Tool insurance


When you’re working off-site, things can go wrong. Tool insurance with Hiscox helps by issuing replacements or repairs to vital equipment fast. This is officially known as ‘property away and in transit insurance’. It helps if you face off-site theft, loss or accidental damage.

 

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Why choose Hiscox for your tool insurance?


1

Only pay for what you need

We’ll work with you to build the right cover for your small business.

2

Award-winning service

We’re proud winners of the Feefo Platinum Trusted Service Award in 2024.

3

Over 400,000 businesses* trust Hiscox

We insure lots of small businesses just like yours.

*based on the number of policies sold in 2023

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What is tool insurance?


Tool insurance protects your business if essential equipment is accidentally lost, stolen or damaged away from your premises.  At Hiscox, we also call it property away and in transit insurance.  

It's similar to portable equipment insurance.

Tool cover insurance supports traders who take equipment out and about.

Tool insurance can cover:

  • Electrical equipment such as laptops, mobile phones or cameras
  • Handheld tools such as hammers or spanners. Or, for example, soldering irons and portable voltage testers
  • Power tools, such as nail guns or angle grinders
  • Plant tools, such as diggers, or portable leaf-blowing machines.

The idea is to help pay for repairs or secure replacements fast. With disruption minimised, you can get back to work, even if:

  • Your employee leaves their work phone on a train
  • A spilt drink damages your laser measurer
  • Someone steals your drill from a locked van.

You can also take out insurance for your work tools as part of office insurance. This way, you’re protected even when you work on different sites.

Do I need tool insurance?


You may benefit from tool insurance if you work with tools outside of fixed premises.

You could need tool insurance whether you’re:

Think – could your business survive without key tools? Would you have the funds to replace everything tomorrow? If not, consider adding this tool cover to your business insurance policy. 

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How much tool insurance cover do I need?


How much tool insurance you’ll need varies depending on the:

  • Nature of your business
  • Type of tools you use
  • Value of your equipment.

To calculate how much cover you need, work out your equipment’s total value. This sum should be equal to the amount of cover you take out.

Accurate calculations are important. The values you declare should match the amount it would cost to replace all insured tools. If not, we’d reduce the amount you can receive in the event of a claim.

What does your tool insurance cover?


  • Repair or replacement of portable equipment as new
  • Repair or replacement of stock at trade market value
  • Repair or replacement of goods held in trust at trade market value. Or payment for your liability in those goods. Whichever is the lesser.

Hiscox tool insurance can protect equipment anywhere in the UK, EU or worldwide. So, if you’re travelling for business, you can count on us.

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“Our customer (a wildlife photographer) had his camera stolen by a group of baboons in Kenya – we were able to cover the cost of replacement thanks to his specialist photography insurance policy.”

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What does your tool insurance not cover?


  • Unexplained loss or disappearance
  • Lost or damaged money or personal effects
  • Damage caused by wear and tear
  • Loss or damage caused by fraud or dishonesty
  • Loss or damage caused by theft unless the equipment or stock is under your supervision, stored in a locked room or building or in transit
  • Loss of damage caused by theft from an unattended vehicle unless hidden out of sight within the storage compartment, boot or trailer of a securely locked vehicle
  • The amount of the excess.

For full details of what's not covered, see your policy documents.

Please refer to the policy documents for the full details of inclusions and exclusions of this cover. Policy documents are available when purchasing online. You can also contact our customer services team for more information.

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Tool insurance FAQs


How much is tool insurance?

How much your tool insurance costs will depend on:

  • The amount of equipment you need to cover
  • The value of these tools
  • The nature of your business

Our small business insurance quotes begin at £8.40 a month*. We’ll work with you to build a policy including property away and in transit (tool) insurance.

*Figures based on an average of all business insurance policies sold to at least 10% of our customer base between April 2023 and April 2024.

Do I need tool insurance if I have office contents insurance?

Your business contents insurance may not protect equipment away from your work premises. So, you might also include insurance for property away and in transit, or tool insurance. This extra layer of cover adds reassurance. 

Does this insurance cover tools that break down unexpectedly?

No. Tool insurance is designed for tools that are lost, damaged or stolen away from your place of work. It’s also known as property away and in transit cover.

This means it could help if your drill is dropped or blunted, but not if it stops working due to an electrical fault. For cover in cases like this, equipment breakdown insurance may help.
 

What other property insurance covers are available from Hiscox?

This is property away and in transit insurance for tools and portable equipment. You can buy several other property covers from Hiscox. These are:

  • Commercial property insurance
  • Business contents insurance
  • Equipment breakdown insurance

When should I get tool insurance?

If you’re setting up as a plumber or a builder and have invested a significant amount of capital in your tools, then it could be prudent to insure them sooner rather than later.

Ask yourself ‘could I afford to replace these if they were stolen or lost on my first job?’. The answer should help you work out when best to arrange tool insurance. 

How can I pay for tool insurance?

Pay for your Hiscox tool insurance with a:

  • Debit card
  • Monthly direct debit
  • Yearly direct debit

Buy online in minutes. You can cancel at any time, with no fees.