The Ultimate Guide to Tool Insurance
Tool insurance is essential for tradespeople who rely on their tools daily. Below, we compare key offerings from eight UK insurers, detailing coverage limits, policy costs, and key benefits.
Tool Insurance Comparison Table
| Insurer | Coverage Limits | Coverage & Perils Included | Excess | Customisation & Notes |
|---|---|---|---|---|
| Markel UK | Flexible, e.g. £1,000 sum insured (~£8/month) | Theft, fire, flood, accidental damage (optional overnight cover) | Varies by policy | Must be purchased with public liability insurance |
| Trade Direct | £1,000 – £15,000 | Theft, loss, or damage (24/7 coverage including EU travel) | Varies | Standalone policy backed by Zurich |
| Simply Business | Custom amount (e.g. £10,000 cover) | Theft (including locked vans overnight), accidental damage | Varies | Broker platform providing multiple quotes |
| Direct Line | Up to £75,000 | Theft, accidental damage, tools in transit (optional overnight cover) | £100 (10% of claim value for overnight theft) | Tools & Business Equipment insurance add-on |
| Rhino Trade | Up to £7,500 | Theft (overnight van cover included), accidental damage | Varies | Standalone policy with instant online quotes |
| AXA Business | Starts at £1,500 | Owned & hired tools, theft, accidental damage | 10% per claim (£250 min, £500 max) | Add-on to AXA Tradesman Insurance |
| Admiral Business | Up to £20,000 | Theft, loss, accidental damage (overnight van cover included) | Varies | Standalone policy, premiums from £7.36/month |
| Howden (Broker) | Customisable | Theft, fire, flood, accidental damage, tools in transit | Varies | Personalised service with multiple insurer quotes |
Why Tool Insurance is Important
Tool Theft Insights: Tool theft is a serious problem for tradespeople, underscoring the importance of robust coverage. According to a Simply Business analysis, tool theft claims cost tradespeople around £4,470 on average and nearly 78% of tradespeople have experienced tool theft in their career. That’s roughly one in three tradespeople victimized each year, with an average hit of £3,000 in stolen tools and lost income. Industry data also show a tool theft incident occurs every 23 minutes in the UK. These statistics highlight why features like overnight cover and quick claim payout are so vital. A good tools insurance policy not only reimburses the cost of replacing stolen tools but also helps get you back to work faster – minimizing downtime and reputation damage from missed jobs.
Choosing the Right Policy: When comparing policies, consider the total value of tools you need covered, whether you routinely leave tools in a van overnight, and if you want cover for accidental damage or just theft. Also note the excess: a higher excess can lower premiums but means more out-of-pocket if you claim (AXA, for example, uses a 10% excess up to £500. If you have employees, ensure their tools are covered too (Direct Line covers employees’ tools up to £10k). Brokers like Simply Business or Howden can offer multiple quotes, whereas specialists like Rhino or Trade Direct offer set packages. Evaluate the trade-off between cost and coverage – saving a few pounds on premium is not worth it if your claim payout falls short. With tool theft on the rise, having the right insurance in place provides peace of mind that if the worst happens, you won’t be left footing a huge bill and unable to work.
Each of these insurers has unique benefits, from Markel’s legal helpline to Admiral’s new-for-old cover. Use the comparison above as a starting point, and be sure to get a personalized quote for your situation. The right tools insurance will keep your business protected and your livelihood on track, no matter what surprises come your way.
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