A contractor’s second greatest asset, besides the many years of experience utilized daily on the job, are the tools that help you perform those jobs.
Contractors rely daily on their tools. Should tools go missing there is a cost to replace the tools and the risk of project delays and loss of work. As tools become more sophisticated, they become more expensive and harder to replace.
We have compiled some common best practices to not only protect your tools from theft, but help the recovery process after they are stolen.
1. Locking up your tools is probably the easiest way to safeguard against theft. Truck bed toolboxes come in varied styles and price ranges.
2. Remove tools and equipment from your work vehicle at the end of the day. If theft is going to occur, it will most likely be at night.
3. Ensure that you have a commercial insurance policy that will cover theft of your tools. Auto Policies, Home or Renter’s Coverage and the basic Commercial General Liability Policy exclude coverage for contractor’s tools and equipment. An Inland Marine Insurance policy will cover miscellaneous tool coverage and any expensive equipment, such as a backhoe.
4.Consider engraving your equipment with a number identifier specific to you such as your Contractor’s License number, Federal Tax ID number or last name. Having a personal identifier will help with police recovery at a resale or pawn shop should theft occur.
5. When purchasing an expensive tool or piece of equipment make sure to take a picture of the unit as well as keep a written record containing the serial number, year, make and model. When you need to file a theft claim for insurance, this information will help the insurance carrier identify and replace the unit quickly.
You will never be able to stop tool theft completely, but taking these precautionary actions will help safeguard your tool investment.