How to stop construction equipment theft
According to the National Insurance Crime Bureau and the National Equipment Register the cost of construction site crime is between $300 million and $1 billion annually. To make things worse, less than 25% of stolen construction materials are ever recovered.
Construction equipment is often targeted by thieves because it is expensive, easily disguised, and poorly secured. Some construction equipment can cost as much as $150,000. Backhoes can cost between $45,000 and $55,000 (in 2010 U.S. dollars); skid steer loaders can cost between $25,000 and $35,000; generators can cost between $25,000 and $150,000 (for trailer mounts); and forklifts can cost between $12,000 and $50,000.
As the saying goes, time is money, but it is especially true in the construction industry. The replacement of materials and heavy equipment can take days, weeks, or even longer depending on location and supply chain. A theft can interfere with your cash flow if you receive progress payments at specified mileposts as delays bring everything to a standstill. Contractors may need to pay out-of-pocket upfront and then wait for the insurance company to reimburse them, which can cause a lot of financial strain.
Slowdowns can increase both time and budget. A theft can cause a job to become unworkable as cash flow stagnates and replacement value may not cover the full replacement cost. As many businesses know, theft can destroy their business. That is why FleetUp has made security a centerpiece in its platform. FleetUp announced a number of new industry-leading technologies to provide comprehensive cargo security and vehicle security. These advanced technologies also extend to protecting construction equipment and other valuable assets. FleetUp’s solution is based on early detection and fast response
Detecting movement
FleetUp’s Protection Mode is a smart feature that detects any suspicious movement of your equipment during non-working hours. You can set the times and days of the week when you want to detect movement. You can create multiple Protection Mode schedules to cover whatever non-working schedule you want, such as one for weekdays and another for weekends.
Detecting based on location
FleetUp Protection Mode can be used to detect theft based on a geographic area. You can set FleetUp Protection Mode to be triggered off of a set geofence. Geofencing is a feature that allows fleet managers to set up digital geographic boundaries. These boundaries are used to alert managers as soon as the equipment leaves a specified location.
Respond quickly
Once you know a theft is in progress, the next step is to respond as quickly. If FleetUp Protection Mode detects suspicious movement of your equipment, you will receive an alert with the live tracking of your equipment. You can share this information with your security team and law enforcement to track and recover your assets. With FleetUp’s state-of-the-art GPS tracking, you can continue to monitor the location and movement of your equipment in real time.
In addition to FleetUp products and services, here are a few additional tips to protect your business from theft.
- Make sure your equipment is secured and material under lock and key.
- Park your equipment in well-lit, secure, and monitored areas.
- Install security cameras and alarms around your construction site.
- Keep an inventory of your equipment and contents.
- Conduct regular site inspections to expose potential hazards as well as gaps in security.
- Create a reporting system and conduct regular audits to account for any misplaced items.
- Conduct anti-theft training for your employees. Make sure they report any suspicious activity or theft attempts to the police immediately.
By taking extra steps to secure your property, you can reduce instances of theft and minimize incidents that could cost your business valuable time and resources. If you would like to learn more about FleetUp’s solutions, please feel free to request a demo.
