Portable Equipment Insurance, A Guide For Contractors

If you take a second to reflect and think about how important your tools of trade are to help you get the job done. The field of contracting branches off into many different areas, from tradies to architects, management consultants, photographers and many more.  

Trying to get through the day without precious cargo like your laptop, drill kit or fitness equipment are a contractor’s nightmare. 

There are many different aspects of your business which you may have business insurance for already in place, and that’s where Portable Equipment insurance* can lend a helping hand.  

Let’s take a look at Portable Equipment insurance for Contractors, what it covers, what it doesn’t cover and the basics of how it may be able to help protect your important portable business equipment. 

What is Portable Equipment cover? 

Put simply- Portable Equipment cover, covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand. 

What does Portable Equipment cover typically include and exclude? 

It may be wise to check your product disclosure statement to understand what your policy covers and excludes. If you are ever unsure double check with your insurance agent about your level of coverage and the details.  

Typically include cover for 

Loss or damage that is caused by: 

  • Fire, storm, water, explosion, impact or malicious damage 
  • Accidental damage 
  • Collision or overturning of the conveying vehicle 
  • Theft following forcible and violent entry to locked vehicles or locked buildings 
  • Theft of equipment securely attached to a vehicle through the use of locks or padlocks 

Specified portable equipment can include items such as: 

  • Mobile plant 
  • Photographic or video equipment 
  • Mobile communication equipment, including telephones and radios 
  • Electronic equipment, including computers, diaries, GPS units 
  • Accessories for the items listed above 

Typically not covered: 

Loss or damage to your portable equipment that is caused by: 

  • Wear, tear or gradually developing conditions 
  • Cracking, scratching, marring or breakage of glass or fragile items or surfaces 
  • Rust, oxidation, mildew, mould, moths, insects, vermin, dry rot, contamination or pollution 
  • Any process of heating, drying, cleaning, dyeing or alteration to any insured item 
  • Faulty materials or workmanship 
  • Theft by employees 
  • Unexplained inventory shortage 

Understanding your policy  

Your Portable Equipment cover, provides coverage for your items anywhere in New Zealand, so you’ve got peace of mind knowing your tools are protected from Auckland to Queenstown! 

Make sure you check your policy schedule with your policy wording to understand any limitations which may apply. For example, in the AIG policy wording portable electronic equipment is limited to $5,000 per item and $10,000 per event. 

What kind of contractors may require Portable Equipment cover? 

The world of contracting is diverse, so whether you’re picking up hammers or a high definition camera, having adequate insurance in place to protect your precious portable business assets is something to consider.  
These are some examples of different contracting professions which may require Portable Equipment cover to help safeguard their business. 

  • Health and wellness contractors 
  • Personal trainers- sporting equipment and products 
  • Yoga instructors specialised yoga props and specialised equipment  
  • Consultants 
  • Every day equipment like your laptop, tablets, mobile phones for example 
  • IT Professionals 
  • Cover for your expensive specialised IT equipment to help fix those 404 errors  
  • Tradies 
  • From plumbers, to sparkies and landscapers, your tools are vital to getting the job done. Take a moment to look at the contents of your toolbox. You might be surprised how quickly it adds up! Thankfully Portable Equipment cover can provide some much needed protection and peace of mind so you can get the job done- drama free. 

Operating as a contractor, you’ve worked hard to build your business. Your tools of trade are just one of the aspects of your business that you need to consider providing protection for. That’s where business insurances like Portable Equipment cover can help.  

 At BizCover we offer business insurance solutions to help different kinds of contractor businesses from Public Liability insurance* to Professional Indemnity insurance* and protecting your bricks and mortar with Building and Contents insurance* too. 

Visit bizcover.co.nz and get insurance for your contractor business without drama so you can get on with your day. If you’d prefer to pick up the phone and chat you can find us at 0800 249 268. 

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited. 

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