Tool theft is breaking new records, with 78% of tradespeople falling victim to tool theft in the past year alone and only 1% recovering their full kit.* When times get tough, crime rates tend to increase. With the cost-of-living crisis, many more tradespeople are seeing their tools stolen. If you can’t work because your vital equipment goes missing, then it can cost your business heavily. That’s why it’s important to get adequate insurance coverage.

The consequences of stolen tools

• Your business could grind to a halt if you are unable to work without your tools.
• Your business’s reputation could be damaged if you can’t complete a contract on time.
• The cost of losing a contract due to delays or because you are not able to work can cripple your business.
• Some tools are complex and require proper setup, which can result in additional time and money expenses.
• With a shortage of raw materials, some tools may take longer to replace, which will delay your business further.
• Whether you operate by yourself or employ a large team, it’s not good for your morale or that of your team if work stops because of missing tools.

Why is tool theft rising?

• Your tools are in big demand
  The resale value of your tools has never been better thanks to a shortage in the supply of some materials. This has put the replacement cost of these items at an all-time high.
• Lack of traceability
  Unlike cars or certain electronic devices, most tools can’t be tracked, making them harder to trace and recover.
• Poor security measures
  Leaving tools on display in the back of your van or through the windows of your premises makes life easier for thieves.
• Tools are easy to transport
  Many tools are highly transportable. Easily loaded into a van quickly and with minimal effort, your tools are an easy target.

How can you minimise the risk?
There are many things you can do to try and prevent your tools from getting stolen, and these measures may help reduce your premium. Use CCTV cameras, alarms for premises, secure parking for vehicles, lockups, and lockable storage that is not on display. Mark your tools with your business name or postcode and do anything else you can to deter thieves.

How can insurance help?
Replacing tools is an expensive burden that could harm your business. It may take years to invest in and build up the right tools for your business. Having the right policy speeds up recovery if they’re damaged or stolen, keeping your business running smoothly.

Get the right policies at the right premium
Various policies protect your business from sudden financial shocks . When it comes to your tools, you may need a specific policy depending on their value and your existing policies. Consult your broker to tailor the appropriate insurance package, including commercial vehicle, premises, and public liability cover, safeguarding your investment.

Contact us to protect your investment of time and money by getting the right business insurance.