You’re not alone. In fact, a study from the Chartered Institute of Building found that 92% of respondents in the construction industry suffer from regular site theft. One in five of these respondents added that theft takes place on a weekly basis from their sites.

The NICB (PDF) adds that the average value of a stolen piece of construction equipment is $46,273. They add, “Annual estimates of the cost of equipment theft vary from about $300 million to $1 billion, with most estimates in the range of $400 million.” What’s worse? “The estimates don’t include losses from business interruption. Those losses include the cost of rentals, project-delay penalties, and wasted workforce and management time.”

In other words, construction site theft is a prevalent and expensive problem in the industry.

How can you prevent it?

Construction risk insurance.