Marsh targets tool theft with new tips for Kiwi tradies
Checklist helps prevent theft and lower insurance costs for claims
Marsh has released a set of recommendations aimed at helping New Zealand tradespeople and contractors reduce the risk of tool theft and improve their insurance outcomes.
The guidance addresses practical steps for securing equipment, documenting assets, and understanding insurance coverage, reflecting ongoing concerns about theft-related losses in the sector.
Assessing and improving physical security
Marsh encourages businesses to regularly review how they secure their tools, both on-site and in vehicles.
The brokerage recommends using locks that are resistant to bolt cutters and grinders for toolboxes, regardless of where they are stored.
For those who keep tools in work vehicles, Marsh suggests the installation of locking cabinets with reinforced hinges and locks, which can make unauthorised access more difficult.
The use of hardened-steel security chains and high-quality padlocks is also advised, particularly for larger items such as ladders and powered equipment.
Marking and tracking equipment
Engraving tools with identifying information, such as a business name and contact number, is another step Marsh highlights.
This practice can assist with recovery efforts and may reduce the resale value of stolen items, making them less attractive to thieves.
Marsh also recommends keeping a detailed inventory of tools, including serial numbers, receipts, and photographs, as insurers often require proof of ownership when processing claims.
For higher-value equipment, Marsh suggests attaching GPS trackers or similar devices using secure methods.
These trackers allow for real-time monitoring and can act as a deterrent, as they are not easily removed.
Enhancing vehicle security
Work vehicles are particularly vulnerable to theft, especially over weekends.
Marsh advises the installation of alarm systems that provide notifications if a vehicle is accessed.
Additional sensors that detect glass breakage or attempts to lift the vehicle can further strengthen security measures.
Reviewing insurance coverage
Marsh noted that standard home contents insurance policies do not cover work tools.
Instead, businesses should consider specialised business or trades insurance policies that offer coverage for tools and equipment.
These policies can be tailored to include items up to a certain age as well as mobile and portable equipment.
Consulting with an insurance broker who specialises in trades can help businesses identify appropriate risk management strategies and select policy features such as new-for-old replacement.
Marsh recommends discussing the specific circumstances under which tools are covered, including losses from fire, severe weather, malicious damage, or theft following forced entry.
Understanding policy exclusions
Businesses are encouraged to review policy exclusions with their broker.
Common exclusions may include employee theft, defects in materials or workmanship, unexplained shortages, theft from unsecured vehicles, and gradual deterioration or environmental damage.
The value of specialist advice
Marsh suggests that businesses unsure about their current insurance arrangements seek advice from brokers with expertise in trades.
These professionals can review existing policies and recommend adjustments to ensure adequate protection, often at no additional cost.
Cyber incidents remain top business risk for 2025
Focusing on other business risks, cyber risks have again been identified as the leading threat to businesses worldwide, according to the latest Allianz Risk Barometer.
The annual survey, which collected responses from nearly 3,800 participants across 106 countries and territories, highlighted the continued prominence of cyber incidents in the global risk landscape.
Cyber incidents, including data breaches, ransomware attacks, and IT outages, were ranked as the top business risk for the fourth consecutive year.
Thirty-eight percent of respondents identified cyber risk as their main concern.
Allianz attributes this trend to the increasing complexity of cyberattacks and the growing reliance on digital systems.
Business interruption was cited as the second most pressing risk, followed by natural catastrophes.
The report noted that disruptions to supply chains and the frequency of severe weather events continue to impact business operations and insurance claims.
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