Find out more about making sure your tools are protected in the event of theft or loss.
Whether you're a builder, plumber, carpenter or dog groomer, tools of the trade are essential.
Tools can be expensive and if they're lost, stolen or damaged, it can have a detrimental effect on your business.
Not only could you have to pay to replace them, but if you don't have any tools you may have to turn away essential custom.
Whether you store your tools in a workshop or at home, it's important to make sure you have the right cover for them.
Tool insurance will cover you in the event your tools are lost, stolen and possibly damaged.
Although it's possible to buy dedicated tool insurance policies, it can come as part of your business insurance, or you might be able to add it as an optional extra.
Whether it's cheaper to buy it separately or to add it to your business insurance policy will depend on your own circumstances, so shop around and check the options available.
To ensure you have the right cover for your tools, you can add up their collective value or list the particularly expensive ones individually on your policy.
Specialist business insurance policies like tradesman insurance can provide tailored cover for whatever you need, whether that's cover for your stock, business equipment or tools.
Before taking out tool insurance, check the policy terms and conditions of any cover you already have.
Consider whether you could manage if your tools were lost or stolen - do you have a back-up set, or someone whose tools you could borrow?
Tool insurance may not be essential if you're willing to self-insure against the possibility of losing them.
Self-insurance simply means putting away money each month to cover the unforeseen - just make sure you don't forget.
There's also the risk that something could happen to your tools before you've built up a healthy reserve fund to replace them.
Some policies cover loss, theft or damage caused to tools while using them in a personal capacity.
Taking out tool insurance doesn't mean you should stop looking after your tools.
Some policies may cover theft from an unattended vehicle, but it's best to remove your tools from your car or van overnight.
When looking for a tool insurance policy, remember to check that the excess isn't too high.
If you have to pay an excess of, say, £100 to make a claim - more than the lost or damaged tool - it may make the policy itself pointless.