Tools in the home? Get the full insurance picture

With all the different types of insurance out there, it can be difficult to work out exactly when your tools are covered and in what circumstances.

There's home insurance, business insurance and car insurance, then you've also got to think about the specific details of your tools insurance policy.

Nobody wants to pay for insurance that they don't need – it's a waste of money first and foremost.But it's also important to make sure your tools are fully protected.

So are your tools covered under the terms of your home insurance policy? It depends on the policy of course, but there are some easy ways to find out.

Check with your insurer

First of all, check the exact terms of your current policy with your insurer. While some home insurance policies do cover tools, it's not a common feature, so it's worth enquiring about the exact details of your existing coverage.

There also may be exclusions and limits on the amount that you can claim under your current policy if it does cover your tools, so make sure you get the full picture.

Look at single article limits

There may be tailored insurance deals out there for small traders that offer comprehensive coverage for tools.

This could be an attractive option for small tradesmen, but always check any single article limits, as some insurers limit the amount they will pay for any one tool. Also, it doesn’t hurt to make sure you understand the full extent of your coverage.

Assess the impact of making a claim

Making a claim for tools under your home insurance is likely to have an impact on your policy excess and future premiums, so consider all the available options before making a claim.

It may be that the value of the claim will be outweighed by higher premiums in future - something which is worth bearing in mind.

Is my insurance tax deductible?

Nobody looks forward to filing their tax return. But it's one of those tasks that you've just got to get on with, and it always pays to keep detailed records and think carefully about your business expenses.

While professional indemnity insurance and some types of business insurance are tax deductible, others definitely aren't. It might be worth getting some professional advice before making any decisions.

You can get more information on the tools insurance policy available at ToolsInsuranceOnline.

Full details of our Terms & Conditions, Limits, Excesses and Policy Exclusions can be found in our Policy Wording. ToolsInsuranceOnline do not offer advice relating to insurance, and you need to ensure that personal tools insurance you choose meets your demands and needs.