Studies from both the National Insurance Crime Bureau and the National Equipment Register both cite the rise in equipment theft and the costly effect it has on the industry. When a project or job proposal relies on access to a certain asset, its sudden loss can put your company at risk. As hopeful as you may be that your stolen property can be recovered, unless you’re using GPS tracking, the chances are low. So, whether you’ve lost an asset to theft yet or not, read on to learn helpful information on how GPS tracking can help prevent and even recover your equipment after theft.
How Theft Impacts Your Business
If you’ve ever had to repair or replace an asset in the middle of a project, you’ll know how costly that can be to your deadlines and how it can affect your client’s experience with you. When equipment is stolen, insurance comes into play, and getting through the paperwork can delay work entirely, putting the burden not only on you, but on your individual projects and your relationships with your customers.
In terms of monetary consequences, it’s not uncommon for contractors and construction companies to lose upwards of $150,000 in equipment from one theft incident alone. On the off chance that a project required the rental of certain tools and pieces of heavy equipment and those were stolen, you could be held responsible for not only the cost of what was stolen but also additional costs associated with the replacement of those assets. Regardless of what is stolen, your company’s return on investment and financial obligations are on the line.
How GPS Tracking Helps
Most instances of equipment theft in the construction industry end in insurance claims and replacements, rather than recovery. When GPS tracking systems are installed, you then have the ability to access important location data from your assets, whether they’re taken down the street or across the state. With this data, you’re able to monitor your crew’s activity and if a piece of equipment is stolen, you can provide law enforcement with critical location data to assist in recovery.
When something is stolen, you have a greater chance of recovering it because of GPS tracking, even if the equipment has been missing for days or weeks before you or your crew notices. With a heavy equipment GPS tracking device from PassTime, you can discreetly place the unit on powered or unpowered equipment and retrieve that item’s location information if the equipment goes missing.
How to Prevent Equipment Loss
While GPS tracking for your construction equipment is a great solution to respond to asset theft, there are additional steps and procedures you can and should put into place to help decrease your risk and mitigate theft as much as possible. While theft may be an inevitable part of the construction industry, there are quite a few ways to help reduce the chances. Here is what we recommend to get started:
- Expand your asset accountability system to include more security measures
- Update your equipment storage system with new locks and better lighting to deter thieves
- Encourage your crew to never leave the keys with equipment, especially when on-site
- When possible, designate a crew member to a security watch or hire security personnel
- Register your equipment with the National Equipment Register
When used in conjunction with a GPS tracking system, these cautionary measures will give your asset managers the peace of mind that they’re doing everything in their power to protect your equipment and asset investments as best as they can. Should the worst occur and you lose a piece of equipment to theft, you at least have recovery measures in place to help in your search and cooperation with the authorities.
Protect Your Assets from Theft with PassTime’s GPS Systems
Give your investments the extra protection they need from being lost to theft with an award-winning GPS system from PassTime. With our multiple hardware and software options, PassTime can customize a solution that is perfect for your needs, no matter what kind of equipment or how much you’re looking to protect.
PassTime’s Encore device is a battery-powered, portable tracker that can be placed on powered and non-powered equipment in just seconds. With our tracking technology, you’ll have a real-time picture of where your assets are, their usage logs, and get the best chance at theft recovery possible. To learn more about how our GPS tracking for construction equipment can help you protect your assets, and contact our team today.