When asked, does your company lose tools or equipment? The answer is usually a painful yes.
“Zurich Canada reports that insurance claims due to construction theft have climbed to approximately $46 million annually. The rise in insurance claims has ultimately led to increased insurance premiums. In some cases, the increase is so dramatic that the contractors in question have extreme difficulty getting insurance.” May 1, 2002, by Rosie Lucifero in Canadian Underwriter.
In addition to the cost of the tools, companies must add the cost of time wasted looking for lost tools, and the unfinished work from not having the proper tools onsite when needed.
How can construction companies reduce the loss of their assets?
Unfortunately, the current solutions most used by contractors and construction companies to reduce accidental asset loss is largely ineffective, for example using a sharpie marker that can wear off and become unreadable, or printed labels that have difficulties withstanding harsh working environments.
A construction business needs high-quality labels to put on their equipment that will not slip, peel, or wash off from daily use and that can withstand harsh weather conditions. Additionally, each piece should be engraved directly or with a label that contains a code to simplify tracking.
You know it is a helpful solution when it is customizable, meaning you can add your company name or logo and code (QR, Datamatrix, Bar or Alpha numeric code) designed for the asset. And of course, it must be durable, not only the direct engraving on the assets, but also the material of the labels, such as anodized aluminum foil or steel labels.
In conclusion, to limit the number of accidental loss of tools and equipment, construction managers and teams need a permanent solution. Among other things, this solution must come with exceptionally durable labels for the equipment that cannot be engraved to withstand harsh conditions.
For more information about the solution to reduce the loss of equipment and tools, watch the following video or send your inquiries to