Protecting Your Business Assets with Comprehensive All Risks Insurance

Recent data reveals alarming trends in tool theft across the UK, with Belfast ranking as the top location for such incidents. This article explores the rising issue of tool theft, focusing on how it affects tradespeople, and emphasises the importance of All Risks insurance, which covers property, stock, contents, and more. With a significant surge in tool theft cases, it’s crucial for businesses to protect their valuable assets.

Tool Theft on the Rise:

In 2022, law enforcement recorded over 40,000 tool theft cases, marking a 13% increase from the previous year. Approximately 9% of tradespeople across the UK reported falling victim to tool theft in 2022. These statistics underscore the pressing need for comprehensive protection.

Hotspots for Tool Theft:

Belfast stands out as the epicentre of tool theft, with nearly 14.5% of respondents reporting incidents within the past year. Birmingham follows closely as the second most susceptible location, with 11% of respondents facing tool theft. Norwich secures the third position, with one in ten tradespeople experiencing such theft. Edinburgh and London also exhibit concerning figures, with one in 11 and 8.6% of tradespeople affected, respectively.

Common Targets:

Tool thieves primarily target vehicles, sheds, and garages. On average, there were 110 tool theft reports per day. Some victims even reported burglars daringly entering their homes to steal their equipment. This demonstrates the need for protection not only for tools but also for the premises and contents.

Protecting Your Business with All Risks Insurance:

All Risks insurance is the ultimate solution to safeguard your business assets comprehensively. It covers not only tools but also property, stock, contents, and more. Here are some steps to protect yourself with All Risks insurance and other additional measures:-

All Risks Insurance Cover:

Invest in All Risks insurance that includes protection for your tools, property, stock, and contents. Ensure the policy covers theft, damages, and losses.

Enhance Theft Deterrents:

Strengthen your security measures by installing resilient padlocks, opting for toolboxes impervious to breaches, and investing in high-security storage sheds. Consider outfitting your vehicles with dependable alarm systems to deter thieves, as well as fitted/fixed tool safes in your vehicle.

Implement Tool Identification and Documentation:

Register your tools and assign unique identification numbers to them. This increases the chances of recovering stolen tools if they come into contact with law enforcement. Adding distinct markings like your name, number, or postcode can also discourage potential buyers.

Empty Your Vehicle Overnight:

Regardless of preconceived notions, it’s never advisable to leave items in your vehicle overnight. Vans are particularly vulnerable, as thieves anticipate that tradespeople may leave their belongings unattended. Minimise the risk of theft by removing items from your vehicle overnight.

The rise in tool theft cases across the UK calls for proactive measures to protect your business assets. All Risks insurance, which covers property, stock, contents, and more, offers comprehensive protection against theft and other unforeseen events. Don’t wait until you become a victim; take steps to secure your tools and assets today.