Tools insurance for self-employed professionals
For a self-employed person tools are not a possession but a means of production: if they are gone, the work stops. The argument with the insurer is almost never about the value, but about the circumstances of the theft.
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- Several insurers
- Switching arranged
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In brief
Tools insurance covers hand tools, machines, measuring equipment and accessories against theft after forced entry, fire and damage from external causes. The place where the tools are determines whether there is cover: at home or in locked storage the cover is usually wider than in a vehicle or on a building site. Virtually every policy has an overnight clause: tools left in a van overnight are not insured or only to a limited extent, even where the van was locked. That is the most common reason for a rejection.
The second condition is forced entry. There have to be signs of forced entry to the van, the site hut or the premises. If tools disappear without those signs, for instance because a door was open, the key was in the ignition or a colleague on the building site took something, the policy speaks of disappearance or embezzlement, and those are excluded. Also excluded are wear, inherent defect and mechanical breakdown: a hammer drill that gives up after years of use is not a claim but depreciation.
Finally, pay attention to the basis of value. Many policies pay replacement value as new up to a certain age and market value after that. The age of your machines therefore determines what a claim produces. Heavy plant such as a mini digger, access platform or trailer does not belong on this policy but on plant and machinery insurance. Stock and business contents at a fixed location are insured on a business contents and goods insurance.
This page deals with one situation. The full overview is on Compare personal liability insurance (AVP).
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Financial
Overview
AdviceWhy arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
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We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
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You call or email someone who knows your file. No menu options, no changing call centres.
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We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
What to look out for
Four provisions that determine whether a stolen toolbox is paid for.
The overnight provision and your van
Read exactly which hours the policy names and which exception applies. Some insurers only accept tools in the vehicle overnight with a certified alarm, a bolted-down toolbox or parking on a locked site. If you do not meet those requirements, cover at night is excluded, however securely the van is otherwise locked.
Building site, site hut and storage
Tools you leave on the building site are only insured if they are in a properly locked space and there are signs of forced entry. Material left in an unlocked space, under a tarpaulin or on scaffolding is not covered. Record where you store things, because the insurer tests the storage situation you declared when you applied.
Hired and borrowed equipment
A hired machine is not your property and therefore does not automatically fall under your own cover. If you damage it, you also run into the care, custody and control exclusion of the public and employers' liability insurance: property in your custody is excluded there. Ask for an extension for hired items or take the hire company's insurance.
The schedule and the sum insured
The sum insured is the total of what you take with you, and with underinsurance payment is made proportionally. There is also often a maximum per item. Keep an up-to-date list with make, type and serial number, keep purchase receipts digitally and update the list after a major purchase. When there is a theft that is your evidence.
What does your premium depend on?
- Total value of tools: the basis for the sum insured
- Type of tools: measuring equipment and cordless tools are theft-prone
- Security of the vehicle: an alarm, a bolted-down box and locked storage
- Storage location: at home, business premises or changing building sites
- Excess: often separate and higher for theft from a vehicle
- Area of cover: working abroad calls for an extension
Insurers weigh these details differently. That is where your saving is.
What is covered on your tools
| Situation | Basic | Extended |
|---|---|---|
| Your cordless drill falls off the scaffolding and is unusable afterwards | No | Yes |
| A break-in to your locked van parked outside your door at night. The whole box is gone | Provided that | Provided that |
| Fire in the site hut where your machines were stored | Yes | Yes |
| A hired-in helper takes your angle grinder and never shows up again | No | No |
| Your drill gives up after years of daily use | No | No |
| Your laser level is left outside and fails because of the rain | No | Provided that |
For theft from a vehicle, requirements on security and on the time of day almost always apply.
Frequently asked questions
This is what people ask us most.
My van was broken into at night. Will I be paid for my tools?
Only if your policy has overnight cover and you met the requirements set. Many conditions exclude tools left in a vehicle overnight, or pay only a limited part. If there are signs of forced entry and the van was in a locked garage or fitted with the required alarm, the chance of payment is considerably greater. Always report the theft to the police.
What if there are no signs of forced entry?
There is then usually no cover. Without signs of forced entry the insurer treats the event as disappearance, and disappearance, loss and embezzlement are excluded. The same applies to tools that go missing from an unattended building site. Do always report a theft, though, because Article 7:941 of the Dutch Civil Code requires timely notification.
Do I get replacement value as new or market value?
That depends on the conditions and on the age. It is usual to have replacement value as new up to a certain age and market value after that, with the insurer setting the depreciation. For tools you have used for years, that means a lower payment than the purchase price. Check this point in the conditions before you choose on premium.
Are tools I use and damage insured?
Damage from an external cause, such as a machine falling off scaffolding, is usually covered. Damage from normal use, wrong operation, overloading or a fault in the device itself is not: those are wear and inherent defect. For business standstill because you are without tools, there is a separate business interruption insurance.
Every situation is different. For these situations we have a separate page.
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