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Is your shop and tools insured?

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Forum topic by tturner posted 02-05-2016 02:07 AM 848 views 0 times favorited 18 replies Add to Favorites Watch
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tturner

62 posts in 1488 days


02-05-2016 02:07 AM

Topic tags/keywords: shop tools insurance resource

I recently got extra insurance on my shop because my tool collection has grown extensively. You really can’t have too much insurance. You may want to talk to your insurance agent to see if you are covered adequately. What are your thoughts and experiences with insurance, theft, damage etc etc?

-- I'm him


18 replies so far

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woodbutcherbynight

2408 posts in 1868 days


#1 posted 02-05-2016 03:02 AM

Yes and I have to check yearly and revise my inventory. Initially a inventory takes a long time but once you have done so you just add as you go. Been doing this for years with my toolbox at work and thankfully never needed to use it. But always have it!

-- Live to tell the stories, they sound better that way.

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716

502 posts in 376 days


#2 posted 02-05-2016 03:02 AM

You really can t have too much insurance.
- tturner

This is a motto of insurance companies.

In the place I live the house insurance by default comes with so much coverage for personal belonging stuff that would be enough for several commercial shops. And you cannot reduce it.

-- It's nice!

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bigblockyeti

3663 posts in 1180 days


#3 posted 02-05-2016 03:10 AM

Everything I have is covered by my home owners insurance, I have a spread sheet documenting what I have including make, model, description, serial number, approximate current fair market value & current retail replacement value. I also have taken video of what I have & how it’s laid out so I have a picture of what’s in there, but also something to work with as my inventory increases and I need to move equipment around for better work flow. It’s easier to do on paper or on the computer than to physically move a lot of iron around where I think it might work. I have my limits set to replace everything I own easily in the event of something like a tornado or sink hole decimates both my home and my shop and everything within both. The second I sell something out of my shop, I have to carry different insurance or nothing inside is covered. As a side note, it’s easier to keep everything with one insurance company so nothing is accidentally (or by default) double insured by two different underwriters as when the poop hits the fan they’ll each be telling you the other company is responsible for losses sustained, not them.

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MadMark

976 posts in 912 days


#4 posted 02-05-2016 03:30 AM

My shop is protected by .357 magnum.

I’m retired, live on a dead end and don’t get out much. Nothing goes missing.

M

-- Madmark - Madmark2150@yahoo.com Wiretreefarm.com

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bigblockyeti

3663 posts in 1180 days


#5 posted 02-05-2016 04:21 AM

Well, I’ve got the option of sending a 175 grain message at 4200fps but the insurance option requires a lot less paperwork. If someone is going to steal my stuff it would be best for everyone if I didn’t wake up!

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FancyShoes

506 posts in 823 days


#6 posted 02-05-2016 05:02 AM

There was a guy neAr me, a tornado trashed his workshop, he got all brand new equipment from the insurance, and kept the old stuff for parts! Insurance is good for more than just stealing. Also. You may want to may want to tell them you use it for earning money, just incase they try to decline a claim because you lie about it. I hate insurance companies! I hate them so much, I want to start a not for profit insurance company to run them all out of business!

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BurlyBob

3644 posts in 1725 days


#7 posted 02-05-2016 05:39 AM

There was another LJ sometime back found out that he had to buy a separate policy for his shop and tool as sold much of what he produced. The insurance agent told him he had a business and they wouldn’t be covered under his homeowners policy. Something to think about.

View Fred Hargis's profile

Fred Hargis

3926 posts in 1952 days


#8 posted 02-05-2016 12:11 PM

What Bob said about being a business is true, just another reason (on a long list) I won’t make things for sale; business insurance is expensive. Otherwise, I’m covered by my homeowner’s policy and do the annual review thing. In my case the coverage for detached buildings and personal property is a % of the house coverage and is plenty adequate.

-- Our village hasn't lost it's idiot, he was elected to congress.

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TheWoodRaccoon

364 posts in 389 days


#9 posted 02-05-2016 12:31 PM



Well, I ve got the option of sending a 175 grain message at 4200fps but the insurance option requires a lot less paperwork. If someone is going to steal my stuff it would be best for everyone if I didn t wake up!

- bigblockyeti

What firarm and ammo do you have that can hit 4200fps?! Even for a bullet thats fast!

-- still trying to think of a clever signature......

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Fred Hargis

3926 posts in 1952 days


#10 posted 02-05-2016 12:56 PM

What firarm and ammo do you have that can hit 4200fps?! Even for a bullet thats fast!

- TheWoodRaccoon

Especially for a 175 grain bullet…...6800ft/lb of energy!

-- Our village hasn't lost it's idiot, he was elected to congress.

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Tennessee

2410 posts in 1974 days


#11 posted 02-05-2016 01:29 PM

Since I technically run a business with my shop I have to hold a business policy. It not only covers the equipment, it also has some nice liability coverage if someone would get hurt in my shop, or if one of my products hurt someone. When you make stringed instruments, sometimes strings break for no reason. There is the old story about the rocker who was playing on stage when his high E string broke, (.010” thick), and whipped up and lanced his eyeball before he could react. Obviously, he went blind in that eye. Nice to be covered.

-- Paul, Tennessee, http://www.tsunamiguitars.com

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bigblockyeti

3663 posts in 1180 days


#12 posted 02-05-2016 02:50 PM

I got in a hurry, I meant 3200fps, not 4200fps. That would require a tremendous amount of pressure and a heck of a long barrel. It a frankenstein piece with 7.62×54mm cartridges I hand load.

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alittleoff

296 posts in 736 days


#13 posted 02-05-2016 03:50 PM

3200 vs 4200 fps, don’t make any difference, as long as the get the POINT!
Gerald

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bkseitz

294 posts in 769 days


#14 posted 02-05-2016 04:43 PM

Have a rider on insurance policy for the shop & tools. Got a discount for the policy because I have an actively monitored security system throughout, replace entrance with an alarmed steel door, night vision security camera, and motion lights around the perimeter. Also have two neighbors with shot guns and another down the street with an armory at home (Sheriff’s Office Special Ops). None of them like to see strangers in the neighborhood and more than once have come by to check up on a stranger parked in the driveway. One of them was the insurance guy looking over the barn ;-) .

The other aspect of that, safety. I’ve been working with doctors, fire and health departments, insurance company and other woodworkers to reduce health hazards and fire risks. My agent was rather surprised at the effort I’ve been putting in for such. He took a walkthrough of the shop to see all the additional safety equipment (dust collection project, GFI circuits, emergency shut-offs, dedicated safety glasses, push blocks and guards at each workstation, etc.). I only have a small amount of stains and solvents on hand till I get a flammable liquids cabinet. He was impressed with current state and where I was going. He’s now looking if there are other discounts he can apply to lower my rate still more.

Don’t know if your insurance company and agent act the same but its worth asking their advice. Insurance is one of those things to buy with the hopes of never having to use it. This is true on the other side of the fence, so they’re typically very helpful to lowering their risk of having to payout too.

-- bkseitz, Washington "if everything is going well, you've obviously overlooked something"

View David Taylor's profile

David Taylor

326 posts in 546 days


#15 posted 02-06-2016 04:44 AM

I’m trying to imagine how insurance by .357 helps with a fire? Do you shoot the flames, or the burned up tools and wood afterwards?

-- Learn Relentlessly

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