Thousands of trades people may be under-insured for tool theft, according to Trade Direct Insurance.
Barry Marsh, an insurance expert at the company, cautioned that many trades people do not have the appropriate cover in place to ensure they receive financial reimbursement if their tools are stolen.
He said: “Tool theft is a serious crime that impacts trades people on many levels. Not only do victims have to deal with the crime itself, but it could also impact their ability to work and earn for at least 48 hours, not to mention the ongoing mental health impact and psychological trauma of being the victim of a targeted crime.
“On top of this trauma, we unfortunately find that many trades people do not have the sufficient insurance in place to cover their tools and, in some cases, they do not have any protection at all.
“Insurance is an easy thing to overlook and trades people may want to save costs by reducing their cover and premiums. In addition, some insurers are not clear with the level of protection that their policies offer, leading to confusion when choosing insurance that most suits your needs.”
