Do you keep a detailed inventory of everything in your workshop? - Page 3 - Router Forums
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post #21 of 49 (permalink) Old 05-17-2019, 03:37 PM
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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?
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post #22 of 49 (permalink) Old 05-17-2019, 04:49 PM
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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'.
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post #23 of 49 (permalink) Old 05-19-2019, 11:50 PM
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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.
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post #24 of 49 (permalink) Old 05-20-2019, 01:49 AM
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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.
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post #25 of 49 (permalink) Old 05-20-2019, 09:09 AM
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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.
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post #26 of 49 (permalink) Old 05-20-2019, 09:35 AM
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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.
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post #27 of 49 (permalink) Old 05-20-2019, 11:10 AM
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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.
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post #28 of 49 (permalink) Old 05-22-2019, 05:52 PM
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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.
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post #29 of 49 (permalink) Old 05-22-2019, 06:08 PM
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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? )
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post #30 of 49 (permalink) Old 05-22-2019, 06:25 PM
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Bhr welcome to the forum

I donít always insulate , but when I do .
Ok ,I never insulate
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