When you’re considering the risks of construction, it’s a long list: falls, struck-by objects, misuse of hazardous materials, and more. Still, not many people think about theft. The reality is that material theft accounts for over $300 million of construction costs in the U.S. alone, attributing to scheduling delays, impacting contractors, and hurting bottom lines. We recently talked with Kevin Peterson, Senior Risk Management Consultant at Builders Mutual, about what managers should be aware of when it comes to theft––and how they can avoid it as much as possible.
How to Reduce the Risk of Construction Theft
Most commonly, it’s tools or equipment that are stolen from job-sites. But there are certain coveted items that are both easy to steal and worth a lot of money, such as copper wire. While theft isn’t ever 100% preventable, there are certain things management can do to minimize risks before it becomes a problem, including:
Securing materials
The best thing you can do to prevent theft is take away temptation in the first place. That means ensuring tools and equipment are put away at the end of the day, not left unattended or visible in places that are easier to break into (i.e., right inside a car window).
Assessing location-specific needs
Every job-site is different, and some demand more security measures than others. Before setting up camp for the job at hand, analyze your surroundings. Is this an area where theft is prominent? If so, consider what added steps you can take to protect your company’s assets.
Installing security cameras
It’s not possible to have eyes everywhere––but it is possible to put surveillance in high-traffic areas where theft is more likely to happen. Not only does installing security cameras deter people from attempting to steal, but it also provides you with evidence for police in case of an incident.
Making consequences known
Simple signage can go a long way in urging people to think twice about stealing. Make your stance known with sentiments such as “we prosecute for theft” or “thieves will be prosecuted” to add another layer of deterrence around the job-site.
Cultivating a culture of awareness and accountability
Theft doesn’t need to be a taboo topic. It’s not ideal, but it happens. Talk about it openly during site meetings, call it out in your company handbook, and leave no question that it’s something that won’t be tolerated at your company. This helps everyone on-site grasp the serious nature of theft, and encourages accountability should something get stolen and employees see or know something.
Worrying about theft won’t do you much good––but taking action against it can. At Builders Mutual, we’re here to help. Reach out to your Risk Management Consultant today to see what resources they can offer you around theft prevention, talk risk prevention, and put a proactive plan in place.
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