We have been seeing an uptick in the number of phone calls we have been receiving from our clients in regards to their contractors tools being stolen at job sites. Studies have shown that this trend has been on the rise since 2013 and there is no end in sight. This can be devastating as a contractor since your tools are how you make your income and without them you cannot work. The best way to prevent this from happening to you is to take action and protect your tools from being stolen.
How To Decrease the Odds of Tool Theft:
1) Engrave or Brand you tools. Thieves will have a much harder time selling your tools if they have your name permanently on them. Do not use paint or permanent marker as those can easily be removed. Anyone can easily just scratch that off, or use paint thinner to remove it. One suggestion is to get an iron brand and brand your tools. Another option is to use an engraver to put your business name and contact info on the tools. Either way make sure it is PERMANENT.
2) Get the right protection in place by getting an Inland Marine policy that will cover your tools almost anywhere. This would cover them at your house, the job site, the grocery store parking lot, etc. Simply adding business property to your policy may leave gaps in your coverage when the tools are away from your business location, so be sure to ask your agent about Inland Marine coverage.
3) Be sure to keep records of your tools so if you have a theft you can easily remember what was stolen and also prove it. The documentation you should keep are: Original receipts, records of each tools serial #, and videos of you marking your tools. Also taking a video or photos of your tools all laid out can help you to recall what you had if a theft happened and when filing a claim.
4) This is probably the MOST important. Take the time and lock up your tools. Don't leave them in your trailer or van parked outside as it is typically pretty easy to spot a contractors work vehicle or trailer. And where there is a contractors vehicle or trailer there are typically tools. So take the time to take them inside your house, garage, or business to make it that much harder for thieves to steal them.
To discuss or get your Inland Marine quote, contact us today.