Insuring Equipment

[Framernathan]

I have a quick query about insuring tools and equipment.

Do most framers insure everything so they are covered for replacing all their equipment and stock, or do you insure for the amount you need to restart your business?

When we first started my business we bought all the equipment and moulding for around £10k, but over the years I've added a few more tools and accumulated more stock.

It's just deciding whether to cover everything so it can all be replaced or to cover the bare minimum, so there's enough to start again.

[Justintime]

I've covered for replacement(new) cost for all equipment and stock, building, interruption to business etc. There'd be nothing worse than being underinsured in the event that they actually agree to pay out..

[Framernathan]

OK. Thanks. It's a choice between being fully insured and reducing your insurance costs.

[Justintime]

3 thoughts:
-Hiscox Insurance
-"If in doubt, put your prices up"
-Balance your risks with the ability to sleep at night.

[pramsay13]

I think you have to insure what you currently have.
I assume some of the new equipment you have allows you to do certain jobs and without this equipment you either wouldn't be able to do it at all, or it would be less quality or much slower.
So why put yourself in that position?