Keep your asset register up to date
To make a claim under a tools & equipment policy you need to prove your loss. Make sure your asset register (which IRD expects you to have anyway) includes:
· Item description, including model number
· Serial number
· Date of purchase
· Purchase price
Only your tools & equipment are covered
This means tools owned by the insured entity (eg. the company). It does not cover tools owned by sub-contractors on a site, they should insure their own equipment. Employees may have cover under their own contents insurance in some cases and also under the terms of some employment contracts. Check your contract and or contents policy to find out.