Managing your time and investment into your small business is important. You already know you need business owner’s insurance for protection against the unexpected, but there are still steps required to keep your job site free from material and tool theft. Thankfully, it is
pretty easy to reduce the chance of becoming a victim if you plan accordingly. Consider these three tips to help eliminate problems and prevent having to file a major claim against your policy.
If you can avoid a policy claim, you'll usually keep your insurance costs low over the years. Therefore, you'll often be able to better maintain your business costs.
#1: Secure Your Job Site
Many thieves would rather stick to easy targets than those that take a little extra work. Simply put, the easiest and most effective way to prevent material and tool theft is to secure your job site.
Make an effort to always lockboxes and storage doors. If your employees drive company vehicles, ensure they know how to maintain and lock all tool boxes to secure items. Keep the area brightly lit at night and fenced if possible to deter would-be burglars. Furthermore, automated locks and key codes go a long way towards creating more protection.
Installation of temporary security cameras hooked to WiFi is also an option. And train staff to be consistently vigilant about keeping track of important items.
#2: Keep Detailed Records
Another way to prevent material and tool theft is to keep detailed records. Have an easily accessible and consistently updated inventory of items currently at the job site. Include all tools and material amounts. If you don't want to count every single nut and bolt, consider just tracking items over a certain dollar amount. You should also consider keeping track of which employees have access to these items in case anything turns up missing. If employees will use certain items, consider asking them to sign for the use of the item.
#3: Register Your Equipment
Consider registering heavy equipment with a database like the National Equipment Registry. If any items get stolen, being on this list makes it easier for law enforcement to investigate the thieves and return it to your company.
While having a business owner's policy (BOP) might help you recoup costs associated with theft, it isn’t the total solution. Implement the above tips today to secure your job site and prevent possible commercial insurance claims.
Also Read: How to Reduce Your Vulnerability to Liability Claims