* Liability vs. Property Coverage: Liability insurance covers you against financial losses arising from injuries or damages you cause to others. It doesn't typically cover your own property, such as tools.
* Specific Coverage Needed: To protect your tools from theft, you'd need a separate policy, such as:
* Business Property Insurance: This policy covers physical assets like tools, equipment, and inventory.
* Inland Marine Insurance: This policy specializes in covering movable property, including tools transported for work.
* Tool & Equipment Coverage: Some insurers offer specialized policies designed specifically for tools.
Important Considerations:
* Policy Details: Always review your insurance policy carefully to understand exactly what's covered.
* Valuations: Keep detailed records of your tools and their values. This will help with claims processing.
* Security Measures: Implement security measures, such as alarms, surveillance, and secure storage, to deter theft and potentially reduce insurance premiums.
In summary: Auto shop liability insurance is unlikely to cover stolen tools. To protect your tools, consider a separate policy specifically designed for business property or tools.
