Tool theft isn’t a new issue, but it continues to plague tradespeople who are often forced to delay work following a theft, leaving them with no income. Police data shows over 40,000 cases of tool theft across England and Wales in 2022; this is a huge problem for tradespeople that isn’t going away. In this article, our partner Trade Direct Insurance, looks at recent tools theft data.
Tool theft – Key facts
Recent studies report that Tool theft has rocketed 150% over the last two years in the London and Home Counties areas alone. This report states that the economic pressures of the cost-of-living crisis has driven up thefts. Nearly four in five tradespeople have experienced tool theft, costing the trades industry an estimated £2.8 billion.
In London alone, 34,712 tools were stolen between January 2021 to October 2021, with at least 110 tools being stolen each day on average. The report states that builders were the biggest victims of tool theft, reporting 290 incidents from vehicles and building sites between January 2021 to October 2022. Builders were identified as being five times more likely to experience tool theft than electricians. The same report found that a suspect wasn’t identified in over 86% of the tool thefts reported between 2021 and 2022.
Protect your income with Tools Insurance
Many tradespeople cannot afford the additional cost of replacing essential tools needed to carry out their work. Most trades require a wide range of expensive tools that are extremely expensive to replace. The time it takes to replace stolen tools can also impact business income, with some trades losing out on new contracts because of the delay in replacing stolen items.
Save 25% on Tools Insurance*
To help with the cost of protecting your tools, our partner Trade Direct Insurance is offering TradeHelp members an exclusive 25% discount on new Tools Insurance Policies.
Hurry – this special offer is only available until 30 June 2023!
Members will be emailed a link to this exclusive offer. (25% off net premium before tax and admin). *Terms and Conditions apply
If you would like to request the link now, please click here to email TradeHelp to request it.
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Simply sign up below and join 15,500 + other companies already saving today – there is no cost and no commitment. A member of the team will then be in touch to set up your free benefits.