Service tech's tool insurance questions

[welpracing]

Just recently found out the new owners of the company will not cover our tools. I am looking at getting insurance for my stuff, I have State Farm on my autos and home so I thought I would check with them. A commercial insurance for $20,000 is $37 a month with a $1000 deductible. This seems high to me. I really would like around $25-30k coverage.
I googled it and found pro-tec. Has $50,000 for $250 a year. Sounds to good to be true. What do you other tech have. I really want something to cover for fire, theft, and damage (by damage I mean some one else hitting it with something motorized). Any body got one they trust for a reasonable price?

 

[dfreeman616]

is that for a "rider" policy or a separate policy?

 

[crewchief888]

i wouldnt work for someone that wouldnt cover my tools while on their property, or in one of their vehicles.


just my $0.02

 

[86k10]

Crewchief888 is right. I am in your position and looked into it with my insurance (Farmers) and she said I would have to get a business policy and it wouldn't be cheap. Or I could take them home and they would be covered by my homeowners policy if not used for business purposes.

I have seen that Pro-tec before and I am sure they will take your money but when it comes to claim time I don't know if I would trust them. They might fight you for years like some auto insurance claims and by then your out of tools the whole time.

Since my work wont cover our tools I have been looking for another job equal in pay. I interviewed with a city government fleet today and got another interview next week with the power company fleet. My company is big financially and had an official written policy about coverage up to $35K but now say it is "old, outdated, and you should get your own insurance."

 

[welpracing]

Well job change not an option. In our area most the companies have this policy. Plus it is a John Deere dealer, got hired on from a family member working the and vouching for me and word from others that work there that know me, didn't go to college or a tech school and they are sending me to school a little at a time. So I think I have a good opportunity. I have a pretty good selection of tools and when hired there they said they covered them now a couple years later the new owners changed. They have been hiring some new people that never operated heavy equipment and we have had to many close calls so hence the dreams on I am looking into insurance for my tools and boxes.

 

[welpracing]

What is rider?

 

[crewchief888]

i've worked at 5 different dealerships over the past 30 years, the smallest of them didnt cover any tools, but they were all in my service truck prked in front of the house.

the 2 largest dealers wanted a complete & updated (at least once a year) tool list, and an estimate of replacement value. escpecially for older toolboxes that are no longer made.

 

[JMLoughrey]

luckily my job covers my tools and box. I fill out a company provided form, and its kept in my employee file inside a fireproof cabinet. I am allowed to update the form once a month as well as they have a clause that if i can provide proof of purchase since last update, i am able to claim it if something were to happen.

 

[Bikes&Bowties]

Mine are covered with my renters insurance.. $25,000 with 500 deductible and about $180 a year.

 

[86k10]

Mine are covered with my renters insurance.. $25,000 with 500 deductible and about $180 a year.

Who do you use for renters insurance?

 

[Mister Laugh]

Mine are covered with my renters insurance.. $25,000 with 500 deductible and about $180 a year.

Are they aware that your tools are at work and not home? I have never heard of a homeowners or renters policy that covers tools at a commercial location.

 

[Zelatore]

Are they aware that your tools are at work and not home? I have never heard of a homeowners or renters policy that covers tools at a commercial location.

This. For that matter, even personal non-work tools may not be covered off sight. I've had some recent experience in this department. I'm now in the market for a new agent.

 

[dirtydogintex]

Tried USAA?

 

[Bikes&Bowties]

Are they aware that your tools are at work and not home? I have never heard of a homeowners or renters policy that covers tools at a commercial location.

Yes, I'm not sure if its because I'm in a program where I'm at school for three months and then work for three months though. It's through state farm

 

[bustdknuckle]

----86k10 who do you work for? sounds like the company that I work for. Cant get a straight answer out of anyone. and wont take blame for anything

 

[firebox40dash5]

Tried USAA?

Gotta be a vet or a kid of one, but a good option if you fit that. I bought my wife tons of camera gear, I had all of it insured for ~$7k for something like $50 a year. It covers everything except intentionally losing stuff, as long as it's not used commercially. I don't know what $20k+ would cost as a business policy, but worth a try. Their other rates are much more reasonable than their auto insurance.

 

[premis]

Mine are covered with my renters insurance.. $25,000 with 500 deductible and about $180 a year.

I own an insurance agency, so I may be of some help.

Your renters policy will cover your tools if they are used for personal or school use, this would include at your home and away from your home. if you use them for work, or to make any money for that matter, they are technically excluded. Now, if you have 10k of tools in your garage and a buddy gives you $100 to replace his water pump, no big deal. But if your 10k of tools are sitting at your place of work the coverage is denied.

To the OP, you need what's called a CPP (commercial package policy) all that is needed on this policy (assuming you are a W2 employee and not a 1099) is a coverage called "business personal property" (if your tools are constantly mobile, like you run a service truck, you want "inland Marine" coverage).

You should specifically "schedule" all single items worth more than $1,000 (ex. Tool box). Then add the approximate value of your remaining non-scheduled tools and add that as "blanket coverage".

A policy like this with 25-30k in coverage should cost around $40-$50 per month.

That pro-tec deal sounds fishy. I always tell my clients, "you aren't going to brag about how much you saved on premiums when your claim is denied.

If you live in IA, MN, MO, NE, or AZ, I can help you out. I'm licensed in those states.

Welpracing - a rider is something added to the policy to extend (or remove) coverage. For example, a home policy may include a water backup rider to provide coverage for that peril. Inversely, a life insurance policy on a pilot may have a rider that excludes coverage if he dies in a plane accident.