New Construction Products April 2018 - Page 20

Preventing Tool Theft on the Jobsite Vault-like jobsite boxes are ideal for deterring theft of tools and supplies, but must be designed with attention to seemingly “small” details that increase security to keep thieves at bay According to some insurance companies, tool theft on construction sites cost over a million dollars each year. But, the Na- tional Equipment Registry (NER) places that figure even higher, at over a billion dollars annually. The NER figure may be more accurate as theft of smaller power tools and equipment are often not reported to insurance. Sometimes, going through the claims process with the insurer seems more bother than it’s worth. But, replacing stolen tools, even less expensive hand tools, adds up and eats away at a company’s profits. Replacement costs aren’t the only expense, however. Time and productivity lost due to tool theft must also be considered. When workers don’t have tools readily available, it decreases efficiency and potentially adds time for job completion. With many jobs, missing a deadline can mean penalties, fines and lost contracts. 18 NCP Magazine • April ‘18