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As the cost of construction materials continues to rise, protecting your construction business against theft becomes more important than ever. Construction sites are often susceptible to theft, with certain items left on job sites being particularly enticing targets. In this article, we’ll explore the most common items sought-out by those looking to make a quick profit, effective tips on how to prevent theft, and the pivotal role of having inland marine insurance to ensure your valuable assets are protected.

The 5 Most Stolen Items From Construction Sites

Construction sites are full of valuable materials, which unfortunately attract theft. However, certain items tend to pique the interest of thieves more than others. The most common items stolen from construction sites are:

1. Copper

According to the Department of Energy, copper theft costs businesses across the United States nearly $1 billion annually. These illicit activities occur predominantly at construction sites, where thieves take advantage of easily accessible copper. Adding to the allure, the value of copper has experienced a significant rise in recent years, surging from $2.53 to $4.94 per pound between 2019 and 2021. Its value and demand make it a prime target for thieves seeking quick financial gains.

2. Lumber

Lumber is rarely inventoried and frequently left unsecured overnight, essentially creating an open invitation for theft. Moreover, the resource is widely used in various construction projects, is conveniently portable, and has a strong market demand, making it an attractive item for reselling. The lack of unique markings or identifiers on lumber makes it harder to trace or recover and an appealing target for theft. The impact of the pandemic has only further fueled the issue, causing lumber prices to surge 188% by the end of 2021.

3. Power and Hand Tools

Construction tools, although small, come with hefty price tags making them a favorite target for thieves. Surprisingly, a significant number of tool thefts are committed by employees on the site. While you may not initially miss a drill or hammer, the collective loss of multiple tools can add up over time. A simple practice to safeguard your tools is to lock them away at the end of each shift and keep an inventory of all tools on-site.

4. Home and Business Appliances

Appliance theft frequently occurs in multi-family residential areas, particularly high-end apartments and duplexes. These construction sites are sought-after due to the abundance of new and expensive appliances such as fridges, ovens, washers, and dryers. Oftentimes, property owners want the area to be easily accessible for potential renters or buyers, but this makes it more accessible to potential thieves, as well.

5. Construction Vehicles

Although larger equipment is harder to steal, it does happen and can result in a substantial financial loss. Consider the value of these large machineries, like forklifts, dump trucks, or excavators. Each construction vehicle can run anywhere between $100,000 to $500,000. While theft of heavy equipment occurs less frequently than appliances or smaller tools, the potential gains from stealing larger equipment make it an attractive prospect for criminals who engage in high-risk, high-reward activities.

Preventing Theft At Your Construction Site

Many times, materials and equipment are left at the job site when crews go home. Without proper security measures, these items become easy targets for theft. Here are some tips for preventing theft on your site:

• Secure Your Perimeter – Close off your site with sturdy fencing and install proper signage indicating your area is monitored. Ensure gates are locked when the site is not in use.
• Lighting and Surveillance – Install bright outdoor lighting to deter thieves at night and set up security cameras in strategic areas to monitor activities.
• Keep Inventory of Everything – Keep a detailed inventory of all tools, equipment, and materials on-site. We recommend installing RFID tags or GPS devices on high-value equipment.
• Lock Up Your Equipment – Store valuable tools and equipment in locked containers or secure storage units when not in use. Use heavy-duty locks and chains to secure your machinery.

How Inland Marine Insurance Protects Your Tools

Inland marine insurance is a vital component of business insurance for construction and contracting businesses. This type of coverage helps reimburse the cost related to equipment loss, theft, or damage. Inland marine insurance also extends its protection to leased or rented equipment. This ensures owners and their workers can continue working without major interruptions and meet project deadlines.

Consider adding inland marine insurance to your existing general liability insurance policy or business owner’s policy (BOP). While these policies generally offer coverage up to $10,000, inland marine insurance significantly widens the scope of protection, providing more comprehensive coverage.

Ensure Your Business By Insuring It

We know you’ve worked hard to build your business and we’re committed to helping you protect it. Speak with one of our Commercial Insurance Specialists today at (855) 919-4247 for a quick and easy free quote. Our specialists can provide you with a quick inland marine insurance quote to ensure you have the necessary coverage to safeguard your business.

The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may differ from those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.

If a disaster were to strike your home, such as a weather storm, fire, or theft, would you be able to recall all your possessions from memory? Although it’s something we hope never to experience, multiple scenarios could result in filing a claim through your residential insurance to replace your belongings. Creating a home inventory is a simple way to keep track of your personal property, but how should you start?

What is a Home Inventory and Why is It Important? 

Whether you own a home or rent, your residential insurance should include personal property coverage to cover your belongings. A home inventory is a way of keeping a record of your property inside your home.

Major appliances, jewelry, furniture, office supplies, and collectibles can—and should—be a part of your home’s inventory list. The more detailed you are, the better. In the event of a disaster, having this list will be extremely valuable for you during the claims process to get you back on your feet.

A home inventory list will also ensure you have the right amount of coverage with your residential insurance. For example, if you list your items and discover your home inventory is worth $100,000, then you know your personal property coverage should be at least that much. You don’t want to be covered for a certain amount only to discover after an emergency that your valuables are worth much more. Plus, evaluating your belongings will help you determine if you need to add additional coverage through an insurance rider where you list out high-value items such as jewelry or fine art. Most policies typically have sub-limits for these items, but scheduling them will ensure you have proper coverage.

Tips to Follow When Creating a Home Inventory

As mentioned, your home inventory should be as detailed as possible. Paper and pen will do fine, but consider creating a digital file or using an online app to protect your home inventory from physical damage if you can. Most online apps will allow you to take pictures and add important item information, such as its date of purchase and serial number.

Here are a few tips to follow when creating a home inventory list.

1. One Room at a Time

Combing through all your belongings may sound like a big task, but dividing your list into sections will help keep everything organized. Instead of going back and forth from room to room, begin with one room at a time.

If you cannot review a room in one sitting thoroughly, start with the most expensive items in each room first. That way, you’ll at least have big-ticket items recorded even if you don’t finish a complete list.

2. Don’t Forget the Details 

Sure, you can simply write down “washer” on your list and call it a day, but that won’t be helpful should you need further information later. Consider adding basic information for each item, such as a brief description, price point, model number, and purchase date if you have it.

3. Group Smaller Items Together

Grouping smaller items will help you save time while creating your home inventory. For example, you don’t have to list each pair of jeans or sneakers you have individually. Instead, writing down “10 pairs of jeans and 3 pairs of sneakers” will suffice. However, if any items in these general categories are especially valuable, be sure to list those separately.

4. Check Coverage Limits on Expensive Items

As mentioned, some insurers may have sub-limits on valuables over a certain dollar amount. To avoid any issues after an accident, review your policy or speak with your agent about any items that may require additional coverage.

5. Keep Receipts 

Adding receipts to your home inventory is always a great idea, especially for larger purchases. If you don’t want to keep the physical copies, scan and store them in an online storage account.

6. Utilize Video

Taking a video tour with commentary of your home can be a more straightforward way of documenting your possessions. Plus, even if you don’t list everything, you’ll still have video evidence of any items you may have forgotten about.

7. Create a Backup

No matter how you create your inventory list, make sure to have a copy that you can access outside your home. Utilizing online storage accounts is ideal for this so you can access your list from any device using a login.

8. Begin Listing Recent Purchases

After compiling your list, make it a habit to record recent purchases right away while you have receipts and details handy. That way, you’ll stay current and won’t need to spend time going back later to add new items.

Prepare for the Unexpected 

Having proper residential insurance is crucial whether you own property or rent. Standard residential insurance policies will cover various stressful situations or accidents that happen to or at your home, such as natural disasters, robbery, or fire. However, as with most insurance policies, you must review your coverage periodically to ensure you’re adequately covered.

When creating your home inventory, you may realize you need higher limits for your personal property. At AIS, we can help you compare homeowners insurance, condo insurance, or renters insurance quotes from our network of insurance providers to find you the best rates available. To learn more about your options, call us today at (888) 772-4247 to get started.

The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.