March 20, 2018
Tool insurance cover is often viewed as an optional cover for tradies. It’s something that’s nice to have, but costs a few dollars and isn’t a necessity – unlike Public Liability Insurance, for example. While that’s technically true – insurance policies, broadly speaking, are products that you choose to purchase or not – some are becoming more important to have than others.
Tool insurance cover is one of those.
Theft of tradies tools has increased significantly over the past few years, as statistics in this article from Allianz highlights.
There’s even a Facebook page dedicated to finding stolen tools.
Here at Go Get Insurance, one stumbling point we commonly come across with claims on tool insurance cover is the onus on policyholders to provide proof of ownership.
It’s an important aspect of the coverage that many people don’t talk about until crunch time, which is reactive at that point. Whether it’s public liability insurance, income protection insurance, or tool insurance, we like to be proactive here at Go Get Insurance.
So what exactly does proof of ownership mean?
Most people think of receipts. While that’s certainly the best proof you can have, let’s get real. Tradies aren’t going to have receipts for every tool they own. So what’s the next best thing for the ones you don’t have receipts for?
Operating manuals are good, and photos will work, too. One thing we’ve found works well is to take a happy snap with the iPhone of all your tools in the back of your ute or layed out on the ground. That’s good proof of ownership for future reference if it’s ever needed, because the photo will be time and date stamped.
Lists are also helpful, although they might not work as proof on their own without accompanying photos, receipts or manuals.
If quality proof of ownership evidence and in the case of theft, evidence of forced entry and the police reference, are all provided at the lodgement stage the claim in some cases can be settled within 24-48 hours, ensuring tradies are back on the job quicker.
So it’s not rocket science, really. But it’s an important measure to keep in mind if you’ve got or are considering purchasing tool insurance cover.
For an obligation-free quote on tool insurance cover, simply click on our two-step quote process above to have premiums at your fingertips within seconds.