News - Construction News

Tradespeople suffer as tool thefts increase 30% last year

Tradespeople have been hit with an increase in tool thefts, reaching around £35M last year according to business insurance broker Simply Business.

There was a 30.5% spike in the number of tool thefts in 2016 in comparison to the previous year – up on the previous year-on-year increase of 28.5 per cent at the end of 2015.

The total value of theft claims processed by the company rose from £1,926,228.88 in 2015 to £2,797,169.73 in 2016.

From a sample of over 1,000 tool theft claims, the average tool theft claim increased by over 40% in the past year, reaching £1,626 in 2016.

Unsurprisingly the dark nights of winter brought the biggest rise in tool thefts between the months October and November.

Mid-week was found to be the most prominent time for thefts, with Thursdays experiencing the largest weekly increase in thieves’ activity.

Tradespeople suffer tool theft increase 30% last year

Fiona McSwein, Chief Customer Officer at Simply Business, said: “Unfortunately, tradespeople are an easy target and their vehicles are often vulnerable – even empty vehicles can be damaged, with thieves looking for expensive tools to steal.

“Whilst the main priority will always be for the police to catch the culprits, we know that it’s important for tradespeople to put preventative security measures in place, and insure their livelihoods should the worst happen.

“We hope that by shining a light on the areas most affected, tradespeople in these areas – and indeed the rest of the UK – can consider their next steps and help tackle this growing problem.”

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