Technology is great in that more versatile power tools, often battery powered for ease of mobility whilst working, are on the market. But that means these high value tools, often hired for a day or two by traders rather than buying them, are a target for van thieves. Here’s the word from Direct Line;
New data from Direct Line business insurance reveals that tradespeople leave their tools in their vehicle on average ten nights a month. One in seven (15 per cent) leave their tools in their vehicle every night. The findings come as nearly one-in-five (22 per cent) tradespeople report having tools stolen from their van in the last 12 months. Two-thirds (62 per cent) of tradespeople say they have been a victim of tool theft in their careers, with a third (34 per cent) having tools taken on multiple occasions.
Vehicles are the most frequent location where tools are stolen accounting for over half of thefts (59 per cent). Thieves are incredibly brazen, breaking into vans parked directly outside the homes of tradespeople. Vehicles are targeted while parked in the street (26 per cent), parked on the tradesperson’s own drive (22 per cent), parked on site (21 per cent), parked in their garage (19 per cent) and parked in a carpark (4 per cent).
Tool theft can have a significant financial impact on tradespeople, often causing a loss of earnings of hundreds of pounds a week. The most common tools stolen from tradespeople include: hand tools (29 per cent), compressors (27 per cent), power washers (26 per cent), rotary multi tools (22 per cent), hedge trimmers (20 per cent), electric drills (17 per cent), electric saws (16 per cent), angle grinders (16 per cent), nail guns (16 per cent), and electric wood working power tools (16 per cent).
Tradespeople are taking measures to help secure their tools and deal with consequences of tool theft, with many installing additional security (28 per cent). Other steps include becoming a member of social media groups where other tradespeople post about stolen goods (27 per cent), keeping insurance up-to-date (21 per cent) bringing tools indoors to a securely locked building (20 per cent), keeping up-to-date information such as photos, serial numbers and identifying marks (18 per cent), engraving or using invisible ink to mark tools (16 percent) and using tracking devices (15 per cent).
Alison Traboulsi, Product Manager at Direct Line business insurance, remarked:
“The frequency of tool theft is a growing concern, with recent research showing that tools were stolen every 15 minutes across England, Wales and Northern Ireland in 2022. Our latest data reveals vehicles remain the primary target, with nearly two-thirds of all tools stolen from this location. Because of this, it’s important to consider tool security when getting insurance.
“At Direct Line, we understand the consequences of tool theft, and we remain committed to providing tradespeople with the protection they require. Through our flexible insurance options, we empower tradespeople to tailor policies that cater to specific needs, including coverage for tools locked in vehicles overnight or during working hours.”
For more information about Direct Line’s tools cover, please visit our website:
https://www.directlineforbusiness.co.uk/public-liability-insurance/insurance-for-tools
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