Tools & Equipment Insurance
Protect your tools from theft and accidental damage. Coverage up to NZ$30,000+ with new-for-old replacement.
Tools and equipment are the lifeblood of any tradie business. A single theft from your ute or job site can set you back thousands of dollars—and without insurance, those losses come directly from your...
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Tools & Equipment Insurance — NZ Guide
Tools and equipment are the lifeblood of any tradie business. A single theft from your ute or job site can set you back thousands of dollars—and without insurance, those losses come directly from your pocket. Tools & equipment insurance covers theft from locked vehicles, on-site theft, accidental damage, and in many cases provides new-for-old replacement rather than depreciated value. Coverage can range from basic policies for tradies with modest tool investments (up to NZ$5,000) to comprehensive cover for well-equipped businesses with tool inventories worth NZ$30,000 or more. Premiums are typically low, starting from around NZ$15 per month for basic cover.
What's Covered
What Is Covered
Tools & equipment insurance typically covers your hand tools, power tools, test equipment, ladders, and other gear you use for work. Coverage includes theft from a locked vehicle, theft from job sites, accidental damage (dropping equipment, water damage, etc.), and loss or damage during transport. Many policies offer "new-for-old" replacement, meaning you get the cost of new replacement equipment rather than depreciated value—crucial because tools lose value quickly.
Common Exclusions
Most policies exclude coverage if tools are left unattended in an open ute tray or unsecured location. Some exclude theft from unattended vehicles or have restrictions on overnight coverage. Wear and tear, gradual deterioration, and loss of business are typically not covered. Always read your specific policy exclusions carefully.
Excess & Claims
A typical excess (the amount you pay toward each claim) ranges from NZ$250–500. If you make multiple claims, your premium may increase or the insurer may decline renewal. Some policies offer a lower excess for theft if your vehicle has visible security measures (alarms, cages, etc.).
Who Needs This Cover?
- →Any tradie with tools worth more than NZ$5,000
- →Plumbers with drain cameras and test equipment
- →Electricians with multimeters, test equipment, and power tools
- →Carpenters and joiners with wood-working machinery
- →Painters with spray equipment and ladders
- →Any tradesperson using a work vehicle
Indicative Premium Ranges
Premiums vary by trade type, business size, and claims history. These ranges are a guide only — get a personalised quote for accurate pricing.
| Business Type | Typical Premium |
|---|---|
| Basic cover (up to NZ$5,000) | NZ$15–30/month |
| Mid-range (up to NZ$15,000) | NZ$30–60/month |
| Comprehensive (up to NZ$30,000+) | NZ$60–120/month |
Frequently Asked Questions
Are my tools covered if left in an open ute tray?
Usually no. Most tools & equipment policies require tools to be in a locked vehicle or secured building. An open ute tray is a theft magnet and insurers won't cover loss from that situation. Always secure your tools in a locked toolbox or van.
What's the excess on tools insurance?
A typical excess is NZ$250–500 per claim. The higher the excess you accept, the lower your premium. Some policies offer reduced excess for specific security measures (vehicle alarms, toolboxes, cages).
Can I insure hired or borrowed equipment?
Yes—most policies can be extended to cover hired or borrowed tools. This is useful if you occasionally hire expensive equipment. However, you'll typically be responsible for the agreed value if it's damaged. Discuss this with your insurer.
Does tools insurance cover accidental damage I cause to someone else's property?
No—that's covered under public liability insurance. Tools & equipment insurance covers damage to your own tools and equipment only.
How do I claim for stolen tools?
Report the theft to police and get a crime reference number, then notify your insurer within 30 days. Provide itemised list of stolen tools with values and proof of purchase (invoices, receipts) if possible. The insurer will investigate and assess your claim.
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