7 Ways to Protect Your Equipment Rental From Theft
When your clients depend on you to provide the tools they need to get their jobs done, having the equipment they need available and in good working order is paramount to keeping their business. If your rental equipment is stolen (or damaged in the process of an attempted theft), not only do you lose rental fees and have to bear the headache of repairing and replacing … you disappoint your customers, too.
“$1 billion worth of rental equipment is stolen each year.”
Rental equipment theft is rampant in the United States, costing businesses around $1 billion each year. Either at your location or at your customers’ job sites, thieves are on the lookout for expensive rental equipment that they can make a hefty profit off of on the resell market. Luckily, there’s plenty you can do to keep your rental equipment, and your profits, safer from criminals.
Factors that drive rental equipment theft
Unfortunately, rental equipment is a hot target for thieves for a number of reasons:
- Construction sites are a prime target for theft because tools and equipment are left unattended, as there is often a lack of surveillance at these sites.
- Rental tools and equipment tend to be high-value, which is why customers rent instead of buy.
- It’s easy to resell tools. With a couple of clicks on Craigslist or Facebook Marketplace, and tools can be sold for cash in less than a day.
- Without serial numbers or other identifiers, it’s nearly impossible to identify tools and equipment as stolen.
- Customers are less likely to take steps to secure rental equipment and put it out of the way of thieves.
Tips to protect your rental equipment from theft
- Etch serial numbers on your items – Identifying marks like serial numbers or your company logo make it harder for someone to pass off your items as legitimate during resale. The harder your equipment is to sell, the less motivated thieves will be steal it.
- Install rental equipment GPS tracking – It is worth the expense to install GPS tracking devices on particularly expensive pieces of equipment. GPS can help you recover stolen items quickly, before they are sold to third-party buyers.
- Remind customers of security procedures – When renting equipment to customers, educate them on how to use and store it to prevent theft. You may also want to offer additional insurance they can purchase, or remind them of the replacement cost if a piece of your equipment is stolen from their job site.
- Install cameras on your property – If your facility is stocked with expensive tools and equipment, you can bet thieves have their eyes on your property, waiting for a chance to strike. Video surveillance cameras throughout your property act as a psychological deterrent that warns thieves they are likely to be caught if they attempt to breach your perimeter.
- Hire security guards – Having a live security presence on your property can deter theft. Be aware, though, that security guards can only be in so many places at once, so even with someone on duty, parts of your property will always be unprotected.
- Keep lightweight and highly targeting items indoors – The more layers of security between your most-targeted items and thieves, the better. Move any lightweight, easy-to-steal, and highly valuable items indoors where they are more difficult to access.
- Beef up perimeter security – The best way to keep thieves out of your rental equipment inventory is to keep them off your property altogether. Invest in a perimeter security system that includes multiple layers of protection to keep criminals off your lot and away from your high-value items. Consider an electric security fence, video surveillance, and ample lot lighting for a one-two-three punch that keeps criminals where they belong – out of your business.
Is your rental equipment likely to be stolen?
Hidden vulnerabilities in your security can lead to rental equipment theft that costs your business money, time, and reputation. Schedule your complimentary Threat Assessment today, and one of our security experts will analyze your current system, assess crime statistics in your area, and see if you’re doing enough to keep your business safe.
