shop insurance ( for techs tools )

[mrshaun]

do any of the shops you guys work at have insurance for YOUR tools.
Just had a shop get broken into thursday and almost cleaned out.
I just dropped off enough tools to keep them in business. the shop owner is taking care of the guys ( his box was empty 40 years of tools )
but the owner said only his tools would be covered.
He is going to pay for their tools. we hit 30,000 on the quote so far. how would that affect you if they were stolen and couldn't replace them...
do you guys use your home owners insurance?

 

[garfunkle24]

Hi mrshaun

The company I work pays for coverage for me and my two techs. Our tools are insured for $250k (between the 3, not each). They're insured in the shop, on the service truck and even if we take them home to use them.

From talking to friends who are techs in the area, it seems it is more the norm around here for shops not to cover their employee's tools.

 

[krusty the clown]

the shop owner sounds like a stand up guy.

if my tools were stolen i would start to replace them after a couple weeks of drunkeness and severe depression. many years ago the shop i worked at got hit. the thieves got tool boxes in a row, one by one before thier trailer (assuming they used one) got full. they made it to the guy next to me. thankfully mine was still there.

 

[Moose-LandTran]

No-one even knows our shop exists..

 

[truckdriver]

My friend worked for a Volvo/Mack dealer and the building burned. The insurance paid for everything. They even paid him for a new box since they are powdercoated. The only damage was on the back and side so he took his money and put stainless on the back and sides. He had only had the box for 2months when this happened. Not sure if it would've been the same for theft.

 

[gofastman]

the shop owner sounds like a stand up guy.

if my tools were stolen i would start to replace them after a couple weeks of drunkeness and severe depression. many years ago the shop i worked at got hit. the thieves got tool boxes in a row, one by one before thier trailer (assuming they used one) got full. they made it to the guy next to me. thankfully mine was still there.

indeed!
If i owned my own shop I would definitely invest in one of these systems to supplement my security system.

 

[Hawk321]

Insurance??? Would be happy to have that here in germany....What I would do??? I would kill people!

 

[bry@n]

I have my own coverage on my tools. I trust no one but myself to insure I am covered.

 

[mrshaun]

not one of my shops that I know of cover their own tools.
One company was moving a box across town and it fell off and exploded in to a million pieces. they told him sorry and made him buy new tools for their list or get fired.
the owner is a good guy and I will spend a while working on the quote.

 

[Moose-LandTran]

Don't Snap-on offer tool insurance?

 

[warpedredneck]

ive had 3 boxes stolen over the years,
the premium i was quoted was 25%of the value per year,
i couldnt afford the ins,
the last set i recovered myself, was down at the local watering hole, heard a guy talking about his buddies new box, i found out where his buddy lived and went a callin!
my only suggestion is "if you can afford it get it"
espesially now(this day/age/economy)

 

[mrshaun]

a lot of my guys use their home owners insurance and keep a list of their tools. all brands
I have had to do a few of these over the years
most guys take the money and run and get out of the business
I had one shop owner burn his place down. screwed the techs out of their money and built a new shop then claimed it was broken into and that his safe with 40K in it was stolen.
He asked me for receipts that he could claim on it as tools stolen
I reminded him of his last insurance scam and declined his offer.

 

[JD6619A]

a lot of my guys use their home owners insurance and keep a list of their tools. all brands
I have had to do a few of these over the years
most guys take the money and run and get out of the business
I had one shop owner burn his place down. screwed the techs out of their money and built a new shop then claimed it was broken into and that his safe with 40K in it was stolen.
He asked me for receipts that he could claim on it as tools stolen
I reminded him of his last insurance scam and declined his offer.

thats truly disgraceful screwing the employees out of their insurance money for their boxes and tools. In some cases it can be enough to ruin a person financially. If I was a tool dealer and knew this id refuse to do any business with that person and tell any prospective dealers to stay away.


this is kind OT but i thought I will add it. My dad knew a guy who he used to work with at his old job (police Dept.) anyways he got tired of it and changed career and became a service tech at a local Kenworth Dealer. this guy had loads of tools basically all the best stuff and was an awesome mechanic (35 years alone in the bizz not including 10 years at his former job) The shop one time he worked for got robbed they cleaned the whole shop out like everything compressor, tables, shop crane.

Well the guy my dad knew dad told me he had close to 200K in tools and had a fair amount of stock in his the dealer he worked for too. It all came down to he wasn't insured and the shop couldn't cover it too cause they had no insurance either and they went **** uo, So He hung himself on a chain block in his basement, The guy had 3 children and a grandchild and a wife of almost 40 years.

 

[mrshaun]

as many breakins that happen around here someone has to have a ton of tools hiding somewhere. they did find part of their stuff. got their pro link back today and their golf cart. they found a guy driving beside the railroad tracks hiding stuff in the weeds. but only a couple of smaller tools were found.
they busted out a window and opened the door to the shop and took everything that wasnt nailed down.
left the old mt2500 and took a digital camera that was sitting right beside it .
shop owner wanted the old brick gone so he could get a new modis. He planned on buying one anways, this would have helped seal the deal...

 

[Joe69]

Our shop got broken into about 13 years ago. They used a screwdriver to jimmy the door. They got a coworker for about 5 grand, and me for about $800. Both of our boxes were unlocked. Lesson learned. The company told us we were SOL.
One funny thing is I had a $35 set of chinese 3/4 drive sockets in a metal box with a Snap-on sticker on it. They stole it. I would have liked to have seen the look on their face when they realized what was in the box.

Joe

 

[mrshaun]

Scott Owen Dunson, 33, stole several tools and shaved the serial number from a handgun Thursday, according to an arrest affidavit. Dunson stole the tools from a business in the 1900 block of Rancier Avenue and then tried to sell the tools to people on the street near the business. Cooke set his bond at $55,000 on charges of burglary of a building and tampering with identification numbers.
well the guy didnt get too far... well one of them at least. I bet he sold a lot of the stuff before him/they got too far from the shop

 

[arkangel06]

none of the shops ive worked in had any insurence for tools.

these stories are pretty sad

 

[Danglerb]

Homeowners policy may vary, may exclude work related tools, but worth checking.

I say, take good pictures of your tools, and if stolen hunt the sob down.

 

[catmech]

The shop that I work at covers my tools provided that I have a detailed inventory on file with the main office, not sure if this is a insurance policy or a company expense. They did have a guy loose a tool box out of his service truck on a busy road, he did not have his inventory on file but the shop did cover some of his tools, not all. I believe that they were thinking he was padding his list. I recommend to every new guy that I talk with to keep an up to date invetory and if you have a digital camera take pictures, if for no other reason that it could help prove the tools on the list are in your box. Hope that they catch that bums and your guys get back their tools.

 

[sstruckguy]

All of the shops (dealerships) I have worked for, had a SILLY minimum coverage. If you wanted any chance of actual replacement, you had to have pictures and a running current inventory.

All of this is moot, if the owner is a jerk. If not, I would be asking lots of questions, while having an inventory in one hand AND a replacement value statement in the other.

I realize that most techs work flat rate/hours turned. The $50-$80 per hour difference that the owner takes in, versus what he actually pays you, should allow for some sort of peace of mind. (my opinion of course)

On the flip side of that, it takes alot of money and equipment to open that same shop. The shop owner usually goes to work with a pen in his pocket, hoping that their tech will make them some money. The tech goes to work, with his tool box key, $10-30,000-ish tool investment,(minimum) hoping to make himself AND his boss some money.

I know if I owned a shop, I would want to take care of my guys, just as much as I took care of myself.

 

[CarCrafter]

I have my own coverage on my tools. I trust no one but myself to insure I am covered.

Same here.... the shop might have insurance I guess. I've never asked, and never verified. I do have my own inland marine policy just in case.

 

[mrshaun]

smart man....

anyone know of an insurance company for personal items ( not at home )
you never know what will happen. Usually the items never turn up again. I do not know where they go, but they have to go somewhere.

 

[Deafautotech]

i Should get a tool insurance But problem is how much it will cost me?? also i will need ask my service director at my work about that. i am only tech who have giant toolboxes at my work while most of techs have bottom box as 2 or 3 bays toolbox that all... i might go ask around of them to see what their comment.. BUT i am concern about tool insurance because last time i had quote is 300 dollars a month for whole toolboxes and tools i have it for work......

i keep my toolboxes closed and locked...

 

[bmxr4life87]

i have my tools insured as a rider on my homeowners insurance. they just asked what the replacement value would be then base it off that. It was very affordable and they said they are covered no matter where they are at as long as my toolbox is locked up

 

[ossaguy]

Mine are not covered by the shop,and State Farm wouldn't insure them because of our zipcode.......too many claims I guess.I only have renters insurance since I just rent,but I need to check with that agent.

Last weekend we got broken into,the scumbags broke thru the door glass,cut the lock to the bar-cage,and stole all the Stihl chainsaws on the big display,so I'm pretty worried.

I like the idea of taking the wheels off of my boxes.I have a SO 40 inch, and a 54 inch box setup,so they are still light enough to roll out the back.Would I have to make a base for the bottom,or will the toolbox be ok just sitting on the floor? Anybody know?
Man,that would be a big job to get the casters removed.I wish someone could come out with an affordable tracking device that could be hidden inside,so if it was stolen it could be tracked down at least.

Every day that I open up the shop,and see my tools there,I thank God that they were not stolen.That's 30 years of tool-building that I couldn't re-buy if I had to.

Any recommendations for other insurance companies out there?

Steve

 

[Skyline]

You guys really need to sit down with the agent that writes your homeowners policy. You should be able to insure your tools without too much cost. Generally scheduled property is covered off premises, and for replacement value, so please confirm these facts. Another critical factor is your business usage. Finally, make sure no forced entry is required, very often the wrong folks have the key to the shop. A local shop had a full Snap-on box stolen on a Sunday by a former tech. People saw him back up a flatbed. But by Monday, he had fled to Mexico.

Standard homeowners policies should be able to do these things. If your agent says no, shop around. If all else fails, there is no way a seperate policy should cost several hundred a month, that's nuts. Several hundred a month should be enough for a full shop policy with a few bays and $100k in tools, including liability.

But what you can cover as a rider to a homeowner's policy and a renter's policy can be vastly different, so don't be surprised if you can not accomplish the proper rider if you are a renter.

 

[Hawk321]

I bought a GPS unit for my box on ebay.uk....works fine.

 

[bry@n]

Another thing, make sure the agent's claims are in writing in the policy. If it isn't in writing, then it aint so. I've seen guys plowing with what they think is insuance or general liability policies to only find out when they need it, they don't get covered for a loop hole of some sort.

 

[rhandwor]

do any of the shops you guys work at have insurance for YOUR tools.
Just had a shop get broken into thursday and almost cleaned out.
I just dropped off enough tools to keep them in business. the shop owner is taking care of the guys ( his box was empty 40 years of tools )
but the owner said only his tools would be covered.
He is going to pay for their tools. we hit 30,000 on the quote so far. how would that affect you if they were stolen and couldn't replace them...
do you guys use your home owners insurance?

They need to contact all pawn shops in the area and check for new tools that came in. Also watch ebay for specialty items that are not common.

 

[CarCrafter]

Yeah, check with your agents and ask all the questions. If my tools were home, I wouldn't need any additional insurance because it would be considered contents of my home. However, since the tools in question stay at work and they are used for my job, at a commercial setting, my home owners insurance will not cover them. Therefore I had to purchase an inland marine policy from Statefarm, the same company I have for my homeowner policy. I have a $2000 deductible, which was my choice. I believe I have $40K worth of replacement cost and it runs roughly $50/ month.

 

[cwstevens92]

I carry 50K on each one of my guys in both shops but i do as someone else said earlier require detailed inventory from each of them every month (my protection as much as theirs).

 

[APEowner]

I've always had my tools covered with a rider on my homeowners policy. I can't remember what the cost is but it's not much.

On a slightly related note. A buddy of mine had his tools stolen from his salvage yard. Two days later some guys showed up and tried to sell him his own tools.

 

[ossaguy]

Thanks for the link,Lasteagle83,

That looks like a good way to go.Too bad it doesn't work if indoors,but at least it would give you an idea where it went.

Has anybody here used this service??

Thanks again,
Steve

 

[mrshaun]

pawn shops around here have to report all items they take in ( stuff people sell to them)
so if anything hits the list they have to investigate.
they sold most of it to local people around town....
after playing with numbers the quote hit 28000

 

[techy2009]

@lasteagle83: You should definitely seek professional advice and get the right kinds of insurance covers. I have recently bought a shop insurance policy from http://www.constructaquote.com/retail-and-shop-insurance/retail-shop.aspx

Definitely worth a check!

Thanks.