Do you keep a detailed inventory of everything in your workshop? [Archive] - Router Forums

Do you keep a detailed inventory of everything in your workshop?

Cricket
05-16-2019, 10:28 AM
369515

From routers themselves to collets, chucks, and bits, keeping a detailed inventory of your workshop can help you stay efficient, organized and saving money across the board. Whether you’re a hobbyist router, a business owner or somewhere in between, there’s never a bad time to start an inventory of the tools you have on hand. Organize your tools, assign homes to everything to stay tidy and make a list of what goes where – it’s a simple afternoon project that pays dividends in saved time throughout the year. Do You Have an Inventory of Your Tools? (https://www.routerforums.com/articles/do-you-have-an-inventory-of-your-tools/)

Do you keep a detailed inventory of everything in your workshop?

Gaffboat
05-16-2019, 10:38 AM
It would take me days, if not weeks, to write down everything in my shop. The best I've done is to take photos of the major pieces of equipment, and I also opened each tool drawer, and took a photo of the contents.

DesertRatTom
05-16-2019, 10:46 AM
I have stored receipts for every tool and major accessory in the shop. But think taking pictures is probably a better strategy. Pictures work for an insurance claim. Lots of accessories could be laid out on a table to provide for an insurance claim. Of course, you'll never get anything like what you paid for new tools. Too many other things to get done to take time to inventory.

CharleyL
05-16-2019, 11:14 AM
Yes, but I'm not very good at keeping it up to date. The list is more accurate for the larger hand and all of the power tools, but my last update was last Fall. I guess I need to do it again since I've added/replaced several power tools since then. The list is far from complete for the hand tools. I just never seem to take the time to inventory them.

Charley

difalkner
05-16-2019, 11:38 AM
Mentally, yes. Written down? Not really. I do have plenty of photos and videos, though, and refer to them often.

David

kp91
05-16-2019, 11:47 AM
Lots of pictures, mainly of the big stuff.

Unfortunately we tend to focus on the Big Machines, yet often times there is more value in the accessories in the drawer next to the machine we don't include. I have a handful of routers and laminate trimmers, but I probably have more invested in the Router Bits that go with them.

DaninVan
05-16-2019, 11:57 AM
Tom; re the insurance compensation. If you have a decent policy it should be for REPLACEMENT COST of the items, not the depreciated value. When I had my claim I did have a lot of the original receipts but the adjuster was only interested in them in the sense of proving that I actually did own them; the compensation was for the new replacement tools at full invoice value.

DaninVan
05-16-2019, 11:58 AM
Having said that, I lost a lot of my grandfathers tools which of course were irreplaceable.

Stick486
05-16-2019, 12:05 PM
right down to spread sheets on performance, reliability, tangible/intangible costs, up/down time and CS/TS evaluations on everything to include screwdrivers....
not to mention photo record..

Herb Stoops
05-16-2019, 12:28 PM
Tom; re the insurance compensation. If you have a decent policy it should be for REPLACEMENT COST of the items, not the depreciated value. When I had my claim I did have a lot of the original receipts but the adjuster was only interested in them in the sense of proving that I actually did own them; the compensation was for the new replacement tools at full invoice value.

It didn't work that way for me on both the shop fire and again the burglary. They only gave depreciated value, and anything over 10 yrs. was considered "0" value, plus there were policy limits on the claims which were below the total replacement value. The adjuster said that the only way I could get total replacement was with a rider on the policy specifically for the tools and pay additional premiums over and above the HO policy, that also applied to electronics,guns,and art work. Those items did need photo or receipt documentation. This was from a major Insurance company.
Otherwise it was considered just personal property with standard limits.

Herb

DaninVan
05-16-2019, 04:04 PM
Herb; you know the old sayings 'Read the fine print' and 'It's all in the detail'.
I know I paid likely more than the low bidder for my policy, but my Insurance Broker made sure I got FULL coverage.
Believe me, I thanked my lucky stars I listened to him. A good Broker is worth their weight. The Adjuster was great as well.

DaninVan
05-16-2019, 04:10 PM
You folks might want to check your Policies...
"Various insurance companies in different states may offer replacement cost coverage in their standard property insurance policies. Others may require you to specifically ask for and choose this option. Whenever you are purchasing a property insurance policy, you should always ask whether coverage is for replacement cost or actual cash value. Replacement cost coverage usually reimburses you for the full cost of replacing the lost, stolen or damaged item, rather than simply reimbursing you for the value of the item at the time of the claim. Actual cash value, on the other hand, accounts for depreciation and is considered a lower level of insurance."
https://www.trustedchoice.com/homeowners-insurance/home-coverage-types/replacement-cost-insurance/

RainMan 2.0
05-17-2019, 12:06 AM
Tom; re the insurance compensation. If you have a decent policy it should be for REPLACEMENT COST of the items, not the depreciated value. When I had my claim I did have a lot of the original receipts but the adjuster was only interested in them in the sense of proving that I actually did own them; the compensation was for the new replacement tools at full invoice value.

I got tired of collecting receipts,so pictures wouldn’t be proof enough I guess ?
I could take video , this way they know it’s not photoshopped.

I wonder how far your banking information goes . I could probably find the transactions if it goes back a decade or two

OCEdesigns
05-17-2019, 06:57 AM
I have pictures of everything and receipts for most of everything. At least the bigger items. None of the smaller hand tools. I did get to start from scratch with building the shop and then arraigning everything so I have everything pretty well organized. Well actually the wife is the organizer so I can't take too much credit!! We have a lot of stuff from metal fabricating to wood working so we knew we needed to organize it as clean as we can. We are actually going to build a mini shop now to accommodate our growth and we will take photos of everything there too.

DaninVan
05-17-2019, 11:34 AM
Rick; the Adjuster just wants to know that you're not trying to scam them. Pictures and videos are much appreciated by them.
The thing about keeping records is that they hope you've recorded the serial numbers! They won't try and make you take it/them back once they've settled, but it does go a long way towards allowing them to seize recovered stolen property (and successfully prosecute).

DesertRatTom
05-17-2019, 12:43 PM
...We are actually going to build a mini shop now to accommodate our growth and we will take photos of everything there too.

About 12 years ago, after moving to the high desert, we had a 12x24 shed installed. About the size of a single car garage. It is jam packed in there. It would only have cost another $1200 or so to have had a 16x24 shed built, and another $1500 to have it built on a slab. I wish we'd done that now. At the time it looked so big, but now I have to work my way around tools to get to tools at the end of the shop. So I suggest you not scrimp on size, you'll be happy you did in a few years as your shop fills up. The worst thing is that when I try to cut down BB ply, it's 6 inches too wide to fit on the table saw because it bumps into the sliding miter's table. Very annoying. Regret at leisure.

Looking forward to seeing your project pictures.

Herb Stoops
05-17-2019, 12:49 PM
I plead guilty to not keeping records,or rather keeping them all in one big box and storing them in the shop attic, and they burn up in the fire. But I do have pictures of projects on the shop to verify the larger equipment and then there is the charred remains the adjuster takes pictures of.
But I am really bad about keeping serial numbers,never crosses my mind until the item is stolen.
Come to think of it maybe that would help get a tool back from a neighbor who borrows it and after a year claims it as his own. HMMM........
HErb

ScottyDBQ
05-17-2019, 02:50 PM
Agree with Dan - insurance providing replacement value is the way to go. If you replace the item that was lost, stolen, damaged, they will pay the cost of replacement. If you have an item that you don't want to replace, or can't replace, they will give you the depreciated value. You must actually replace it to gt "replacement value". In most cases, if you had the item for quite some time, the depreciated value will be far below what the replacement cost is. If you have a large loss, this makes the cost of replacement coverage worth it.

OCEdesigns
05-17-2019, 03:25 PM
About 12 years ago, after moving to the high desert, we had a 12x24 shed installed. About the size of a single car garage. It is jam packed in there. It would only have cost another $1200 or so to have had a 16x24 shed built, and another $1500 to have it built on a slab. I wish we'd done that now. At the time it looked so big, but now I have to work my way around tools to get to tools at the end of the shop. So I suggest you not scrimp on size, you'll be happy you did in a few years as your shop fills up. The worst thing is that when I try to cut down BB ply, it's 6 inches too wide to fit on the table saw because it bumps into the sliding miter's table. Very annoying. Regret at leisure.

Looking forward to seeing your project pictures.

The one we built is 20x20 with 10' walls, and as soon as we started to fill it up we said it should have been 20x30. So now we will build a second one probably 15x15 or so. This one will be mostly for storage of the lesser used tools and smaller stuff that is just in the way now. We still have plenty of walking around room but when things bet busy on a weekend or so it gets cramped real fast! LOL

DaninVan
05-17-2019, 03:40 PM
Excellent point on the accumulated depreciation vs the slightly higher premium cost, Steve!

kp91
05-17-2019, 04:37 PM
another question I never thought of is where the line is between a hobby and a business when it comes to insurance? If you're selling things from your home shop, does it stay under your homeowners policy, or do you have to change that as well?

DaninVan
05-17-2019, 05:49 PM
The company is concerned with risk. I don't think they care what you do with your tools. They would be really unhappy to find out you were packing thousands of $'s worth of tools around in your pickup, to jobsites, without telling them however. The thing about Contractor's policies is the Liability aspect; you getting sued because you screwed up on a project...or accidentally burned someone's house down. Pretty sure your Homeowner's policy Insurance Co. would basically tell you to 'dream on'.

ScottyDBQ
05-20-2019, 12:50 AM
The company may have a provision as to how much "income" you can make before it's a business. They may also look at the tax return to see whether you depreciated / deducted the cost of your equipment - a sign that you claim it is a business. The IRS will frequently look at whether there has been any reported profit from the "work", or just year after year of losses in which case they may claim it's a hobby, not a business.

Herb Stoops
05-20-2019, 02:49 AM
My Insurance company was concerned as to whether I was in business and if I claimed any income on my income taxes, My son who lived with me at the time was in a video business so couldn't claim any smoke/water damage to his computers or other equipment.
HErb

Knothead47
05-20-2019, 10:09 AM
First, check the terms of the policy with your agent. Second, take photos and/or videos. Your agent should be able to keep a copy for your file as the info could be put on a disk which doesn't take up much space. Had to sue an insurance company when we had 12 guns stolen. Their claim was we didn't have all those guns, three of which were my grandfather's. This didn't cover his watch when he worked for a railroad and his coin collection; no way to put a value on them.
Edit- this could apply to everything in your house.

roxanne562001
05-20-2019, 10:35 AM
I should!! So I know whats missing when my son leaves. I don't mind him bowering I just want my tools to come back when he is done.

DaninVan
05-20-2019, 12:10 PM
Taking a Tax right-off for depreciation is for sure a dead giveaway that you're making money from them, but in theory at least, you're supposed to be putting money aside for tool replacement once the tools have been worked to death.
The above shouldn't affect the Insurance as you chose to pay a higher premium for the added value of REPLACEMENT COST insurance. If they had an issue the (the Insurer) should have made their conditions clear before they entered into an agreement with you. This is why I only buy from a Broker, not directly from the Ins. Co. I tell my Broker what I need and why, and let him sort out the fine print, shop it around, and come back to me with a policy I can live with.

bhr
05-22-2019, 06:52 PM
I maintain spreadsheets listing all machinery and power tools, and associated consumables like sanding discs and belts, router bits, band saw blades, and jig saw blades. I do not keep an inventory of hand tools. Within the spreadsheets I also list where I bought each item and the remaining number of items for the consumables. For the machinery and power tools I record the purchase price.

DaninVan
05-22-2019, 07:08 PM
OMG! N/A you're putting us to shame... *shock*
WElcome by the way! Could you maybe fill out a wee bit of info in the 'Bio' section under your screen name? We can't call you N/A (OK...I guess we could but you probably wouldn't appreciate it? :) )

RainMan 2.0
05-22-2019, 07:25 PM
Bhr welcome to the forum

Garyk
05-22-2019, 07:47 PM
I have mine on a spreadsheet with the serial numbers recorded. Don't want things to show up in the Pawn shop.

Swdstmakershop
05-23-2019, 07:43 AM
Yes I do. I have a PC program that stores operation manuals and photos of everything.

hawkeye10
05-23-2019, 08:22 AM
right down to spread sheets on performance, reliability, tangible/intangible costs, up/down time and CS/TS evaluations on everything to include screwdrivers....
not to mention photo record..

I new Stick would be on top of this. :smile: I will have to say I do not do any of this but I know I need to. If I was young and working I would have plenty of time to keep records but I am old and retired and just don't have the time.

Straightlines
05-23-2019, 10:51 AM
Lots of pictures, mainly of the big stuff.

Unfortunately we tend to focus on the Big Machines, yet often times there is more value in the accessories in the drawer next to the machine we don't include. I have a handful of routers and laminate trimmers, but I probably have more invested in the Router Bits that go with them.

Yep, and some tools, especially Festool, effectively practice the Gillette razor business model where the consumables and simple accessories are shockingly expensive.

Other big ticket items that may escape immediate consideration: The workbench(s), DC system, that vintage and extremely difficult to replace vise, tool cabinets & storage, specialized builder’s hardware, quality hand planes & chisels, quality squares & other layout tools. Then there are those clamps....

Stick486
05-23-2019, 11:21 AM
I new Stick would be on top of this. :smile: I will have to say I do not do any of this but I know I need to. If I was young and working I would have plenty of time to keep records but I am old and retired and just don't have the time.

start the sheet the day the tool comes into the shop...

Herb Stoops
05-23-2019, 01:26 PM
So do you have a back-up copy for when the whole house burns down and the computer goes with it?
Then do you update both copies at the same time?

Is the limit on the policy large enough to cover future acquisitions?

When you sell/break a tool do you remove it from the list?

Makes me tired to even think of this.

Have to make a trip to Harbor Freight for R&R.

Herb

Stick486
05-23-2019, 02:17 PM
1.. So do you have a back-up copy for when the whole house burns down and the computer goes with it?

2... Then do you update both copies at the same time?

3... Is the limit on the policy large enough to cover future acquisitions?

4... When you sell/break a tool do you remove it from the list?

5... Makes me tired to even think of this.

6... Have to make a trip to Harbor Freight for R&R.

Herb

1... yes...
2... yup... net worked..
3... yup...
4... yup..
5... take a nap...
6... yur a bad influence Herb...

JOAT
05-23-2019, 03:54 PM
Makes me tired to even think of this.

Have to make a trip to Harbor Freight for R&R.

Me too. Don't need to go to HF, got a new catalog from them in the mail. Gonna put my legs up, have coffee, and look at the pretty pictures. Then either order something to be shipped, or have more coffee, or take a nap.

Herb Stoops
05-23-2019, 09:46 PM
1... yes...
2... yup... net worked..
3... yup...
4... yup..
5... take a nap...
6... yur a bad influence Herb...

Sorry, I am not a fan of paper work, would rather build something.
Herb

tulowd
05-25-2019, 11:12 AM
I have several hundred photos of what's in the shop, but it keeps moving around and my inventory of car parts and supplies rivals the value of the tools.........toolboxes and air compressor and tools are separate categories, then there's the basement........lol

DaninVan
05-25-2019, 11:35 AM
*Bogglement!*... Holy Hanna, Paul, that's mind boggling. How do you find any space to work?
The organization and general cleanliness is amazing; you related to Stick???
OK; I'm going out to my shop this morning and clean it up :(

tulowd
05-25-2019, 11:45 AM
lol, thanks. The mitre saw, shop vac, the 2 rolling carts, the service tool cart with endbox and the welder usually go outside or into the car shelter, which leaves adequate room to work inside on small things; and I use the 10x10 space in the driveway between the garage and shelter to do the big woodwork. I have 2 worksurfaces setup outside for larger things - have a look at my car subwoofer build thread. I think I figured out why my neighbors built an 8 ft solid fence, lol. Keep in mind, I live within the city limits of Liberal Toronto, where you are allowed to do nothing....unless you're me. :dirol: I try to keep the noise and dust to a minimum during appropriate hours, and also feed my neighbors alcohol and bbq every couple of days.

It's all about making the best of what I have......all this stuff, the car and my sled really deserve a 2000 sq ft shop with a couple of hoists, but GoFund Me has blocked me lol. The more time I spend out there, the more organized it gets. Also, keep in mind that about half my car is spread out between there, the basement, the sheds and in my kid's room as well lol

Stick486
05-25-2019, 12:02 PM
you related to Stick???


Dan....
do you actually believe you can get anybuddy to admit to that???...

DesertRatTom
05-25-2019, 12:57 PM
I think Paul wins the "guy with the most toys," race. Either that or "The guy with the worst tool addiction" award.

DaninVan
05-25-2019, 03:01 PM
Paul; Great attitude! LOL!!
So basically you get to work outside in May and September? ;)
(I had a feeling you were a driveway-workspace kinda guy. Me to. When it's not raining...)

tulowd
05-25-2019, 06:32 PM
Beggars can't be choosers, but I am thrilled that I have resurrected my passion of working on a car and doing heavy modifications. I did most of the work on this build myself (car was 95% stock when I started) incl all suspension work in the driveway, incl coilovers, basic alignment, ride height, etc. I've done solo engine swaps here and also adapted the 13" 4 piston Brembo brakes from an Alfa Romeo to fit this car. They get dedicated rotors and pads for when I trailer to the race track, as well as a duct cooling setup.

Where there's a will, there's a way.

I call it the "Ghetto Build"; should be driving sometime this summer...

jw2170
05-26-2019, 01:47 AM
Not so much for insurance purposes, but I did list some items in my Bio when I joined.

I was surprised how many tools I owned...(not by comparison to others...I did visit BJ's "shop" in 2012 and walked away in awe)...

harrysin
06-15-2019, 10:26 AM
I've often wondered what happened to the HUGE number of quality tools that Bob had, routers, at least a different one for each day of the week!
His wife emailed when he died but I was never able to contact her on that email address.

Cherryville Chuck
06-15-2019, 06:12 PM
I think it was more like a router for every day of the month Harry. Like you, I hope they went to good homes.