Bolding
Member
We'll I'm a little upset the shop I work at doesn't offer insurance on my tool box so I gotta get my own how much is it usually how does it work ?
Insurance on my tool box how much is it ?
- Thread starter Bolding
- Start date
Cope
Well-known member
Call your agent.
Ben Buck
Well-known member
Ask your fellow workers to see what they have done ,or recommend.
If you are out on your own check with your insurance agent.
Take photo's of the things you have, document the tools!
Just my 2 cents?
If you are out on your own check with your insurance agent.
Take photo's of the things you have, document the tools!
Just my 2 cents?
bcschief
Well-known member
Can be done thru your homeowners or renters insurance in most states
Brian
Brian
kctyphoon
Banned
i was about to say - usually your homeowers insurance (if you own a home) will cover your possesions - no matter where they are.. guy i work with lost his house in sandy, and had some of his things in storage. his storage unit was actaully broken into (nothing stolen) but his insurance agent said it didnt matter where his stuff is, its covered.. i dont have a tool box to insure myself, so maybe there are things im missing, but i would take a solid look into what it would cost to replace and make sure that factors into what you are covered for under your personal property coverage if youre a homeowner.
slip knot
Well-known member
You may need to get a rider on your homeowners/renters insurance. Most only cover for 10% of homes value. My tools were @50% of homes value. My rider was only a few bucks more each year. but get the rider with replacement value not a depreciation policy.
MaineGuide
Well-known member
You can ask coworkers to get an idea, but your situation is going to be unique. Contact the agent or company that sold you your homeowner's policy to get a quote from them. If you don''t have a homeowner's policy, get in touch with an independent agent and see what they can do for you. A standalone policy won't be too expensive and is absolutely worth the peace of mind.
rancherbill
Well-known member
There's more to it, but you can't insure other peoples stuff.
crewchief888
Well-known member
the insurance company will most likely require pics or video of the boxes and it's contents, as well as a complete inventory
serial numbers
brand names
model numbers
quantities of duplicate tools.
make sure you insure them for REPLACEMENT cost.
if you have older boxes that are no longer made, be sure that you list a replacement model # and todays cost.
serial numbers
brand names
model numbers
quantities of duplicate tools.
make sure you insure them for REPLACEMENT cost.
if you have older boxes that are no longer made, be sure that you list a replacement model # and todays cost.
Sorry to say this ONLY applies to tools you use for your personal use. The OP states he works in a shop, and no homeowner's policy will cover tools used for business off premises, except possibly to a very limited degree. Given the big bucks that most techs have ******* in tools, this is probably not a solution. It is possible that you can add a rider to up the business items coverage to a HO policy, but covering the tools in someone else's shop to the extent necessary is unlikely. I have ridered my HO policy to significantly up the value of my detached garage and contents, but for me, it's a hobby and not my business, so it will cover my tools very well, even considering the high value. I have a separate BOP for my home based business, (not related to tools, but still has some expensive gear, mostly computers and other office equipment).
I know in PTEN they have listed a couple of sources of tool insurance. Here's a link to one:
http://www.vehicleservicepros.com/product/10131286/pro-tec-automotive-tool-insurance
If you are a professional mechanic, and your shop does not provide insurance, you need to get something like this. It's not just the danger of theft, but fire risk in an automotive shop is unusually high.
Not true at all. Commercial policies do this all the time.
rancherbill
Well-known member
Business' do buy liability policies that have specified limits to cover certain situations for items they do not own.
Tort law has been developed over 500-1000 years. The OP has just found out they don't cover him because they can't do it.
Parrothead
Well-known member
A shop absolutely can cover their mechanics' tools if they choose to do so. The availability of this coverage has nothing to do with tort law. It is what insurers choose to cover on certain types of policies, based on consumer demand for insurance.
"Tools belonging to employees" is an Inland Marine type coverage, (these days "Inland Marine" coverage has NOTHING to do with anything nautical). All they have to do is ask their broker for the proper coverage. Unfortunately, as the OP has discovered, many shops chose not to provide this coverage. But it's probably cheaper for the shop to buy one policy or rider to cover all its employees' tools than for each tech to buy their own coverage.
Well, that depends. Certainly not for the tools as the OP described. But a HO policy will cover some incidental business property. For example if you run a home based business, you will often have some very modest property coverage under your HO policy, and that can often be enhanced with policy riders. But only up to a point, and at a certain level you need to get an actual business owners policy (BOP) for your home based business. I do not believe you can get any sort of business liability coverage under your HO policy, so that's certainly a trigger to go get a BOP. If you have customers coming to your house, you need a BOP for sure. And that's just a starting point; depending on the business, their could be all sorts of insurance needs.
knobby
Well-known member
I have insured commercial use tools with my homeowners insurance by using what my agent called a rider which is a separate policy but but under the same kind of thing
Not cheap but at the time it was the safe thing to do,I'm just glad that I didn't have to file any claims on it