If you own your own business, chances are, regardless of what type of business you’re running, you will have some form of tools or equipment that are portable — that is, they don’t always reside at your place of business, but instead tend to come with you wherever you go.
If you have contents insurance for your home (if you run your business from home) or place of business, it’s possible, but not always guaranteed, that you may have some cover for your portable business tools and equipment. However, the level of cover will vary from policy to policy and may not be enough to cover the extent of the value of your tools and equipment and it’s also possible that your policy may not cover your tools and equipment when they are in transit and aren’t at your place of business.
Your best bet when it comes to coverage of your work-related tools and equipment is a business-related insurance, which, depending on the insurer, may be referred to as tools of the trade insurance, portable equipment cover or anywhere in New Zealand Cover. For the purpose of this article — which is to include information for small businesses that are trade-focused as well as those that are not — we'll go with portable equipment cover as it can be anything from laptops and testing equipment, sporting equipment, camera equipment or builders tools.
What is portable equipment cover?
It is really straightforward, which is always wonderful when it comes to the often-complicated world of insurance. Essentially, it is designed specifically for businesses to protect against the loss or damage of insured property both when it’s on the work premises, as well as when it is away from the premises.
This type of insurance can usually be purchased as a stand-alone policy or as part of a business pack insurance policy.
What does it cover?
General it's designed to cover tools of the trade and portable electronic items (so laptops, cameras and phones, etc.) that you choose to list on your policy. But it can be arranged to cover just about anything that has no permanent location such as site sheds and equipment. Some policies will even cover stock in trade.
The policy will typically cover any accidental damage, as well as theft as a result of violent or forcible entry (i.e. if you leave your tools and equipment in an unlocked car and they end up disappearing, you’re not covered).
These types of policies usually provide either a specific blanket monetary amount of coverage for all or selected types of tools and equipment, or coverage of a nominated value for individual items — or a mixture of both, depending on your needs. However, policies will vary between insurers.
How do I know if I need it?
As always, the best way to determine what is most appropriate for you and your business is to speak to one of our team.
We'll be able to assess the specifics of your business and situation and then make an informed recommendation about what insurance policy is best for you. With access to market leading policies such as the Protecsure equipment insurance policy we'll be able to make a recommendation that's based on your needs. Don’t be afraid to ask lots of questions — having clarity on the ins and outs of insurance related to your business will only enhance your ability to make the kinds of decisions that can help make your business a success.