Equipment theft is a costly headache that causes a ripple effect throughout your operations as you scramble to fill the gap.
Economic pressures have been known to drive more individuals to theft, as well as the increased value of assets.
AMAROK anticipates thieves will increasingly target the construction, landscaping, and trucking industries for valuable equipment and vehicles as advances in technology have made it easier for criminals to bypass many traditional security measures.
Thieves typically target equipment that is valuable, easy to move and re-sellable, making skid steers, track loaders and wheel loaders a common target. Backhoes and utility tractors are other commonly stolen machines due to their versatility with different attachments.
Theft Deterrents
There are a number of layers of protection you can implement in order to better protect your equipment from theft. The first step is training your team. Your employees’ behavior is your first line of defense against theft.
Highlight instances of negligence your company will not tolerate, such as leaving doors unlocked, keys in unattended equipment, and not securing assets at the end of the day. Teach team members to be mindful of their surroundings and how to recognize suspicious behavior.
The next layer is fencing your yard and utilizing padlocks with hidden shackles or a reinforced, shrouded design to protect against bolt cutters. Moving your small equipment inside the shop at night is another way to guard against theft.
“Any method is better than no method to deter the thieves,” says Teddy Russell, CEO of Russell Landscape Group, based in Sugar Hill, Georgia. “Not being vigilant with locking small equipment because if it’s sitting out unlocked and unattended, that is not very effective security and things will come up missing.”
Investing in alarm systems, quality lighting and security cameras are all additional layers that can make your property less appealing to steal from. Your cameras should be visible enough to discourage trespassing while ensuring coverage of high-risk zones. Some of the common areas to place cameras include entrances and exits that can capture faces and license plate details, your site perimeter, and where you store your high-value equipment.
Consider what blind spots your yard has and position cameras near motion-activated lights in these areas.
Heavy equipment thefts spike around holidays and long weekends when there is less activity. The National Equipment Register has tracked recurring spikes around Memorial Day, Labor Day and Thanksgiving. In response, these periods should have elevated protections in place, such as remote monitoring and activity deterrence with lights and sounds.
Regularly assess your headquarters for vulnerabilities, as well as the effectiveness of your current protective measures, as new theft trends are constantly emerging.
Recovering Equipment
It’s estimated that only 21 percent of stolen construction equipment is recovered. This is due to the fact heavy equipment lacks the standardized VINs associated with passenger vehicles.
Part of the reason it is hard for construction equipment to be recovered is that they are often sold overseas, at auction, or on eBay.
The main key to successfully recovering equipment is to keep good records of your equipment’s serial or product identification number. Law enforcement has a better chance of helping recover your stolen machinery if you have the equipment’s make, model and serial number easily on hand.
Opting to place your company’s branding on your equipment makes your assets far more likely to stand out and less attractive to thieves, as it’s more work for them to remove the decals.
If you have tracking on your equipment, this also makes it far easier to find the stolen machinery. There are numerous tracking tools available, including asset ID tags, Bluetooth trackers and equipment inventory apps that include geofencing so an alert can be sent out if a piece of equipment leaves that area.
Russell says in one of their recent theft incidents, they were able to do an audit on their asset tracking software, Asset Panda, and found the stolen equipment in under two minutes.
Properly Insuring Equipment
No matter how many barriers you put in place, theft can still occur. This is why it’s critical that you are properly covered with your insurance policies.
For instance, if your new skid steer gets stolen, make sure that you are valuing your equipment at the replacement cost, rather than actual cash value. While replacement cost is the cost of the piece of equipment new without depreciation, actual cash value is the depreciated value, which will cause you to not receive enough funds to cover a replacement.
When you meet with your broker, discuss increasing the value of your equipment on the upcoming policy term to ensure you can recover the most money in the event of a claim.
Properly insuring your assets can protect your business’s financial and operational stability as well as your reputation.
