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Protecting Your Tools with General Property Cover

A carpenter without tools is an office worker, a mechanic with tools is pushing it, a plumber without tools is up shit creek.

Most tradies cover their public liability insurance risk, a lot organise cover for their income in the event of injury, but too many overlook their tools. Sure, you can replace most for a few hundred dollars, but what if all of them were stolen or lost? What would you do if there was a fire on the site where you left your tools?

Is it worth insuring them or is the premium likely to be too high?

 

What is General Property Cover

Insurers offer Tools of Trade Insurance or what’s sometimes known as General Property Cover, for these events.

General Property cover is available for an extensive range of equipment including;

  • Tools of Trade
  • Light Machinery
  • Survey Equipment
  • Mobile Electronic
  • Mobile Medical Equipment
  • Photographic Equipment
  • Diagnostic and Measuring Equipment
  • Musical Instruments
  • Sports Equipment

 

General Property Cover is normally available for items you can carry or move away from your premise and items that are considered essential for your trade.

 

But it’s important to check that your policy will cover your risk, does it;

  • Cover for full theft in the open air?
  • Does it cover the full replacement value of your tools?
  • Accidental loss?
  • Accidental damage?
  • Loss in transit?
  • Overseas cover if you’re working away?
  • Does it have a suitable excess?
  • And at renewal does it include recent purchase and match the new values?

 

Let’s look at those risk in a little more detail

Cover for full theft in the open air* is if it’s stolen anywhere, this might mean on a worksite, off your trailer or at your home at night. Insurers will offer restricted versions of this cover, that may only cover them if you take them to your home or a lock premise at night.

 

Loss in transit is where it’s carried by a third party or may include theft from your ute on the way to or at a job or worksite.

 

Most general property policies will start with a $100 excess, but the higher the excess generally the lower the premium.

 

Insurers may offer general property cover as inclusion in a public liability policy, but often they won’t cover the full amount of you tools and maybe restricted to items where you can produce recent receipts.

 

Before buying a General Property Policy

Get multiple quotes – compare the market

Make a list and estimate the replacement value

Keep receipts in an electronic version for referring back to when necessary

Check the insurers’ exclusions to ensure your risks are covered

Consider the appropriate excess for your situation

Check the insurers claims rating

 

If you’re unsure, speak to a broker, who can more carefully consider your risk

 

Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.

 

 

 

 

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Here are some insurances that apply to most businesses.

Legal liability for injury or damage arising from your business or products.
 
Your portable business equipment - such as tools for a tradie.
The maximum amount that an insurer agrees
to pay in the event of a covered claim under a policy.
Protects premises from covered events such as theft, fire,  or natural disasters.



Loss of business income and increased expenses following a Fire & Perils loss
The maximum amount covered for the loss of a business's gross profit due to an interruption caused by an insured event.
The specified time frame during which a policy provides coverage for losses following an insured event.

Theft of property following forcible/violent entry to the premises
The maximum amount that an insurer agrees
to pay in the event of a covered claim under a policy.
The maximum amount that an insurer agrees
to pay in the event of a covered claim under a policy.
The maximum amount that an insurer agrees
to pay in the event of a covered claim under a policy.





Theft of property following forcible/violent entry to the premises

Theft of property following forcible/violent entry to the premises
The maximum amount that an insurer agrees
to pay in the event of a covered claim under a policy.

Theft of property following forcible/violent entry to the premises
The maximum amount that an insurer agrees
to pay in the event of a covered claim under a policy.
Coverage that protects against the loss or damage of perishable goods, such as food or pharmaceuticals, due to breakdown or failure of refrigeration or cooling systems.
The maximum amount that an insurer agrees to pay in the event of a covered claim under a policy.


Can protect a business and its assets from financial loss due to unexpected
events, accidents, or liabilities that occur to goods whilst in transit.
The maximum amount that an insurer agrees to pay in the event of a covered claim under a policy.
The maximum amount that an insurer agrees to pay in the event of a covered claim under a policy.
The maximum amount that an insurer agrees to pay in the event of a covered claim under a policy.

Can protect businesses against financial loss due to damage
or liability resulting from the use of commercial vehicles.
Vehicle Details
Cover Type


The maximum amount that an insurer agrees to pay in the event of a covered claim under a policy.


About the Vehicle












Insurance Specialty Covers - this applies to some businesses.

Some businesses require additional Insurance coverage. Please indicate below if you would like to know more information on any of these specialty Insurance Products.
Cover for Mobile Plant and Machinery and liability from their use
Machinery Details
Cover Type

* Agreed value option requires a licensed valuers written assessment of value of Machine

Sum Insured should be the Market Value of the machine and include the value of attachments and accessories or separately list and declare.
About the Machine/Equipment





Use of Machine/Equipment

Are any of your machines used or expected to be used:

Yes No



Can help mitigate financial losses resulting from cyber attacks,
data breaches, and other cyber-related risks.
Protects businesses and professionals from
loss due to professional negligence.
Protects businesses and managers for
employment actions, statutory obligations + others.
Can protect a business from financial losses due to
customers' inability to pay for goods or services on credit terms.
Protects builders/contractors from losses due to construction damage.
Protects businesses from from unexpected financial
losses whist employees are travelling.
Aircraft and/or liability associated with aircraft, airports or hangers
Commercial vessels and liability
Liability whilst repairing or working on vessels
Your liability for injury to employees
Loss of income if you are unable to work following illness or injury
Personal Accident Required Information

Personal Accident provides cover for accidents only. Personal Accident & Sickness will include Sickness also. Please note this does not extend to any pre-existing conditions.



Receive payments monthly or annually at claim time.

Period between when the claim occurs and when you will begin to receive payment.

In the event of a claim, how long will you receive payment.


Amount per week you would like to receive in the event of a claim. (Must be a true reflection of your earnings)

The lump sum that a policy can pay you if you suffer a permanent injury that leaves you unable to work. This is an additional payment to your weekly sum insured.


Declaration and Duty of Disclosure

When you apply for an insurance policy, or renew or extend your existing policy, you have to tell the insurer everything about you and your situation that is relevant or could reasonably be expected to be relevant to the insurer’s decision to insure you. You don’t need to disclose something you don’t know, that reduces the insurer’s risk, that is common knowledge, that the insurer knows or ought to know, or something that’s not relevant or the insurer has told you that you don’t need to disclose. With insurance, honesty is the best policy.


Disclosure Questions

If you answer 'Yes' to any of the questions, please enter full details below. 
Yes No


Claim Details





 
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