Theft of tools appears to have re-emerged as a growing concern within the motor trade market. Our Motor Trade Insurance teams recent renewal discussions have brought to light multiple incidents involving our clients, and industry contacts confirm that this is not an isolated issue. Many garage owners have reported CCTV footage capturing individuals inspecting their premises, potentially scouting for opportunities to steal valuable tools.
Changing trends in tool theft
During the Covid-19 pandemic, selling stolen tools was challenging. With mechanics and garage owners actively monitoring platforms like eBay and Facebook Marketplace, it became riskier for thieves to offload stolen equipment. In one case, a client of ours successfully identified their stolen tools online and reported the matter to the police.
However, the re-emergence of car boot sales as a popular weekend activity appears to have provided a low-risk avenue for the disposal of stolen tools. Unlike online marketplaces, where transactions can be traced, car boot sales allow for anonymous, cash-based sales, making it harder for stolen tools to be recovered.
Strengthening security
Our Motor Trade Insurance team are proactively addressing this issue by discussing tool and key security with our clients during renewal meetings. In many cases, security measures that were once in place have lapsed over time, leaving businesses vulnerable to theft.
To mitigate the risk, we recommend:
- Enhanced surveillance: regularly reviewing CCTV placements and ensuring systems are operational
- Secure storage - using lockable toolboxes and restricted access areas within the garage
- Tracking and marking - engraving tools with identifiable markings and maintaining an inventory
- Monitoring sales channels - keeping an eye on local online marketplaces and reporting suspicious listings
- Invest in proper key security – taking some time to ensure that you have good security in your garage will help to reduce the risk of theft. Read more in our key security blog here
By staying vigilant and reinforcing security measures, businesses can help protect their assets and reduce the risk of financial loss. If you have concerns about your tool security or need advice on your Motor Trade Insurance policy, our team at SEIB Insurance Brokers is here to help.
Need specialist motor trade insurance?
At SEIB, we stay ahead of industry trends to ensure our clients have the right cover. If you're in the motor trade and want to discuss your insurance requirements, get in touch with our expert Motor Trade Insurance team today on 01708 850 000 or email motortrade@seib.co.uk.