Theft prevention is a must for all retail industries, but a deep need for better business security tools exists in the rental industry as well. If rental equipment theft is a concern for you, the information here may be helpful as you weigh your business security options and learn more about services like remote video monitoring.
Equipment Rental Theft Statistics
Equipment rental theft is an emerging concern, but the data shows consistent growth of the problem. Dealers of Caterpillar, a brand favored by many equipment rental businesses, estimate that equipment theft losses total around $400 million per year. Meanwhile, the National Equipment Register (NER) reports that California is one of the top five states in the nation for equipment rental theft, particularly on the high target holiday weekends that occur in spring and summer.
The Impact of Equipment Rental Theft
Furthermore, risk management resource IRMI reports that rental equipment (which makes up 30% of all construction equipment in the U.S.), has a lower rate of recovery than other stolen equipment. Major contributing factors include longer timeframes before discovery of theft, the complexities of identifying equipment, and the nature of the used equipment market itself. Because renters may have little to no security measures in place for equipment that’s temporarily in their possession, theft is often a crime of opportunity. All things considered, it’s time to fill the rental equipment industry’s need for security solutions. That’s what Valley Alarm is doing with our ValleyGuard, our remote video monitoring service that’s ideal for a wide range of industries.
How Remote Video Monitoring Protects Rental Equipment
For rental equipment establishments, ValleyGuard can watch assets overnight while the business is closed; often, it is used to supplement or replace a security guard. For businesses that rent equipment (construction, repair and licensed contractor businesses), ValleyGuard can make sure that rentals stay on your premises until it’s time to return them. This protects you from the liabilities that arise when rented equipment is stolen on your watch.
With ValleyGuard, a live virtual guard is standing by to monitor your motion-triggered cameras if an intruder steps onto your property. By visually verifying the event is a potential theft attempt, your virtual guard can dispatch police to your location quickly. Meanwhile, he can also issue a loud verbal warning that can stop the thief in his tracks.
This service significantly increases the odds the thief will be apprehended, and decreases his odds of success. The equipment stays in place, and both renter and owner remain protected.
Whether you own an equipment rental establishment or a business that rents equipment frequently, ValleyGuard can protect the assets in your possession and shield you from liability. To learn more about this remote video monitoring service, call Valley Alarm today. We look forward to helping you.
About Valley Alarm
Valley Alarm is a fully licensed, experienced security company in business since 1981. We provide design, consultation, installation, maintenance, and central station services for commercial, residential, and government clients of all types throughout Southern California. For us, nothing is more important than the security of your family or business.