Tool Inventory List for Insurance: What You Need to Get Paid
Picture this: You get a call at 6:00 AM. The site was broken into. The gangbox is empty. Your first call is to the police, and your second is to your insurance agent.
The agent asks one simple question: "Send me your updated inventory list with serial numbers and proof of purchase."
Do you have it?
For many contractors, the answer is "No," or "It's on a messy spreadsheet somewhere." Without a proper inventory list, insurance companies often deny claims or pay out only a fraction of the value. In this guide, we break down exactly what your inventory list needs to ensure you get paid in full.
The 5 Columns Your Insurance Agent Needs
If you are building your list (whether in Excel or software), ensure these five columns are filled out for every tool over $300.
| Data Point | Why It is Required | Risk if Missing |
|---|---|---|
| Serial Number | Unique proof that this specific tool belonged to you. | Claim Denied. (They assume you are claiming a generic item twice). |
| Purchase Date | Determines the "age" of the tool. | Depreciation. You get paid for a 10-year-old drill instead of a new one. |
| Purchase Price | Sets the baseline value. | Undervalued. You receive less cash than needed to replace it. |
| Model Number | Distinguishes between a "Pro" version and a "DIY" version. | Lower Payout. They might price it based on a cheaper home-grade model. |
| Photo Evidence | Visual proof of condition and ownership. | Dispute. Harder to prove the tool was in good working order. |
Related: See how tool theft impacts your bottom line in our guide on The Hidden Cost of Lost Tools.
The Problem with Spreadsheets
Many businesses try to track this in Excel. The problem? Excel doesn't update itself.
You buy a new compressor in March. You forget to add it to the spreadsheet. In July, it gets stolen. Because it wasn't on the list you sent to the insurer last year, it is not covered.
The Solution: "One-Click" Export
The easiest way to handle insurance is to have a "living" inventory.
This is where Volcann shines. Because you use our software to assign tools to employees daily, the list is always up to date. When you need to file a claim, you don't need to dig through receipts.
How to Export Your List in Volcann:
It takes 3 seconds. Go to your Dashboard, click Tools, and hit the "Export CSV" button. You can hand that file directly to the police or your insurance broker.
Conclusion: Document It or Lose It
Insurance is expensive. Paying for coverage that won't pay out because of bad paperwork is a waste of money.
Take an afternoon this week to audit your high-value assets. Ensure every serial number is recorded. If that sounds like too much manual work, it might be time to switch to a dedicated inventory system.
Ready to secure your assets?
Stop relying on memory. Start your free trial with Volcann and generate your insurance-ready inventory list today.
