Company Laptop, My Data — Can They Co-exist?

An anonymous reader writes "I recently replaced my old laptop. The owner of my company heard about this and offered to reimburse me for it, since he knows I have and will continue to do company work on my own hardware. I'd like the extra $1,250, but I think if I accept his offer that legally he has the right to any data on it (personal emails, files, blog posts, etc.). Even if I decide to put my personal stuff on a second drive, I'm worried that using company property to save and write to separate storage still gives them the right to it. The apps (Office, etc.) are my own licenses. We do not have a policy that intellectual property developed using company assets belongs to the company. But, if I figured out the One Great Internet Business Idea or write the Great American Novel and used the company laptop to do it, it's an avenue they could use to claim they own it. Unlikely, but scary. How many Slashdotters have been in this situation, and what agreement did you and your management come up with?"