Tools insurance: the small print on vans and overnight theft

Your tools earn your living. Lose them on a Monday and you may lose the week as well. Tools cover is simple on the surface, but the conditions differ a lot.

What it usually covers

Simply Business lists theft, flood, fire and loss. It also says tools left locked in a van overnight are covered as standard on its policy.¹ Do not assume that applies everywhere. Other policies can limit or exclude overnight cover.

Questions to ask

• Are tools covered in the van overnight?
• Does the van need a specific lock or alarm?
• Must the van be parked in a garage or on a driveway?
• Is there a limit per item?
• Are tools covered on site, in the van and at home?
• Is it new for old, or does it pay what the tool was worth?
• Are hired or borrowed tools included?

Build your evidence now

Claims go better with proof. It takes an hour to set up.

• Photograph every tool and its serial number.
• Keep receipts in a cloud folder.
• Mark tools with your postcode or a UV pen.
• Update the list when you buy something new.
• Photograph the van and its locks.

Declare the right value

Add up what it would cost to replace everything. Many people guess low to save money. If you are underinsured, a claim may be reduced. You also have a legal duty to give the insurer a fair picture of the risk.²