While it is great to have a business owner’s policy (BOP) to protect your company against loss, it is just as vital to take steps on your own to prevent a claim. These four methods are a great way to ensure tools and supplies don’t mysteriously disappear without your knowledge. Here are a few tips on how contractors can reduce theft claims.
Increase the Amount of Lighting at Job Sites and Consider Cameras
Law enforcement often touts that light is the biggest way to prevent would-be theft. In the case of construction sites, this is incredibly true. Ensure your work yard has proper security lighting during the overnight hours. It can help to keep away potential thieves. You can also consider adding smartphone accessible cameras to keep an eye on things when you’re away.
Check Inventory Regularly and Be Present as a Manager
It doesn’t matter if you’re a construction company owner, superintendent, or job site manager. Checking inventory regularly and being consistently present is incredibly important. Why? Many BOP claims include thefts by employees and subcontractors. If you monitor those who regularly work with your business and your involvement is commonly known, you can help reduce the chance of an incident happening.
Keep Clear Records
Another way to prevent theft claims against your business is by keeping records. Know exactly when supplies arrive at a job location and log the names of all employees involved at the time. This ensures that if anything ever comes up missing, you know who was around when it happened.
Remember Protection Even on Small Jobs
Not all contractors have large construction sites to monitor. Even if your job is on the smaller side, it is still important to take the necessary precautions. If your client is still living in the renovated home, ask them to keep an eye on things for you, as well.
Final Thoughts – Having the Right Business Insurance
Having a business owner's policy is a great way to protect yourself against risks, and enjoy plenty of protection for your business property, including tools and supplies. But that isn’t the only place you need a high level of coverage. Things like workers' compensation insurance, commercial auto insurance, and excess liability coverage are all still an important part of your overall protection portfolio.
The biggest part of making sure you have enough business insurance coverage starts with talking to an agent. Contact our team today to schedule an appointment.