Stopping Theft Before it Occurs on Your Construction Site
Theft is a growing problem for construction sites. From equipment to materials, construction businesses experience $1 billion in losses on a yearly basis. The issue extends beyond the physical loss of resources. Companies have to pay to rent or replace stolen equipment and tools, the associated costs with downtime while waiting for supplies, and a potential increase in insurance premiums for numerous claims all add up over time. Construction companies can mitigate much of their risk by taking the following steps.
Keep Job Sites Lit Even During Non-Work Hours
Proper lighting is a major deterrent for most would-be thieves. If they can get in and out without being seen, your job site is a prime target. Thieves are much less likely to strike if there is even the potential that someone is watching them.
Resupply on an As-Needed Basis
Having piles of supplies that workers will not need for weeks to come is a security risk. Thieves often scope out their targets ahead of time. They will make note of supplies that go untouched for long periods. This means businesses need to establish good lines of communication with their suppliers and project managers to avoid delays.
Invest in the Proper Construction Insurance
There are two types of insurance employers should consider when it comes to theft. The first is Builder’s Risk Insurance. This type of policy provides coverage for numerous issues, including theft. However, this does not include employee theft. If construction companies lack the manpower to oversee and remain in contact with all of their job sites on a regular basis, they should consider employee theft coverage.
While having these policies cannot undo the damage and delays caused by theft, it can help reduce the associated costs. The Reilly Company can help your construction company navigate the many types of insurance options available to you. To learn more about reducing your risk with construction insurance, contact us.