If you work in the construction industry, or if you are any kind of tradesperson, then it is important to understand the risk of tool theft.
In this post we will explore the scale of the tool theft problem in the UK, before sharing some tips for keeping your tools, and your business, safe.
What is the Scale of Tool Theft in the UK?
According to one insurer, tool theft occurs once every 17 minutes in England, Wales, and Northern Ireland. Other reports suggest that at least 110 tools are stolen every day across the UK.
Thieves do not just target construction sites and vans. They also target garages, storage lockups, and even private homes.
Most tool thefts occur at night, and tool thefts tend to increase by 20% throughout the winter months.
However, some tool thieves are so brazen that they will steal tools directly from tradespeople in broad daylight. One carpenter told the BBC that thieves threatened him and his family with violence if he called the police.
What Are The Most Common Areas for Tool Theft in the UK?
Analysis by LBC revealed that nearly half of all reported tool thefts occur in London. Other key hotspots for tool theft include Essex, West Yorkshire, the West Midlands, and Gwent.
Another report suggests that Cambridgeshire is the worst area for tool theft in the UK, followed by South Yorkshire, and Lancashire.
How Much Does Tool Theft Cost the Construction Industry?
One report estimated that tool theft has cost the UK construction industry around £2.8bn.
The Tradespeople Against Tool Theft report revealed that the average cost of an incident of tool theft is £4,470. Nearly 20% of tradespeople who have fallen victim to tool theft lost over £5,000 worth of tools.
How To Deal With and Prevent Tool Theft
- Brief your staff. If you manage a construction business, or a team of contractors, make sure that everyone understands the risks of tool theft, and the steps they can take to manage the issue.
- Take extra steps to secure your vehicle. Tool thieves seem most likely to steal tools from parked vans. Invest in extra security for your van, including extra locks, cameras, motion sensors, and location sensors.
- Take extra care at night. Do not keep tools in your vehicle overnight. Try and park in a well-lit area – ideally on your own driveway, with motion sensors, floodlights, and security cameras.
- Register your tools. Use a tool inventory app, such as the Tool Register, to keep track of all of your equipment. This way, if you are a victim of tool theft, you will immediately know the value of your loss, which can help with your insurance claim.
- Mark your tools. Consider applying forensic marking to your most valuable tools, such as with microdots, and labelling your tools as “registered” and “protected”. This might help deter thieves.
Are You and Your Business Covered For Tool Theft?
83% of the tradespeople surveyed for the Tradespeople Against Tool Theft report revealed that, at the time of the theft, they had no insurance in place to cover the loss of their tools. Plus, as tool thieves regularly steal tools from vehicles, 13% of respondents had to pay for vehicle repairs on top of the costs of their lost tools.
Getting the right cover will not prevent tool theft, but it can at least guarantee that, in the event of tool theft, you will be able to replace your tools and get back to work as soon as possible.
James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you get the cover you need at a competitive price.