Risk Management tips to reduce equipment theft on construction sites
2 minute read Published on Sep 10, 2023 by BrokerLink Communications
Weekends bring a welcomed break but it can be hard to relax completely if you’re worried about equipment left behind on your construction site. At BrokerLink, our business is protecting your business, and we have a few tips about managing the risk of equipment theft that can help you minimize the chances of a costly claim.
Equipment theft is an ongoing concern for contractors and construction companies, that is compounded by high demand and manufacturing supply delays. This means that losing equipment can impact your work schedule and push back future jobs, which impacts your livelihood and the livelihood of your employees.
Long weekend losses
Long weekends are especially problematic, and we see a correlation between long weekends and equipment theft. It isn’t uncommon for contractors to return to the job site after three days off to find that criminals used the extra day to case jobsites and shop for equipment.
It’s important to stay vigilant when protecting your equipment on weekends and holidays, and we’ve listed several ways to mitigate the risk of equipment theft:
- Pack light. Small items are a target for thieves as they can be stolen quickly, so pack up small equipment and tools and store them in your shop or yard, where you can monitor them.
- Park securely. Bring trailers loaded with tools and equipment to a place where you can monitor them easily, rather than leaving them at the job site where they are an easy target for thieves.
- Stay bright. If big equipment must stay on site, ensure the site is well lit.
- Shut down. Implement shut off systems, battery switches, ignition locks, and hidden deactivation switches.
- Tag tools. Install GPS tracking systems on equipment.
- Keep watch. Install cameras or consider hiring security for long weekends. Hiring a watchperson every night and every weekend is ideal but may not be in the budget for most.
Mitigate risks to save in the long run
While the suggestions listed above may incur an extra expense for your company, weighing these costs against the cost of losing this equipment likely amounts to less in the long run. In addition, your insurance company may require you to ensure proper theft-prevention measures are implemented.
Speaking of insurance, the settlement of a claim for the theft of tools or equipment may take time, as some insurers may not pay out for the theft of any equipment until 30 days after the theft, in case the equipment is found within this time frame.
Protecting your equipment from theft is a priority and taking steps to reduce the chances of theft can ensure your operation continues to run smoothly, so you can focus on growing and developing a successful business.
Protect your equipment with confidence
Focus on growing your business worry-free! Contact a knowledgeable BrokerLink insurance advisor for information about contractors insurance and the value added services BrokerLink provides, such as risk management strategies that can help protect your business.