Receiving the gift of tools over the festive season?
During the festive season, many tradespeople receive or purchase new tools and often have more non-operational days. This makes it the perfect time to review and update your tool inventory. Keeping a detailed and up-to-date inventory is essential to protect your business and speed up insurance claims if theft occurs.
Your tool inventory should include:
- Item name and description
- Purchase date
- Invoice number and supplier name, or receipt
- Original purchase cost
- Place of purchase and a website link (if available)
- Photograph of the item
- Serial numbers or calibration certificates, where applicable.
This thorough documentation allows insurers to quickly verify ownership and value, helping to faciliaite faster claim settlements. This will mean you lose fewer working days, helping to protect your income and livelihood.
Equally important is securing your vehicle to prevent theft. Whenever possible:
- Remove tools overnight and store them indoors.
- Install deadlocks, van safes, lock protection plates, window grilles, and vehicle alarm systems with motion sensors.
- Use GPS trackers to improve recovery chances and park strategically – close to walls, under lights, and near CCTV.
- Avoid leaving tools unattended or in plain sight by using storage boxes.
Finally, review your insurance cover to ensure your tools and vehicle are adequately protected, especially overnight. Standard contractor insurance may not cover theft of tools left in a van overnight, so consider a commercial van policy with tool extension cover for full protection. Taking these steps now can safeguard your investment and keep your business running smoothly.
For a review of your insurance, we offer a FREE business insurance check to compare the cover, service and price you may be receiving elsewhere to see if we can improve what you’re getting. Simply call us on 0333 015 6629 or send us a call back request using niceicinsurance.com/free-business-insurance-check.
