Tool Insurance, Do You Have It?

[billford]

When I first started out, I never had insurance and the shop didn't cover my tools, but I never had much either. The shop had a few break ins, but they were only after money, not tools. Shop didn't have a security system, was not alarmed.

After a while, I bought my own insurance, which isn't cheap.

After starting in another and current shop 20 years ago, tool insurance was included. Just need to have a tool inventory list filed. I've also kept all my receipts going back 30+ years and current pictures of everything.

Just want to know if you bother to get tool insurance, if not, does your shop cover you? If you don't know, maybe its a good idea to find out...

 

[Eich75]

I don't know where you're from but here in PA, I'm under the understanding that the shop either has to have some sort of insurance on an employees tools/equipment or have an active security system. I.e alarm to the police barracks and cameras. That's what I have and believe me, if any door opens and that security pin isn't entered in 30 seconds. The police will show up pretty quick. Tested it myself, on accident.

 

[Empty Pockets]

I'm no longer in the trades, but with the tools at home, I have a rider on my homeowner's policy

 

[texasfiremedic]

look for an inland marine policy. I have one and I believe I have 20000 dollar coverage for about 35 a month. that is a replacement policy. Make sure it is a replacement policy.

 

[FigureItOut]

I've heard that people have had good luck adding tools to a homeowner's or even renter's policy for a decent cost. I have mine covered for 25k under my business policy, and it really cost very little.