Thousands of tradespeople may be under-insured for tool theft

With theft reaching ‘epidemic’ levels, many tradespeople are left exposed – costing the industry millions each year.

Insurance specialist Barry Marsh of Trade Direct Insurance warns that many workers either lack adequate cover or misunderstand the protection they have in place, leaving them unable to recover financially after a theft. Beyond the immediate loss, stolen tools can halt work for days and carry lasting psychological impacts.

Marsh says underinsurance is widespread: “We often find tradespeople don’t have sufficient cover for their tools – and in some cases, no protection at all. Insurance is easy to overlook, and some reduce cover to cut costs, while unclear policy terms can add further confusion.”

He urges professionals to review three critical areas of their cover.

• First is tool valuation, as many underestimate the true worth of equipment accumulated over years. Keeping an inventory, supported by receipts or timestamped photos, can help ensure accurate cover.
• Second is location. Policies may include conditions on where vehicles are parked, whether tools must be removed overnight, or if items are insured away from home – details that can invalidate claims if ignored.
• Finally, tradespeople should check time restrictions. Some insurers exclude overnight cover, despite this being when theft risk is highest.

With theft on the rise, reviewing policy terms carefully is essential to avoid costly gaps in protection.

If you want to review your insurance you can find out more about Trade Direct Insurance, visit: www.tradedirectinsurance.co.uk/

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