AUTO LOCKSMITHS
The True Cost of Tool
Theft for Tradespeople
» ALTHOUGH VEHICLE
theft has declined in recent
decades, there’s a widely-
recognised rise in tool theft
from vehicles in the UK
- which shows no signs of
slowing down.
In just two years, tool theft
from vans has increased by
54%, and it’s estimated that
in the UK a van is broken into
every 23 minutes.
Tool theft is a crime trend
that is now referred
to as an epidemic
Specialist building services
insurer ECIC states last year
that the average claim for
tool theft was £2,685, but in
reality, the true cost of the
crime can be far greater.
Businesses and individual
tradespeople can lose huge
amounts of money when they
are victim to tool theft - not
only incurring direct costs
in replacing valuable tools
and increased insurance
premiums, but particularly in
the case of small businesses
or small traders, work could
be at a standstill for days or
68
weeks as their van could be
out of action, and they wait for
tools to be replaced.
When a tradesperson is
unable to work, there is also
a potential knock-on effect for
revenue and business growth
in the form of lost contracts
or impaired customer
relationships. If work has to
be cancelled or curtailed at
the last minute, reputation
can be affected if this also
results in negative word-
of-mouth feedback or bad
reviews online. We all know
the Internet has a very long
memory and poor reviews can
be very costly.
Stress and mental health
ramifications, particularly
for sole traders or business
owners who are repeated
victims of van break-ins can
also result in lost productivity
and time off work.
With so much potential for
lost revenue, lost productivity
and the far-reaching
consequences of tool theft,
it really is one of the lowest
forms of crime to damage
someone’s livelihood.
Tool theft doesn’t
have to result in loss
of tools to be costly
Even if tools have been
removed from the van as many
a sticker states, and would-be
tool thieves leave empty-
handed, the resulting damage
to the van can render it off the
road, necessitating extensive
repairs, entire new doors or
locking systems fitted.
Insurance isn’t enough
to prevent financial
impact of tool theft
Although most victims of
van tool theft have appropriate
insurance, it can often be a
struggle getting an insurer
to pay out - and the process
isn’t always instant. It can
take months to recover funds,
meaning tradespeople must
use contingency budget in the
interim to keep their business
going. This can affect cash
flow, creditworthiness and
prevent businesses from
taking opportunities, resulting
in stunted growth.
Ian Hollingworth of ECIC
said: “The increase of van
thefts is widely recognised
but showing no signs of
abating. It is hugely disruptive
to contractors, impacting work
commitments, and insurance
costs. At ECIC we always
find ways to pay claims but
some contractors may find
themselves facing an uphill
battle if their insurer feels
they have not taken enough
precautions to protect their
property from theft.’
The fault for tool theft always
lies with the criminals, though
tradesmen do need to take
action to protect themselves
from the risk of tool theft
and prevent thieves from
compromising their livelihood.
A robust supplementary
locking system could be the
difference between thieves
making you a successful target,
or their attempt to break into
your van being thwarted.
For more information about
our van security products
and services in the UK,
contact us on 01474 560077.
[email protected]
www.locks4vans.co.uk
JAN/FEB 2020
locksmithjournal.co.uk
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