A partnership between the Housing Industry Association (HIA), Victoria Police and a group of major building groups will address the cost of theft from and damage to construction sites in Victoria.

The HIA reports that theft typically costs its members an average of $1,600 per site.

“With construction levels at around 47,000 new starts this year, this amounts to a massive $75 million which is ultimately passed on to consumers,” HIA Regional Director Gil King said in a December 3 media release.

Common items stolen include doors, windows, hot water units and appliances. Tools are also often targeted when thieves enter sites during the working hours.

Other issues relate to the consequential damage, additional costs associated with repairs and delays and costs associated with increased security.

A number of strategies will be implemented this summer to reduce the incidence of theft and identify those who might take advantage of the quieter sites over the holiday season.

“Similar programs operating around the country had proven very successful in identifying the culprits and reducing the number of thefts and damage,” Mr King said.

To protect projects from opportunist thieves this summer, construction companies and their affiliates can take steps, such as storing tools securely in vehicles and being vigilant when keeping track of equipment when it is not in use.

The loss of important tools and equipment can be damaging to your business’s ability to complete projects and jobs.

If your organisation is at risk of theft, you should consider business insurance to ensure you can efficiently recover from a loss-causing event.

For more information on how business insurance can help your organisation get back on track after a theft, speak with the MGA Insurance Broker team today.