Tradies feeling pinch: tool thefts spur $500k in claims

Small business owners have been feeling the pinch of the theft of valuable tools.

In the year to September, AA Insurance paid out nearly half a million dollars for tool claims. The average claim cost about $1400.

According to the company’s 2018 security survey, one in five small business owners said they had experienced theft or damage to tools and equipment. Eight in 10 cases made a claim.

The research, by Colmar Brunton and commissioned by AA Insurance, surveyed 1100 New Zealanders.

Thirty-six per cent of laptops, computer and iPads to earn a living while 35 per cent used power and hand tools.

Bucklands Beach resident Mark Landon was among the tradies ripped off by thieves.

He woke up last Friday morning to see all the doors on his van open and some heavy tools had been pinched overnight.

“The interesting thing was how they got into it, it looked as though they had burned the barrel in the door.”

It was a quiet way to get into the van, he said.

“They caused a bit of damage. I would have much preferred if they had broken a window and done it.”

The thief stole a drop saw and a nail gun, worth about $2000, he said.

Landon said he was sad and annoyed but mostly gutted he had to cancel on a client at the last minute because he lacked the tools to see the job through.

“I’ve let a client down.”

In Tauranga, Bradley Kirk, who works in concreting, had his locked ute broken into on respondents used ● ● ● ●

Full-time or larger operation owners should consider cover specifically for small businesses. Amelia Macandrew

Wednesday and thieves made off with a haul worth as much as $8000.

“You hear of it happening, but you don’t expect it to happen to you.”

AA Insurance customer relations manager Amelia Macandrew said having equipment pinched could be expensive and frustrating.

A quarter of survey respondents did not have insurance for their business and nearly half relied on personal contents insurance cover.

In most cases, business tools were covered by contents insurance — up to a limit.

AA Insurance covers customers up to $3000 under their contents policy unless told otherwise, according to the company.

“Relying on contents insurance is fine if your business is a hobby or isn’t your sole source of income, but full-time or larger operation owners should consider cover specifically for small businesses,” Macandrew said.