If you’re a contractor, you should be carrying your own insurance anyways. Lots of beginners don’t bother setting up an LLC and insurance, because they don’t realize how bad it can be if they have an accident on the job. If you haven’t set up that LLC and have insurance at a bare minimum, then you’re in for a world of shit if someone gets hurt.

Source: Was a freelancer for a decade. Half of the goobers I worked around were sole owner/operators of an LLC, and the others were completely open to personal liability if they dropped something on someone.

I'm not a professional, but all my powertools are covered under my renter's/hone insurance. It's incredibly cheap compared to car or health insurance.

Edit: I guess this doesn't count if the tools are stored in a vehicle parked anywhere but in my garage. There's definitely some policies available that will cover the full contents of your vehicle though.