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Thread: Insurance on Shopbot?

  1. #1
    Join Date
    Jan 2015
    Location
    Houston Texas
    Posts
    366

    Default Insurance on Shopbot?

    I cannot find a single company to insure the machine with, they all say they cannot insure it

    Statefarm, farmers, Allstate

    All said they can't

  2. #2
    Join Date
    Mar 2013
    Location
    Memphis TN
    Posts
    695

    Default

    If you have your shop in your home, you should be able to add it as a "listed" item. That's what we do.
    ShopBot Details:
    PRS Alpha 96x60x12
    4hp Spindle
    12" indexer
    Aspire
    Rhino

  3. #3
    Join Date
    Jan 2015
    Location
    Houston Texas
    Posts
    366

    Default

    Yea that's no longer an option for my, I rent now and the machine is in a storage facility

  4. #4
    Join Date
    Mar 2013
    Location
    Memphis TN
    Posts
    695

    Default

    I can see why you would have trouble getting insurance.
    ShopBot Details:
    PRS Alpha 96x60x12
    4hp Spindle
    12" indexer
    Aspire
    Rhino

  5. #5
    Join Date
    Aug 2013
    Location
    Clayton, NC
    Posts
    439

    Default

    Are you trying to insure it against damage / theft while in storage or are you trying to insure it for business use issues?
    Daniel E.
    ShopBot PRS 48x96 (2010 Model)
    Porter Cable Router
    Vacuum Table w/ 2 Fein vacs
    Aspire 9.0

    What I do when I don't mess up wood: http://www.pathhome.net

  6. #6
    Join Date
    Jan 2015
    Location
    Houston Texas
    Posts
    366

    Default

    Both, it operates out of this warehouse inside my trailer, so theft, fire, transport etc

  7. #7
    Join Date
    Dec 2008
    Location
    , Richmond Tx
    Posts
    1,029

    Default

    How about auto insurance on the trailer rig?
    Kenneth

  8. #8
    Join Date
    Jan 2015
    Location
    Houston Texas
    Posts
    366

    Default

    My trailer is covered, but they said the contents probably won't cover the cost of the machine

  9. #9
    Join Date
    Aug 2013
    Location
    Clayton, NC
    Posts
    439

    Default

    Give Hiscox a call, they do a lot of small business insurance.

    http://www.hiscox.com/

    They do some insurance for my small business that a lot of the big names won't (or charge an astronomical charge for). You might run into issues if trailer is titled under personal name, not business name. You may need to look into an umbrella policy or a rider on the policy to cover the ShopBot.
    Daniel E.
    ShopBot PRS 48x96 (2010 Model)
    Porter Cable Router
    Vacuum Table w/ 2 Fein vacs
    Aspire 9.0

    What I do when I don't mess up wood: http://www.pathhome.net

  10. #10
    Join Date
    Dec 2011
    Location
    Piedmont, SD
    Posts
    653

    Default A Shopbot is completely insurable, just like any other tool

    If you have a Business Owner's Policy, you can simply attach an inland marine floater on your policy with a declared value for your machine by presenting the original purchase documentation. In doing so, you are also assuring reimbursement at replacement cost, ( or at least the original price paid), as scheduled property with a declared value will not be subject to Actual Cash Value assessment in the event of a loss.

    Issue at hand is not the machine, but rather the circumstances. You simply need to present this to a prospective insurance provider with different terminology. From your description, sounds like you're no different than a mobile welder, food vendor, etc. As such, a BOP will include a general equipment value, Inland Marine scheduled items as described above, and some vitally important liability. (BTW, I hope you've set your business up in an LLC format while you're at it . )

    Typically, an independent insurance agency with an emphasis on business coverage will have many more options and specialty markets available that are accustomed to your business format.

    Final qualifier: If this is just a novelty and you're not actively operating a business, the game changes entirely. May be able to add a floater to a renter's policy, but cost may be prohibitive and indeed, you are way outside the box and can expect a continued series of rejections - the big carriers especially are not generally interested in venturing into unusual territory like this.

    Margins and gray areas are where we all like to be- adventurous, cutting edge, coloring outside the lines/box, etc. Problem is, insurance companies live and die by the stats. No stats = no help.

    Good luck with your venture,

    Jeff

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