Tools are stolen every 12 minutes in the UK, with a total loss around £98m in 2023

Research has found that 44,514 tools thefts were reported to the police in 2023 – up 5% from 2022 and equating to a tool theft reported every 12 minutes.

Tools are most frequently stolen from vans, with thefts up 14% in 2023 to 24,543 reports – accounting for more than half (55%) of all tool thefts.

Tool theft has a massive financial impact on tradespeople. As well as the cost of replacing tools, 83% say they lost business because of the theft and not having their tools to work. Tradespeople reported losing work worth an average £1,836 the last time their tools were stolen, meaning an estimated £82m worth of jobs were lost by trades in 2023.

More than half (56%) of tool thefts from a vehicle occur at night, with thefts most commonly occurring while the vehicle is parked overnight at the tradespersons home or in a carpark.

Tools are an expensive and invaluable asset to tradespeople.

Even some of the most comprehensive policies have significant limitations for losses from unattended vehicles.

The old adage that you should act as if uninsured has never been more appropriate.

Extra precautions to secure tools include retrofitting vans with additional security, including additional locks, drill plates, trackers and alarms. The best precaution being to remove tools completely from unattended vehicles, particularly those left overnight.

If you would like us to talk you through Tradesperson Insurance, or for a review of your cover, please get in touch with us.

You can contact us:

• Through our Live Chat
• By emailing us at info@evansinsurance.co.uk
• You can also call us on 01708 289 525