Insurance claims by tradespeople affected by tool theft have increased 54% in the last two years, according to new figures.

The data, released by small business insurer Simply Business, shows the average claim for stolen tools costs £1,684, while there’s also been a notable rise in the number of break-ins with no signs of damage or forced entry.

Analysis of over 2,000 tool theft claims revealed the number of incidents jumped from 412 in 2016, to 893 in 2018, rising 54% overall and consistently increasing year-on-year.

The research, which comes as the small business insurer launches a campaign to Stamp Out Tool Theft once and for all, shows the South West saw the most dramatic rise in incidents (81%) followed by London (67%) and the North West (63%).

The North East has the highest average claim (£2,033), closely followed by East Anglia (£2,005) and the South West (£1,979).

Furthermore, the analysis revealed 87 different industries have fallen victim to tool theft in the last two years, showing just how widespread the issue has become.

The figures come off the back of the small business insurer’s campaign to ‘Stamp Out Tool Theft’, and reflect an alarming increase in incidents of tool theft over the past two years. A large number of thefts now occur without a forced break in, where thieves use an electronic key fob to swiftly unlock keyless entry systems. This makes it much easier to steal tools, and harder to notice when they have been stolen.

Simply Business is calling on the government to implement greater fines for those convicted of tool theft, as well as tighter regulations on the selling of second-hand tools. The petition aims to secure 100,000 signatures for the measures to be debated in the House of Lords and can be viewed here. 

Bea Montoya, Chief Operating Officer at Simply Business, commented: "Tradespeople are the backbone of Britain, but they're being stopped in their tracks on a daily basis due to the ongoing tool theft epidemic.

"Unfortunately, it’s becoming increasingly common to see tools being stolen without leaving any visible sign of forced entry. The rise of keyless entry has meant the way thieves operate is changing, and it’s potentially becoming easier to steal tools. Tradespeople need to take extra care to avoid tool theft, and simple measures such as removing your tools overnight, parking in view of CCTV and with doors against a wall, and marking tools and recording serial numbers, can go a long way in preventing theft.”

https://get.simplybusiness.co.uk/stamp-out-tool-theft