If you're someone who works with tools each and every day, whether you're a carpenter, electrician, plumber or other craftsman, you know that your livelihood is only as good as the equipment you work with. Your ability to do your job is completely dependent on your tools – if they don't perform to the best of their ability, neither will you.
As such, you've probably invested a lot of your money into these objects. So, why not treat these tools as you treat the other important belongings in your home – you should consider taking out insurance cover on them. But rather than taking out a traditional household contents policy on this type of equipment, you should instead look into your business insurance cover options.
This way, you're covered should anything happen to your equipment. You would be able to recoup the value of your tools, as assessed, if your tools break, malfunction or are destroyed. You would also be able to replace them should the worst happen – theft. While no one wants to think about this, it's important to be realistic and take steps to plan for the worse for your own peace of mind.
So, with an eye toward both realism and optimism, why is it worth it for you to invest in equipment insurance cover that can guard against theft?
Theft in PNG
Theft is not uncommon in various parts of Papua New Guinea. While it is certainly important to make sure you have a good home security system and have your wits about you when travelling, you also need to make sure you guard against robberies by investing in good insurance cover for your own peace of mind.
After all, according to recent statistics, there is a historically high level of crime in PNG, and police response time can be slow. This is particularly true in urban centres, meaning that insurance cover is most important in these areas. These are also the most common geographic areas for robberies, car jackings and theft.
Invest in equipment insurance
Business insurance cover is particularly important to guard against equipment loss in case of theft. This can keep the infrastructure of the company intact and protected. After all, if a thief were to break into your storage shed, for instance, and steal the majority of your expensive equipment, you might not have the money on hand and available to replace everything you lost quickly and efficiently. If you're unable to do this, your enterprise might suffer and you could lose customers.
And why is this so crucial? If tools begin to break down or start to get older, you might be able to foresee that they are reaching the end of their lifecycle and start thinking about upgrading with a timeline in mind. However, in the case of theft, this is unpredictable, and can result in downtime and a loss of business and livelihood if you have to fund tool replacement out-of-pocket. However, if you have business insurance cover, you can file a claim and get your company back up and running quickly.
Look into extra cover
It is important to specify with your insurance agent that you want to invest specifically into cover for equipment. Depending on where you store your business-critical tools, your overall business or homeowners policy might already cover stolen or damaged goods.
However, you want to be sure to get your expensive equipment assessed and valued to ensure that specific pieces are accounted for and can be replaced if stolen. Make sure you discuss the particulars of your policy, because expensive pieces like power tools or ride-on construction equipment might need additional cover. Trans Pacific Assurance Ltd. agents are well-versed in tailoring policies to your specific needs.
If you should ever need to take advantage of your policy after a theft, robbery, car jacking or other event, you would simply need to contact your insurer, gather all documentation of the crime committed, and submit your claim. Our dedicated team would get to work immediately, making the process as quick and painless as possible and replacing your equipment as easily as we can, to ensure that your company doesn't need to suffer any adverse effects like downtime or lost business.
You can also take extra steps in the meantime to guard against theft, such as locking doors and windows where your equipment is stored, keeping the tools in safe places at al times, storing valuable tools out of the line of sight (even through windows) and avoiding transporting equipment at night or in unsafe areas. For extra protection, be sure to contact our team of professionals at Trans Pacific Assurance Ltd. to get your free quote today.