Protect your Construction Equipment from Theft
- Monday, 21 November 2016
Perhaps you have heard of construction equipment theft from colleagues, or perhaps you have undergone this situation. That is why it is best to protect your company and project. Include equipment protection in your risk mitigation plan. Learn a few tips on how you can avoid theft and ensure your equipment's value.
According to both the National Insurance Crime Bureau (NICB) and the National Equipment Register (NER) there were 11,625 reported equipment thefts in 2014 alone; only 22.64% were recovered. This means that, if you are a victim of equipment theft, your chances of getting your equipment back are low. Not only will you have a loss in your company assets, but your project will most likely suffer delays, ultimately costing you and your stakeholders a significant amount of money. So, it's best to think ahead, and include equipment safety protocols in your risk mitigation plan. Here are a few things you can do:
Insurance
Of course the easiest step you can take is to purchase an insurance policy that covers any equipment damage, theft or loss. Make sure to compare insurance providers and policies before making a decision. Nevertheless, insurance might not be enough. If your equipment is indeed stolen or damaged, the insurance provider may conduct an investigation. They will try to recover the equipment and may order other procedures that might make your project lose precious time. So, make sure you take other steps to make up for equipment loss.
IoT or the Internet of Things
The Internet of Things is an increasingly growing trend. If you haven't already heard or read about it, it is simply a way to connect everything to the internet. To give you a very simple example, take Tile. Tile is a device that can track anything you want: your purse, your bike, your car keys, and so on. It works like a keychain that is attached to anything. It works as a GPS tracker which you can manage from your smartphone. Use the same principle to track your construction equipment. Of course, you'll want to work with a provider that can build a customized solution for your business needs. Once you have the trackers in place, you'll know where everything is just by pulling out your smartphone.
Establish a perimeter
Once you know where all of your equipment is, you can establish a perimeter. If your equipment crosses said perimeter, it will notify you and the authorities. It's exactly how a house alarm works. Your chances of recovering your equipment increase significantly if you catch the theft as it is happening.
Be aware of your active tasks and resources
As a good practice your project manager should know which tasks and resources are active. That way, you will also know which equipment is being used, and which is idle. If anything seems out of place, notify your stakeholders immediately. Make sure this information is always visible by all involved team members. You can upload your latest MS project file to your project management app to make sure of that.