Where I work, we have to do this in our central tool rooms. Everytime a tool is checked out, the tool room staff does a visual inspection, and then plugs the tool into a piece of test equipment that tests the insulation and the ground continuity. Once per quarter, I have to check the ground continuity on the tools, and log them into a log book. Before, our Safety dept. told the tool room staff to just plug the tools and ext. cords into a GFCI receptacle before issue, but I bought them a tool tester that performs a hi-pot test and checks the ground's continuity all in one shot.
It does make you wonder guys, Wether us folks either from Down Under or from the UK are being fed a line or two. In I realise that PAT testing is important as far as Appliance Servicing goes (where the appliance is returned to the Home-owner). But having said that, if Joe Bloggs want's to fix his (whatever), why should he not have to do the same test as us?. I'm all for safety in what ever form that takes, ever heard of a level playing field?. The cop out that we do it for money, is starting to wear a bit thin, considering that there is so much test gear you have to own these days and very little of it is below the US$200 mark. Does anyone here charge a Test Equipment charge, if even for batteries?. Any sort of testing gives the end user a higher degree of safety, safety comes at a cost.
To add to renosteinke's comments—in North America, 5-milliampere-trip ground-fault circuit interrupters seem to be the default "magic shield" for electrical safety with powertools/wet-area appliances in the industry.