The number of tool thefts from construction sites and work vehicles across New Zealand is on the rise, and some tradies are being caught without adequate cover to replace them.
If you have the right insurance, being a victim of crime can be a major inconvenience that causes stress and costs valuable time.
But if you haven’t got comprehensive insurance for your tools, having your work site or vehicle raided by thieves can be an extremely costly exercise for your business.
Police have warned tradies, particularly builders, project managers and contractors, to be vigilant and to secure their tools following the spike in burglaries.
All over the country, tradies have been reporting burglaries from building sites, secure sheds, and work vehicles—even when they’re parked in private driveways.
“We’ll do all we can to recover your stolen tools, but crime prevention has to start with you,” police say.
If you’ve had your tools stolen, you’ll know how frustrating it is. First there’s the sinking feeling that someone’s ripped you off.
Then you have to spend the morning making a police complaint, listing all the tools you’ve lost, and, if you have tool insurance, contacting your provider to make a claim. All the while, you miss hours, and potentially days, of productive work.
But if you have comprehensive cover for your tools and equipment, at least you can take comfort in the fact that you’ll get a new set of tools quickly and at little cost.
The first thing you need to do is keep your asset register up-to-date. If you want your insurance claim to go as quickly and smoothly as possible, you should list the following:
You then need to talk to a trusted insurance adviser about the best policy options for you and your business. In most cases, you’ll be looking at a Tools and Equipment, Tools of Trade insurance or Business Assets policy, but it can also have other names.
Kane says that tools and equipment policies aren’t as expensive as they used to be and many insurers have developed trade specific products that offer better terms and definitions than older, broader-ranged policies.
“Historically insurance for a builder’s tools has been expensive, contained high excesses and settlement conditions that meant a claim payment was never enough to replace the lost items,” Kane says.
“There are now options available to provide full replacement cover and very competitive premiums with excesses as low as $100.”
Does your trade business have all its bases covered? It pays to check—and with our quick-check guide to tradie insurance, it's easy!