value items and an unspecified amount for the general kit.
- Hand tools, power tools and portable equipment used in your trade
- Theft from a locked vehicle, subject to the policy's security conditions
- Theft from a site or locked storage container
- Accidental damage on many wordings, though not all
- Hired and borrowed tools you are responsible for
- Replacement on a new for old basis on most policies, subject to age limits
The security conditions are the whole policy
Almost every tools policy conditions theft cover on the circumstances of the theft. Common requirements include forced and violent entry to a locked vehicle or container, tools being out of sight, and additional conditions for overnight periods, sometimes requiring the vehicle to be in a locked garage or a secured yard between certain hours. Claims get declined on these conditions more than on anything else. Read them, and make sure anyone driving your vehicles knows what they say.
Specified items and the single item limit
Unspecified cover usually carries a limit per item, often somewhere between one and two thousand dollars. Anything worth more than that needs to be listed individually with a description and serial number. Laser levels, total stations, surveying gear, thermal cameras and larger plant items routinely exceed the single item limit, and the shortfall only becomes apparent at claim time. Go through the kit once, list what breaches the limit, and keep the schedule current as you buy.
What affects the price
The total sum insured leads, then the trade and where you work. Sites in high theft areas, tools left in vehicles overnight in the street, and trades carrying attractive equipment all cost more. Security helps: lockable toolboxes and canopies, alarms, GPS trackers on high value items and off street parking. Keeping an inventory with photographs and serial numbers does not change the premium but it makes claims settle far faster.
How it works
- 1
Tell us about your trade and what you carry
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
Are my tools covered by my car or ute insurance?
Generally not. A motor policy insures the vehicle and sometimes a small amount of contents, which rarely reflects a full trade kit. Tools of trade is a separate cover that follows the tools wherever they are. Ask your broker to price them together so nothing falls between the two.
What does tools of trade insurance cost?
It depends on the sum insured, your trade, where you work and how the tools are secured overnight. For a typical trade kit it is usually a modest annual premium relative to the replacement cost. A broker can put your details to several insurers and come back with figures.
Am I covered if tools are stolen from my locked ute?
Usually, provided the policy's security conditions are met. Most wordings require evidence of forced and violent entry, and some impose additional overnight conditions such as parking in a locked garage or secured yard. This is the most common reason tools claims are declined, so read the conditions carefully.
Do I need to list every tool?
No, but you do need to list anything above the single item limit, which is often between one and two thousand dollars. Laser levels, survey equipment and specialist gear commonly exceed it. Keep a schedule with serial numbers and update it as you buy, which also speeds up any claim.
Are hired tools covered?
Many policies include hired or borrowed tools you are responsible for, sometimes to a sub limit. Hire agreements often make you liable for the item and for continuing hire charges. Check the limit against the most expensive item you would realistically hire.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get tools of trade insurance quotes
Tell us about your trade and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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Important: CoverMy is not a comparison site and does not provide insurance. We connect you with licensed insurance brokers who provide advice and quotes based on your needs. All advice comes from your broker, using information you provide with your consent.
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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