Only a Rich Man Can Afford Cheap Tools

Humans have been using tools for millions of years and in our modern era there are now tools for every conceivable task. Given this tremendous range of selection, from the common cordless drill to a plumber’s specialized power pipe cleaner, how do insurance claim adjusters get a handle on pricing? 

These issues and more are covered in detail in our webinar “Best Practices for Valuing Portable Power Tools” which is now up on our site at http://www.enservio.com/power-tools-on-demand-webinar.

powertoolsblogIn this 30-minute on-demand webinar we cover such items as:

  • Key value drivers for each type of power tool
  • The three basic types of power tools
  • How much different tools types are typically overvalued
  • Common items often seen on claims

Every year there are a number of new power tool brands and models. It can be a challenge for adjusters to keep up with the latest industry trends while remembering models from the past. Tools are, by their nature, designed for long-term use and as a result the pool of insurable tools continues to expand.

Power tools are often an expensive investment but are crucial to many small businesses, including tradesmen like plumbers, electricians, and general contractors. Were a small business owner’s tools lost, stolen or damaged, they would have to fall back on a backup supply or get quick replacements in order to stay operational.

Unfortunately, tools stored in the back of a truck or located at building sites can make a tempting target for thieves. Tools kept in a shop are subject to fire, electrical, or water damage.

Many claimants don’t realize the level of detail adjusters need for accurate pricing. This webinar spells out the importance of tool brand when making valuations. Insurance claimants can leave significant money on the table by listing generic items such as “saw”, “drill”, or “nail gun.”

When dealing with commercial claims, it’s not a question of seeing power tools in your reports, it’s how often.

Adjusters, claim reps, claim managers, claim supervisors, claim directors and anyone dealing with commercial claims will benefit from this opportunity to learn more about power tools.

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