Many construction projects operate to tight budgets and pressing deadlines, meaning hired or owned equipment and tools need to be easily and quickly accessible to contractors.
But the open nature of building sites, along with insufficient storage and security measures, can make construction projects a tempting target for thieves.
What’s more, statistics from the NICB (National Insurance Crime Bureau) reveal that tools and equipment have a relatively low recovery rate. In 2014 only 23% of stolen construction equipment was eventually returned to its owners.
Unsavoury as the thought may be, crimes can often be carried out or assisted by staff with ‘insider knowledge’, while an unfamiliar face wandering onto a building site may be overlooked by staff who are used to an ever-changing rota of contractors.
Physical security measures are your first line of defence, so investing in the toughest tech and strongest locks can pay off.
It’s not just about how you store your machinery, but also where. This is especially important overnight and when not in use.
Sounds simple, but a detailed list of the equipment you own can be invaluable if something goes missing.
As well as an inconvenience to your business, it goes without saying that theft and vandalism are criminal acts. Therefore you must make sure you report any break-ins or thefts to the police, even if only a small or insignificant piece of equipment is stolen.
The police will then be able to start putting together a pattern if any more crimes are committed, either against you or nearby businesses, while insurers can sometimes ask for the Crime Number given to your by the police.
If something is stolen and you try to call on your insurance, failing to take sufficient precautionary measures could lead to rejected claims. It is also important to correctly estimate the value of your business tools and equipment, as underinsuring them could see an insufficient payout.
amb Insurance can help you provide a thorough assessment of your business assets and arrange insurance with adequate cover limits for your construction business. Get in touch to find out more.
amb Insurance Services Ltd
2 Woodland Avenue
T: +44 (0) 1782 740044
Registered in England. No.4923995.
Registered office Hillcrest House
Authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 303326.
In the event of any complaint you are entitled to refer your complaint to the Financial Ombudsman Service at:
Financial Ombudsman Service
Harbour Exchange Square
Tel: 0207 964 1000
The Financial Ombudsman Service will only be able to consider your complaint after we have had the opportunity to consider and resolve this.
If you bought your policy online then and if you are unhappy with the product or the service you received, you can also use the European Commission’s Online Dispute Resolution service to make a complaint. The purpose of this platform is to identify a suitable Alternative Dispute Resolution (ADR) provider and we expect that this will be the Financial Ombudsman Service.
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