News – November 2011
Metal thieves causing chaos for the plastics industry – How would your business cope following a theft?
It is estimated that over 15,000 tonnes of metal is stolen in the UK each year, and these activities are expected to increase due to recent high demand. Beyond the obvious targets, thieves are now also a threat to the plastics industry, where they are targeting the brass tooling and dies needed to produce plastic products.
While thieves are motivated by what they view as high values for the scrap metal, for businesses it is not the replacement costs of items that’s the issue. In fact it is the interruption to business that can result in six figure losses - the average cost of theft claims to the plastics industry is around £100,000.
Good quality risk management advice is key:
- Review your current inventory of machinery equipment – can you identify which equipment and machinery is attractive to metal thieves?
- Consider where you store your equipment – are all items in a secure, locked area? Is access monitored?
- Review your existing physical security – do you have adequate security in place to provide maximum coverage?
- Visitor control – are you aware of who is coming into, and going out of, your premises?
- Backup your blueprints – do you have the blueprints for the tooling readily available?
- Maintain good communication with your community – have there been instances of metal theft in your area?
In addition to good risk management, it is important to ensure that you have suitable insurance cover to protect your business in the event of a theft.
Contact us today to discuss how your current business insurance could be improved, and for advice on how you can reduce any risks. Please call us on 02380 558200, email info@aeins.co.uk or use the contact form.