5 ways to prevent tool theft

If you operate a small business within the trades or services industry, it’s likely you 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 cost isn’t the only downside of stolen equipment. Securing replacement tools costs time, and without the gear to get the job done customers’ projects 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. The piece of mind knowing your property is protected using simple set up wireless security cameras allow you to monitor your property remotely, often with the ability to speak through the camera, you can set them to sound sirens and turn into a spotlight. Most cameras are also backup to cloud-based storage, giving you the opportunity in the event of theft to pass the footage on to the police.

Labeling/Engraving

Thieves often look for new or like-new tools that can easily be flogged off on marketplace or re-sold. Something as simple as labeling, painting, or engraving your tools and equipment can reduce the likely hood 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 to the thief.

GPS Tracking

Several companies make GPS tracking devices. They 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 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 remember codes sounds just as bad as carrying keys, Biometric padlocks are surprisingly inexpensive when you way 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. If you are unsure of how to protect your tools, talk to your our team

Not sure what you need?

We understand that Insurance can be confusing. With so many different options, how do you know what you really need and what the right choice is for you? Insure247 helps everyday Australian’s just like you, to understand what should be considered and why.

At Insure247, we know not every business is the same, and take the time to carefully review and asses any possible risks you should insure for.

Whether you are looking for insurance cover, or would simply like someone to review your existing insurance policies to ensure you are adequately covered and not paying too much.

Original Source: Ausure.com.au

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