During the warmer months, contractors and renovators across Canada often find themselves dealing with a problem that has nothing to do with costs or builds:
Construction site theft.
What causes it? How can you keep your tools safe while protecting your bottom line?
We’re about to answer these questions and more. All you have to do is keep reading.
Why Are Thieves Targeting Construction Sites?
In 2021, CTV ran a story on the increasing amount of lumber thefts occurring on construction sites. As it turns out, there are several reasons why renovation and construction projects often seem to be vulnerable to theft.
For starters, job sites are often busy. Between staff members, temp hires, and random people passing by, there are plenty of folks in and around the area who have the means and the opportunity to walk away with building materials and other equipment in hand. When you factor in the rising cost of lumber, it becomes even easier to see why construction projects are such favourable targets for thieves.
Here’s How You Can Protect Your Projects
- Secure Your Site Perimeter: Theft on job sites is often a crime of opportunity. A simple fence can go a long way towards making tools and building materials less accessible to thieves.
- Lock up Your Valuables: Sometimes the best way to protect your valuables is to put them under lock and key. If transporting tools off-site isn’t an option, a storage container may be an option worth exploring.
- Maintain Solid Records: When a piece of equipment has disappeared, every second counts. By having a system that keeps track of serial numbers and inventory, you can quickly and efficiently get a hold of law enforcement or file an insurance claim as necessary.
- Take Out Builder’s Risk Insurance: Even when you’ve vetted employees and tracked equipment to the best of your abilities, on-site theft can still happen. Builder’s risk insurance works by insuring buildings during the construction process. Depending on what has been stolen, these thefts can cause project delays. Having the right insurance policy can help you avoid having to cover expenses out of pocket.
Protect Your Construction Site With Oracle RMS
Theft is a costly reality that Ontario-based contractors and renovators are increasingly having to contend with. Having the right insurance coverage can go a long way towards keeping projects running smoothly even if materials are stolen. Your Oracle RMS insurance professional will be able to go over the particulars of your project. Contact us or request your free builder’s insurance quote today.
Got a renovation or a new construction project underway? Theft is a possibility that you may have to plan for. Find out more here.