Construction machinery is critical for most construction businesses. With construction machinery requiring substantial investment, understanding how to protect your investment from theft, damage, and other risks is vital to the success and finances of your Construction business.
In this article, we will discuss how to protect your investment in construction machinery, whether you are a solo contractor or a small business owner with a fleet of machinery, taking preventative measures to protect your equipment can save you and your business time, money, and a lot of headaches, read on for our expert tips.
The Importance Of Protecting Your Construction Machinery
As mentioned construction machinery is a sizable investment for any construction business, no matter how big or small, the cost of replacing or repairing construction machinery can have a considerable financial impact, this is especially the case when the machinery is critical to the completion of a project, not only can this impact finances but also impact the running and productivity of your business.
The Risks Your Construction Machinery Faces
One of the significant risks your investment faces is the risk of theft. Due to its high-value construction machinery in your construction site can be left vulnerable to thieves, not only can this lead to serious financial losses, but also project delays, and in the worst cases this can make or break your business.
In addition to theft, construction machinery is at risk from damaged or destroyed through accidents and even vandalism as well as uncontrollable weather events. Like theft, these risks can result in unforeseen expenses as well as downtime which in turn impact financials as well as project delays.
Tips On How To Protect Your Construction Equipment From These Risks
Whilst your investment may be at risk from the factors mentioned above, there are numerous measures you can take to protect your construction equipment from the risk of theft, damage, and other unforeseen events. Below we will provide various tips that you can action right away to minimize any risk your construction equipment faces.
(H3) Secure Your Construction Site
The most effective way to protect your construction equipment is by properly securing your construction site. There are numerous ways we recommend to protect your construction site:
- Install security fencing and gates: installing fencing and gates, whilst not making it impossible for thieves to break in, is the main detterence in preventing thieves from coming into your site
- Setup Security Cameras: adding security cameras makes thieves aware they are being watched, this ensures they are less likely to steal or damage your equipment due to serious repercussions
- Hire Security Personnel: on high-value projects where a lot of high-value equipment is on-site, consider hiring security staff for your site, security staff will keep an eye over your site whilst you are not around ensuring your equipment is in safe hands
(H3) Install Tracking Devices
Another way to protect your equipment from theft is to install GPS tracking devices. By installing tracking devices on your equipment you will be able to monitor its location and precise movement. Whilst your equipment is still vulnerable to theft these devices ensure your stolen equipment can be located as quickly as possible, greatly increasing the likelihood of recovery.
Protect Your Equipment From The Elements
As mentioned previously your equipment also faces the risk of uncontrollable weather-related events and other natural elements, this can result in considerable damage to your equipment as it deteriorates over time. The following measures can be used to protect your equipment from the risk of natural elements.
- Cover Your Equipment: the first and most sensible option is to cover your equipment with tarpaulin or other protective covers when it isn’t used, this will help to protect your equipment from rain, snow, and other environmental elements
- Store Your Equipment Indoors: If possible you should always aim to store your equipment indoors, whether in a barn, shed garage, or warehouse, storing equipment indoors can protect your equipment from weather-related events as well as taking it off show to thieves
- Maintain equipment: finally ensuring you carry out regular maintenance and inspections on your equipment can help to identify potential issues, by identifying issues as quickly as possible you minimize the risk of equipment breakdowns and project delays
Invest In Construction Plant Insurance
Construction equipment (Plant) Insurance is a special type of insurance cover that is specifically designed to protect construction machinery from the risks that we have mentioned throughout this article. Whilst there are numerous measures you can take to protect your equipment from risks, sometimes even taking these measures isn’t enough to keep it safe.
This is where Plant Insurance comes in, having a reliable construction equipment insurance policy can greatly minimize the financial impact of these unforeseen events, as well as help to keep your construction business running smoothly. We recommend speaking with a qualified insurance broker that specializes in plant insurance, this will help to ensure you have the right coverage to ensure that you have the right level of protection for your investment.
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