Best case scenario: you’ve been the victim of construction theft and builders risk insurance will pick up the tab.
Construction theft is far from uncommon. While you can fence your job site and try to hide away valuable equipment, it’s a real challenge to make sure no tricky thief nabs something worthwhile from your job site. What’s the good news? Your coverage can help you mitigate this industry hazard. If you suffer from construction theft and builders risk insurance is in place, your policy will cover the bulk of the cost.
Even knowing that you can get coverage for the cost of your theft, you still need to know what kind of theft you should be guarding against. Here are the most common types of construction theft:
- Equipment Theft: One of the most financially significant types of theft is that of major equipment. This kind of heist is usually pulled of by experienced thieves, since making away with bulldozers, excavators, etc. requires planning. Regardless, make sure your equipment is properly locked with keys removed when you leave a job site.
- Material Theft: It’s very common for people in need of a specific material (e.g. lumber) to eye nearby job sites, wait until everyone leaves, and take what their project requires. Your best bet is to make sure your job site is challenging to access, materials are tucked away, and you never have a surplus of material that won’t be used in the near future on site.
- Appliance Theft: If you’re installing appliances in the last phases of a build, make sure the building has some form of defense (even a security guard) to prevent the theft of those appliances.
- Tool Theft: One of the easiest types of construction theft, the stealing of tools (especially easily portable handheld ones) happens all the time. Take tools with you at the end of the workday to prevent this theft.
Want to learn more about construction theft and builders risk insurance? Contact a team of dedicated insurance professionals who can show you what this protection can do for your business by calling Nahai Insurance Services today.