The equipment you have at your jobsite is highly valuable. You know this, and so do criminals in your area.
The cost of heavy equipment theft is hard to nail down, but most estimates state that it totals millions each year. That estimate does not factor in the damage caused to property while the crime takes place, or the cost of unplanned downtime. To avoid a costly and potentially damaging situation, business owners should take proactive measures to prevent theft and the financial loss that results.
Here are five actions that can help prevent costly crimes from impacting your company:
Review your jobsite and consider your most likely targets, weak spots in your security measures and how timing and seasonality can affect your risk.
Let’s take a closer look at each of these actions:
The most common types of stolen equipment include:
In addition, keep in mind that criminals don’t always target full pieces of equipment. Some will take tires, lift GPS systems or even syphon gas from the tank.
Also, consider how easily moved your equipment is. Excavators, for example, are difficult to maneuver, which may be one reason they only account for 4% of equipment thefts.
Think like a criminal: If you were to steal from your jobsite, how could you do it? Consider how secure the fencing around the jobsite is, and whether equipment is stored in locked enclosures. Locking tires with heavy duty chains can deter thieves as well.
Be judicious in granting access to your location. A key or password in the hands of the wrong person can easily be passed onto a criminal, without the foreman or manager ever knowing. In some cases, a security guard may be worth hiring to thwart any attempts to gain unauthorized access to your jobsite.
Equipment thieves are most likely to be active during the summer months, and at night. During these periods of time, take time to review all prevention methods in place, and consider which areas may need more attention.
Criminals tend to prefer working in the shadows. Installing security lighting throughout your jobsite can deter thieves. There are a few options for doing this. Motion sensor lighting puts a spotlight on unexpected movement on your jobsite. This will alert you to suspicious activity, and could potentially scare off criminals.
Alternatively, light towers that illuminate the entire location could dissuade thieves from entering your jobsite at all.
Dishonest employees can help criminals access heavy equipment. Building a rapport with individuals, as well as making a point to stay up to date on job progress can deter crime, The Balance pointed out.
There are multiple benefits of being actively involved in tracking job progress and taking note of individual accomplishments. First, you’ll have a clear idea of how the project is coming along, which can help in reporting and benchmarking.
Second, it lets employees or contractors know that you’re aware of their actions, which may help them feel more engaged at work. This, in turn, can result in higher productivity.
Finally, when employees know that you’re paying close attention to job progress, equipment and resources, it’s less likely that workers will commit crimes against the company, or assist others in doing so.
If equipment theft does occur, the best outcome you can hope for is to recover it. Unfortunately, only about one-in-five pieces of stolen equipment are recovered. You can improve your chances of reclaiming your stolen machinery when they’re equipped with GPS tracking technology (Like Product Link and VisionLink), Construction Business Owner pointed out.
Having this information at your disposal can help you react quickly when something is stolen, and give important information to law enforcement.
Taking proactive measures to prevent equipment theft can help your company avoid costly crimes. Unfortunately, it’s nearly impossible to guarantee that no crime will ever happen at your jobsite. The best way to protect your business is to ensure you have the proper commercial insurance to help you financially recover from theft.
The insurance programs available through Cat Financial can protect the investment you make in heavy equipment for your company. Plus, you can easily sign up for these plans when you lease or buy equipment from your local Cat dealer. Learn more about our finance and insurance solutions on our website.
Find in-depth articles to answer your questions about construction equipment financing, and expert tips to help you navigate today's economy as a successful business.
Learn why skid steer loaders are so valuable and versatile on a jobsite.Learn More
A guide to covering your bases from workplace safety to employee engagement.Learn More
Business owners need to pay attention to a variety of metrics and measurements to stay on top of operations.Learn More
Maintaining the equipment you acquire through various finance and lease options is vital for getting a consistent return on your investment.Learn More
Discover what your business can do to protect itself and continue to develop and grow, even in difficult circumstances.Learn More
Discover how normal wear and tear can impact your heavy equipment.Learn More
Winter weather doesn't stop your company from using heavy equipment, but it can have a major impact on how your machinery operates.Learn More
4 Tips to help you minimize unexpected expensesLearn More
You have a variety of avenues available for leasing and financing heavy equipment, in almost every industry.Learn More
Sometimes external factors such as industry downturn can derail your business. Here are 3 tips to help keep your business moving forward.Learn More
Heavy equipment theft is a problem across the world, and costs businesses millions every year. Here are 5 steps to help prevent it.Learn More
The strategy behind a well-crafted business plan can contribute to operational efficiency and substantial business growth.Learn More
There are options allowing business owners to more securely manage their finances and spread out the costs while gaining use of the asset.Learn More
Let's look at the reasons why smaller companies should strongly consider leasing and financing options.Learn More
Be prepared for the unpredictable to keep business running smoothly.Learn More
Our equipment financing requirements aren’t complicated. See the key factors we consider.Take a Look
To capitalize on the many benefits of commercial financing, it's important to prepare yourself and your company for the application process.Learn More
Overcome financial hurdles in 4 easy steps.Learn More
Finding the right tools for the job is having the necessary construction equipment financing to fund your efforts.Learn More
Legacy planning is a vital consideration for your business-whether you plan to retire in a few years or a few decades.Learn More
Here are three options for protecting your equipment to prevent unnecessary downtime.Learn More
Choosing coverage for your engine or generator set is as easy as following these four stepsLearn More
Free and low-cost tech can help you compete in the modern economyLearn More
Check out these tips to help you curate a successful team of people.Learn More
Both lease and loan options come with advantages, including best-in-class technology along with the ability to optimize your budget.Learn More
Maximize the value created with a purchase by adding used equipment to your fleet.Learn More
4 Tips to help you improve your bidding strategy to win construction projectsLearn More
The 10 C's you need to know before you submit your applicationLearn More
Learn how this transformative project could affect the global economy.Learn More
Understanding how new connections can transform local, national and global economies.Learn More
Ensure availability of funds for planned and unpredictable expensesLearn More
Looking at the Belt and Road Initiatives's impact on global commerce and its historical precedent.Learn More
From tax breaks to supporting those in need, donating machinery may be a great option for your business.Learn More
Leverage your budget to identify your company's strengths, weaknesses, opportunities, and potential concerns.Learn More
When is it time to modify your equipment lease agreement? There are several modification options to keep you from breaking your contract.Learn More
Advantages of this automated payment option for your heavy equipment loans and leasesLearn More
Crafting a strong bidding template can help your company secure work and please clients.Learn More
Conducting a basic profitability review can help you identify opportunities for growth and where to cut spending.Learn More
How do you approach business risk? Answering this important question can help you maximize your resources.Learn More
The financial and operational health of your business influences many actions you take as an owner.Learn More
A strong, consistent, and proactive safety culture can go a long way toward preventing accidents and reducing the negative outcomes.Learn More
Safety should be the number one concern for construction companies of any sizeLearn More
A guide to help your business determine the best way to acquire heavy machinery and equipment.Learn More
A guide to help your business determine the best way to acquire heavy machinery and equipment.Learn More
Practical advice to help your business operate more efficiently.Learn More
A guide to bettering your business this year.Learn More
Equipment insurance can help keep your machinery running and your business moving forward.Learn More
Manage operating expenses and improve your balance sheet.Learn More
Discover key leasing and financing options from potential providers.Learn More
Learning about heavy equipment leasing options will help you when searching for the best partner company.Learn More
More than just a cost-effective option for your construction business.Learn More
Learn how to get a construction backhoe without major upfront costs.Learn More
Learn the best practices for keeping your mining equipment in good working condition.Learn More
Complete a truck engine overhaul without major up-front costs.Learn More
Learn how equipment technology can help improve business operations.Learn More
Leverage telematics from machinery to help improve business operations.Learn More
Leverage the flexibility of skip payments to manage finances for seasonal lulls.Learn More
Discover how the caterpillar pay for use program can improve your daily business operations.Learn More
Discover the benefits of financing heavy equipment even when you have the cash to pay in full.Learn More
Don’t bid on jobs that aren’t worth your company’s time and resources.Learn More
Take advantage of the opportunity to lower your tax obligation.Learn More
Growing your business at the right time is critical for your company.Learn More
Early preparedness is your best defense against an economic downturn.Learn More
Increase the likelihood of getting the equipment financing you want at the terms you need.Learn More
Learn Your End-Of-Term Options And Unlearn Myths Like ‘You Need Perfect Credit’Learn More
5 things you need to think about before you sign your rental agreementLearn More
A guide to getting the most for your money when renting machinery.Learn More
How you prepare for a natural disaster can mean the difference between being in as good of a position as possible to resume operations.Learn More
Protect your business against financial loss related to bodily injury, personal injury or physical damage to others.Learn More
While it might not make sense to repair inexpensive, readily available items, we can all agree that heavy equipment is different.Learn More