Peak season for tool theft arrives, research finds
Posted: Friday, October 4th, 2024
In 2022 and 2023, tool theft peaked in winter as the clocks changed and the nights drew in, HVP Mag reported. Analysis by Direct Line Business Insurance shows that reports of tool theft were 46% higher in October 2023 than in April 2023, the lowest recorded month for tool theft. The rise in thefts is even higher when looking specifically at tools stolen from vehicles, which were 54% higher in October 2023 than in April of the same year. Direct Line business insurance’s research shows tools worth £98 million were stolen from tradespeople in 2023, with a theft reported every 12 minutes. When there are fewer daylight hours, the opportunity for theft increases, which is why tradespeople are encouraged to review their tool security and stay extra vigilant. Alison Traboulsi, product manager at Direct Line Business Insurance, commented: “Tool theft is hugely disruptive and stressful for tradespeople. “In addition to having to replace tools, tradespeople lost an estimated £82 million worth of jobs last year due to tool theft.”
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