Insuring My Shop---Advice?

How much insurance should I put on this building? I can't imagine the loss if it were to burn down.

I also need to insure the contents: welders, saws, vices, grinders, jacks, compressors, etc. I can figure out the value of the tools, but what would a replacement building cost "turn-key"?

Thank you,
Glenn F.

I can help with this. First off I am a documentation specialist. My company photographs and documents contents such as tools, household items, etc for insurance purposes. I am not sure where you live, but my service would beneficial if you need it. Where ever you live, I could refer a company in your area.

Not all insurance agents are aware of how to insure tools. There is a company called Inland marine insurance that specializes in tools. If your in Canada, check out houseoftools.com.

You could even go so far as to have model numbers and serial numbers listed on this sheet. Good info to have in the event of theft.

If / when a loss occurs you shouldn't forget about anything, and you'll have a "shopping list" to replace lost items.

Don't forget about parts / raw materials inventory either. This may require a separate sheet if inventory fluxuates frequently.

Digital pictures of the shop and equipment are also a good idea.

Update the inventory yearly, more frequently if you have major purchases of tools. Also, best to sit down with your insurance once a year and review coverages.

I had a building 30X40 cost me 7K to build, the hole deal unlock door and go to work. The insurance tried to con me into 25K policy. No thanks 12K will B enuff. After all you are going to say, concrete is good, we no pay for new concrete.

Glenn F.