5 ways to prevent tool theft
If you operate a small business within the trades or services industry, you likely have equipment integral to the everyday running of your business. Insurers are seeing a sharp rise in tool or general equipment theft. Without your tools, getting on with the job can be impossible, not to mention the expense of having to replace tools or stock.
Replacing tools can cost thousands of dollars, but this expense isn’t the only downside of stolen equipment. Securing replacement tools also costs time, and without the gear to get the job done as scheduled, customers’ projects could become delayed. The inevitable result: money coming into the business is impacted.
Here are 5 tech-savvy ways to protect your tools from being stolen, help you recover them and potentially reduce your premium:
Motion Sensing Cameras - CCTV and Home monitors can be a massive deterrent for opportunistic thieves. Knowing your property is protected in this way can bring great peace of mind. Your set up could be simple, using wireless security cameras to monitor your property remotely, often with the ability to speak through the camera. You can also set them to sound sirens and turn on a spotlight function. Most cameras are also backed up to cloud-based storage, giving you the opportunity in the event of theft to pass the footage on to the police.
Labelling/Engraving - Thieves often look for new or like-new tools that can easily be flogged off in the marketplace or re- sold. Something as simple as labelling, painting, or engraving your tools and equipment can reduce the likelihood of those items being nicked from your toolbox. Find a prominent spot on the tool and add something like: “Stolen from Joe’s Plumbing, Call # for REWARD.” Marking and engraving a tool lowers the tool’s resale value and increases the risk of arrest the thief.
GPS Tracking - Various companies make GPS tracking devices which you can attach to your power tools with epoxy, screws or rivets. Once you notice your tools are missing, activate the app from your phone and find their location. Thieves can’t afford to spend the extra time to pry off the trackers while they’re at the scene of the crime, and they don’t want to take the risk of being tracked while they head home with the “goods.”
Smart Padlocks - Long gone are the days of carrying a stack of keys for a million padlocks. With the rise of Bluetooth lock technology, locks can now withstand physical attacks and hacks, protecting your property with military-grade encryption and high-security features. Never worry about losing your keys or forgetting a combination again. And if remembering codes sounds just as bad as carrying keys, Biometric padlocks are surprisingly inexpensive when you weigh up the cost of the tools they’re locking in.
Digital Inventory - If you’re not keeping an up-to-date inventory of all your hand tools and power tools, it may well be a case of “you don’t know what you’ve got ’til it’s gone”. Keeping a log of the tool’s serial number, purchase price, and digital receipt of purchase not only helps when it comes to claiming – but also assists in keeping a log of what tools you have to help ensure the correct insured values.
There are plenty of clever new ways to protect your tools from theft, but it’s just as important to ensure they are insured in the event of theft or damage. Most insurers require item values over $2000 to be insured as specified property, and blanket cover is a cost-effective option for smaller items.
Need help covering your tools? Contact our friendly team today.
General Advice Warning: Please be aware that any advice that may have been given or implied is general advice only. We have not taken into consideration your individual needs, objectives or financial requirements. Before deciding to purchase a financial product, you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs. Article originally shared on ausure.com.au.
