Carrying tools in the boat is essential. Two mandatory tools every boat should have is a high quality set of needle nose pliers and a set of side cutters. We recommend stainless steel pliers with insulated grips if possible. Rapala carries a great set of both that run around $15 and work for perfectly for most applications in the boat. You can see a full variety of great tools at Tackle Warehouse.
Needle nose pliers are perfect for removing hooks from fish but can also come in real handy for changing hooks or straightening out a bent one. They are especially helpful for holding sharp or small items and most come with cutters for trimming wire. Needle nose pliers work great in tight areas on batteries and switches, too.
Side cutters are used for cutting and are a must for all anglers, period. On a recent outing, a friend got a hook buried in his thumb and removing the lure from the impaled hook made it easier for removal. Always carry a spool of braided line, 65 pound test minimum, to aid with this removal. Without side cutters the remaining treble hooks can be very dangerous.
Use a waterproof container for your tools. Coat them with a good lubricant like Royal Purple Maxfilm to keep them in perfect operating order. Make sure you always always carry a first aid kit too. First aid creme like Neosporin is also essential.