According to some insurance companies, tool theft on construction sites cost over a million dollars each year. But, the National Equipment Registry (NER) places that figure even higher, at over a billion dollars annually.
The NER figure may be more accurate as theft of smaller power tools and equipment are often not reported to insurance. Sometimes, going through the claims process with the insurer seems more bother than it’s worth. But, replacing stolen tools, even less expensive hand tools, adds up and eats away at a company’s profits.
Replacement costs aren’t the only expense, however. Time and productivity lost due
