How to create a tool inventory for insurance

1. Start with the tools in front of you

Choose one location and lay out the tools safely. Give each item a clear name rather than “drill 1”. Record the owner so employer-owned and borrowed gear do not get mixed up with your own.

For a kit, note what was included in the purchase. Link the shared receipt to the relevant items and avoid counting the full kit price against every component.

2. Fill in the essentials

Use the checklist below on paper or in a spreadsheet. Leave unknown information blank and mark estimates clearly.

• Tool name, brand and model.
• Serial number, with a clear photo of the label.
• Owner and purchase source: new, second-hand, gift or borrowed.
• Purchase date, seller, price paid and currency.
• Receipt or invoice reference and photo filenames.
• Usual location and current borrower, if relevant.
• Warranty documents, expiry information and relevant notes.
• Optional replacement estimate, its source and the date checked.

Add your first 5 tools to Toolsie free →

3. Keep the evidence beside the entry

Keep ownership evidence, including receipts and photographs, beside the relevant tool record. Save the originals where possible and connect them to the right inventory entry.

For a spreadsheet, use a private folder with clear filenames such as “cordless-drill-serial.jpg”. Test the links on another device. Do not make receipts, serial numbers or your inventory publicly accessible.

4. Check the policy, not just the total

An inventory records what you have; it does not establish whether the tools are covered. Ask your insurer or broker about tools used for work, storage locations, cover away from the workshop, applicable limits and what evidence it expects.

A current shop price is useful context, not a promised payout. Keep the date and source of an estimate and ask your insurer how your policy values a loss.

5. Keep the list useful after today

Add a new entry when a tool arrives. Update its location when it moves, note loans and mark sold or retired items clearly. Set a reminder to check the list against the actual kit.

Instead of maintaining a spreadsheet, add your first 5 tools to Toolsie free. Start with photos, serial numbers and receipts, then fill the gaps as you find the paperwork.