Project Security- Protection of Assets on Federal Construction Projects

Project Security- Protection of Assets on Federal Construction Projects

According to the National Equipment Register (NER), construction project sites experience losses of more than $1 Billion annually due to vandalism and theft.  Because theft is also the most common form of property loss, it is also often underreported with as low as only 29% of total thefts being reported to law enforcement.  As such, the true impact that this has on both past and future projects is difficult to ascertain as project security failures have the potential to impact not only the overall health of your project, but also the company’s reputation.

Join us here at GovGig as we look to discover the significance of incorporating project security measures into your construction project and learn valuable steps to safeguard your precious project assets.

Construction projects possess an inherent allure and garner significant attention due to their high-profile nature. The utilization of specialized tools and equipment often renders them susceptible to theft, both by those on the outside and by those working within.   While the chances of outside theft within federal construction can be diminished due to project location, steps still must be taken to secure your project against unwanted activity.  Consider the following key steps as you work to secure your project from loss:

1.     Equipment and Material Storage- The primary key towards ensuring that valuable tools and materials are secure from theft lies in how you store them.  When not in use, consider using locked jobsite boxes (often called gang boxes) or chaining your equipment to detour would be thieves and secure your tools.  Never leave portable tools unattended.  Also consider marking your tools with a unique brand such as by stamping your company name or by color coding your tools and equipment for ease of identification.  Simple deterrents such as fences, lock as and lighting can be just as effective as more elaborate options.

2.     Project Security and Surveillance- Consider utilizing managed security systems to assist you in protecting tools, equipment and material stored on your project.  Options such as 24/7 surveillance or using motion-recording cameras can provide you with the added security of knowing that your project is being monitored both during working hours and off. Be sure to post signage on your project stating that your project is under surveillance.  Under the right circumstances, you might even consider hiring boots to the ground project security.  Ultimately, you should always assess specific project needs to determine the right fit in this area.

3.     Utilizing Technology- Technological advances have now gotten to the point where management of project assets has become as easy as logging into a mobile app and clicking on a few buttons.  Software options such as those provided by Tenna Online allows for a company to manage project equipment, and in the event of theft, quickly track stolen assets.  Other options such as Tool Watch, or Share My Toolbox can also help to manage tool inventory and are specifically designed for small to large contractors alike.  These types of tools can be invaluable as you aim to manage some of the most expensive assets on your project.

4.     Insurance- While maintaining an insurance policy to cover losses in the event of theft or vandalism should never be your primary method of securing assets, it should nevertheless be a top priority when performing work in the construction industry.  In many cases, providing proof of insurance will be a requirement to perform work.  In the event that your project sustains a substantial unintended loss you will also want that added security knowing that your loss is covered.

Coverages such as builders’ insurance risk coverage (also known as course of construction insurance) in addition to a variety of other coverages can help you to manage these risks.  Ultimately, it is recommended that you consult with your insurance company about the types of coverages which are appropriate for your scope and project type.

In conclusion, prioritizing security measures on your federal construction project is vital in an effort to protect valuable assets and to ensure the smooth execution of your project. By implementing robust security protocols, such as surveillance systems, and theft prevention strategies, you can take valuable steps towards mitigating risk as you work to safeguard your investments.

Please reach out to us here at GovGig to learn more about how we can support your current and future projects.

Cory J. Grimmer