Sticky fingers are an unfortunate fact for many small businesses. Having your tools, equipment, materials, or stock stolen could bring work to stop—a potentially expensive headache for many tradies.
That’s where Theft cover may come in handy. A cover option available in a Business Insurance Package, it covers you against loss and damage as a result of theft or attempted theft from your business premises. Damage to the building, locks and safes as a result of a covered event will also be covered.
Theft vs. Contents cover
If Contents cover is part of your Business Insurance Package, you might think you’re already covered for thefts. But, you may want to check your policy wording.
Contents insurance covers business items that are damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy. Those “other defined events” typically don’t include thefts.
SEE MORE: Tradie Tough Tests
Tradies may want to consider adding both Theft and Contents cover to their Business Insurance Package to ensure their business assets are more fully protected.
A real-life theft claim
Here’s how Theft cover helped one tradie protect their business:
An air conditioner installation contractor woke to discover that a trailer full of business stock was stolen from their property. During the night, two people unhitched the trailer from the contractor’s ute, attached it to their own vehicle, and drove off with over $12,300 in stock.
Fortunately, Theft cover was part of their Business Insurance Package. The contractor submitted a claim, including CCTV footage of the incident. The insurer assessed the claim and paid $10,000 (the amount of cover selected by the contractor when they took out the policy).
Protect your business today
BizCover makes it easy for tradies to build a Business Insurance Package suited to their unique needs. Compare quotes from selected leading Australian insurance partners and get covered in minutes!
For on the go cover, go BizCover or call 1300 805 821.