Question for any insurance people

[PUMPKIN]

Your company will have an insurance policy to cover the tools. Speak with HR and ask them how much they cover and if you need to provide a list with serial numbers. I have field techs and the company will cover theft provided the tools were properly. All of my techs have to provide a list twice a year andpictures if there are no serial number. As long as the tool boxes are secured we cover theft.

If the boxes were not locked the insurance says tough luck.

this!! also take video of your tools.

 

[ronny]

Mgarza-a, his company is not your company. I worked for an insurance company for 33 years and, believe me, all insurance companies are not equal. He is very likely insured with an agent/employee of a single company. If so, there is a good probability they don't have (or aren't willing to use) the correct coverage for a tool floater. Tool floaters are tough to underwrite and tough to make a profit on.

If he were insured through an independent insurance agency (like you probably are), there would be a greater likelihood they would be able to offer this coverage. Even then, they probably wouldn't do it if he didn't have his other coverage with them.

 

[inactive]

Mgarza-a, his company is not your company. I worked for an insurance company for 33 years and, believe me, all insurance companies are not equal. He is very likely insured with an agent/employee of a single company. If so, there is a good probability they don't have (or aren't willing to use) the correct coverage for a tool floater. Tool floaters are tough to underwrite and tough to make a profit on.

If he were insured through an independent insurance agency (like you probably are), there would be a greater likelihood they would be able to offer this coverage. Even then, they probably wouldn't do it if he didn't have his other coverage with them.

Yup. Even a captive agent of larger multi-line carrier (State Farm, Farmers, etc.) would have some solution. This agent is either selling for a much smaller company, or doesn't know or much care about the products he can sell.

 

[TheMcs]

With my wife's insurance company, she said their only option is a business owner's policy, tools covered by general liability. I like the idea of talking to HR about how they cover your tools.

How do garage mechanics cover their tools left at the company shop?

 

[Mgarza_a]

Mgarza-a, his company is not your company. I worked for an insurance company for 33 years and, believe me, all insurance companies are not equal. He is very likely insured with an agent/employee of a single company. If so, there is a good probability they don't have (or aren't willing to use) the correct coverage for a tool floater. Tool floaters are tough to underwrite and tough to make a profit on.

If he were insured through an independent insurance agency (like you probably are), there would be a greater likelihood they would be able to offer this coverage. Even then, they probably wouldn't do it if he didn't have his other coverage with them.

The company I manage for uses an independent agent, however all tools are covered under our general liability & auto combo. I also run a seamless gutter business and all the tools are covered under the combo of general liablilty and auto.

 

[inactive]

With my wife's insurance company, she said their only option is a business owner's policy, tools covered by general liability. I like the idea of talking to HR about how they cover your tools.

How do garage mechanics cover their tools left at the company shop?

Your tools wouldn't be covered by liability policy. I think you were misinformed. Tools for use as equipment more correctly would be Business Personal Property.

 

[smcgee10]

I have used Pro-Tec before. They seemed to be pretty affordable. I worked in a diesel shop also and was worried womeone would bang into my tool box while I was gone. They were also pretty well talked about on IATN.

 

[ronny]

That's very unusual. However, I've been out of the business for a few years. Things change. Have they ever paid a claim for theft of tools under the auto policy?

 

[gregorius]

With my wife's insurance company, she said their only option is a business owner's policy, tools covered by general liability. I like the idea of talking to HR about how they cover your tools.

How do garage mechanics cover their tools left at the company shop?

Liability coverage never pays the insured, only third parties. I think she meant a BPP. If you own the tools, you are probably going to be solely responsible for insuring them. Your company can't insure property that doesn't belong to them.

I think you may want to talk to an agent or broker that specializes in small business insurance. There are ways to get your tools covered, and if your agent can't figure it out, you should change agents.

 

[bilboben]

Liability coverage never pays the insured, only third parties. I think she meant a BPP. If you own the tools, you are probably going to be solely responsible for insuring them. Your company can't insure property that doesn't belong to them. I think you may want to talk to an agent or broker that specializes in small business insurance. There are ways to get your tools covered, and if your agent can't figure it out, you should change agents.

Unless it is in or on their property.