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Construction & Rental Equipment Protection

Safeguarding Construction Site Assets: Navigating the High Cost of Equipment Theft

Construction equipment theft is on the rise throughout Canada, the United States and beyond, with equipment, high value tools  and other commercial vehicles across the construction and rental sector being targeted.

This high level of theft has significant financial implications for businesses, costing the industry billions of dollars every year. Theft is a persistent issue and companies may want to consider a strategy to limit losses if they are uncomfortable with the current state. 

Within this article, we’ll take a look at the impact construction equipment theft has on the industry, as well as the state-of-the-art technology solutions that can help prevent theft and maximize visibility, security, and efficiency within your business. 

The direct and indirect costs of construction equipment theft

There’s no denying that the cost of construction equipment theft causes business owners a huge headache. And it’s not just the obvious cost of replacing equipment, but also the time and resources required to deal with insurance policies and claims, as well as filing police reports following a theft.

Theft can also have a major effect on productivity and project budgets, and can cause major operational and project delays, restricting cash flow and impacting business relationships.

If word spreads about instances of theft, businesses can also suffer damage to their reputation, with clients losing confidence in their ability to secure projects and deliver on time.

Why your heavy equipment is at risk: Understanding a thief's mindset

There are several reasons why there has been such a stark rise in thieves targeting heavy duty construction equipment including:

High price tag and resale value: Heavy construction equipment commands exorbitant prices, making it a prime target for thieves seeking valuable items to sell on the market. This dual appeal of high initial investment and substantial resale potential renders construction equipment particularly attractive to criminals.

Extremely low traceability: Construction equipment is also difficult to trace as it typically doesn’t have any clear identifying features or serial numbers.

Incredibly versatile: One of the main reasons why construction machinery is so attractive to criminals is that it can be repurposed for various illegal activities such as unauthorized construction projects.

Preventative strategies to protect against construction theft? 

If you want to protect your business against construction theft, ensuring maximum visibility for your fleet and asset tracking operations should always be a top priority.

The good news is that there are lots of effective strategies and cutting-edge tracking technologies that will help stop thieves in their tracks, including:

Boost physical security measures

Physical security measures, such as bright lighting, protective fencing, well-positioned security cameras, and visible security staff can help prevent theft from occurring on a site, while also improving the safety of employees.

Although these measures can be costly to implement, in the long term, they will save the business both time and money by reducing the risk of theft.

Employee background checks

Sadly, employees are often linked to theft from construction sites. Ensuring that you carry out in-depth employee background checks during the hiring process will help ensure that you know exactly who you are hiring.

Ensure equipment is marked

Marking high value construction equipment acts as a visible deterrent against theft. Ensure the following information is inscribed or etched onto equipment: a unique ID number, company name, and contact information.

Create a theft-recovery strategy

Despite robust preventive measures, theft risk persists. A concise theft recovery strategy is critical, detailing immediate actions for locating stolen assets, involving law enforcement, and updating stakeholders. This not only aids in swift asset recovery, especially with asset tracking technology, but also acts as a deterrent by reducing your assets' theft appeal. 

 

6 step guide to implementing your theft recovery strategy:

Step 1: Assess your current security measures.

• Begin by evaluating your current asset security and tracking measures. Identify any gaps or weaknesses in your system that could be potential targets for theft. Consider both physical security measures and technological solutions you have in place.

 

Step 2: Identify high-risk assets.

• Make a comprehensive inventory of your assets and categorize them based on their theft risk and financial value to your business. High-risk assets should be your top priority for enhanced security measures.

 

Step 3: Develop a response plan.

• Create a detailed response plan for potential theft incidents. This should include immediate actions to locate and recover stolen assets, notification procedures for law enforcement, and steps to mitigate further loss.

 

Step 4: Monitor and review.

• Regularly monitor the effectiveness of your new security and recovery measures. Schedule periodic reviews to assess their performance and make adjustments as necessary. Stay informed about new technologies and threats to continuously improve your theft recovery strategy.

 

Step 5: Train your team

• Conduct training sessions for your employees to ensure they are aware of the new security measures and know how to respond in case of theft. Employee awareness and participation are crucial for the success of your theft prevention strategy.

 

Step 6: Implement tracking technologies.

• After establishing a solid foundation of security measures and a clear recovery plan, the final step is to integrate tracking technologies into your strategy. This involves:
  • Selecting the right technology: Based on the earlier assessment of your needs and the types of assets you're protecting, choose tracking solutions that offer the best blend of real-time tracking, durability, and cost-effectiveness. Consider GPS trackers, IoT sensors, and Bluetooth Low Energy (BLE Beacon) Tags that can provide detailed insights into the location and status of your assets.

• GPS Tracking: Real-time GPS trackers can be installed on vehicles, equipment, and other high-value materials. GPS trackers allow businesses to constantly monitor their assets and also help the authorities to recover stolen items quickly, should the worst happen. CloudHawk’s GPS fleet tracking and monitoring solutions help businesses to better utilize high value assets and increase security, providing full visibility into the location and status of commercial fleet vehicles.
• Bluetooth Low Energy (BLE Beacon) Tags: BLE Beacons are designed to be attached to tools, machinery, and other high value materials. Each tag connects to gateways (physical and mobile app-based) that gives real time tracking and the opportunity to prevent unauthorized removal of vehicles or equipment.
• Deployment: Strategically deploy tracking devices on all high-risk assets. Ensure that the devices are installed in ways that make them difficult to detect or remove by unauthorized individuals.
• Training and implementation: Train your staff on how to use the tracking technology effectively. This includes monitoring software, understanding the data provided, and responding to alerts about unauthorized movements or activities.
• Integration with recovery plans: Ensure that your tracking system is fully integrated with your theft recovery strategy. This means setting up protocols for how to respond when an asset is moved without authorization, including who to notify, how to track the asset, and how to coordinate with law enforcement for recovery.
• Review and adapt: Regularly review the effectiveness of your tracking technologies as part of your broader theft prevention and recovery strategy. Be open to making adjustments and adopting new technologies as they become available to keep your defense against theft robust and responsive to evolving threats. 

Integrating tracking technologies at the heart of your theft recovery plan not only includes the critical role of modern tech in safeguarding assets but also provides a definitive course for businesses to bolster their defenses. This all-encompassing strategy empowers companies to fortify their stance against theft, substantially reducing its potential repercussions on their operations. 

Numerous businesses are already embracing the benefits of investing in tracking technology. For example, an officer recently located approximately $500,000 worth of stolen trailers and construction equipment in Woolwich township and returned it to its owners thanks to this technology.

Building secure foundations: Why partner with CloudHawk for your construction tracking needs?

As the construction season ramps up, securing your equipment is a priority. At CloudHawk, we understand the complexities and high stakes of the construction industry. That's why our cutting-edge asset tracking and monitoring solutions are specifically designed for the rugged demands of construction sites and the valuable machinery that powers your projects. 

With CloudHawk, your fleet of bulldozers, excavators, and loaders – the backbone of your operations – will never be out of sight. Our innovative and ultra-precise GPS trackers,  IoT sensors and Bluetooth Low Energy Tags are engineered to withstand the harshest environments, providing you with the visibility, security, and efficiency you need to manage your equipment and assets confidently.

Don't let the risk of theft slow down your season. Take the lead in asset management and join the ranks of construction leaders who trust CloudHawk for unrivaled asset protection. Discover how our tailored solutions can strengthen your defense against theft and enhance your operational oversight.

Discover how CloudHawk can transform your asset management. Contact us now for a personalized demo, to receive a tailored quote, or simply to learn more about our robust tracking solutions designed for the construction industry.