Revealed: the true cost of stolen equipment for creative businesses
Having something stolen from you can be extremely distressing, but when your livelihood depends on the stolen items, it can be even worse.
NME has reported the findings of a 2019 study that revealed that instances of van theft across the UK rose by nearly 50% between 2015 and 2019. In total, this equates to an average of 22 vehicles stolen every day.
If you are regularly transporting equipment that is required for your work, you could be at risk of theft. Read on to learn exactly how much equipment theft could cost you, and how to protect your livelihood even if you do fall victim to robbers.
Financial losses can total tens of thousands of pounds when equipment is stolen
In November 2022, the BBC reported that Californian rock band Cemetery Sun were on tour in the UK when their tour bus and equipment were stolen. The band were staying at a hotel in central Manchester with their van parked in the car park when they were targeted.
The equipment that was stolen totalled £20,000 and included custom-made guitars and mixing decks. Not only this, but the band were forced to cancel an upcoming show as a result of the missing equipment.
The cost of stolen equipment is multifaceted
When you or your business become a victim of theft, there can sometimes be more implications than are initially apparent.
To begin with, you will need to calculate the cost of replacing the items themselves. This can sometimes be significant if your equipment is specialist or is custom-made for you. It may not be quite as simple as ordering a replacement online.
In addition to the items that are stolen, you may suffer lost income from jobs that have to be cancelled as a result, or perhaps because existing projects that are part-way completed become delayed.
While it’s difficult to quantify, the emotional toll that the situation can have on you could also be enormous. If the financial issues that arise are significant, this can affect your mental wellbeing for some time.
Protect your business with the right cover
Taking out the appropriate insurance policies for your equipment and tools could help you to recover the financial cost of any thefts. It could also reduce the emotional impact of a theft as a result.
Equipment insurance
If you rely on key pieces of camera kit that you own or rent and that equipment is stolen, this cover could be very important. Having it means you may be able to recover the cost of the items so that you are able to replace them, potentially reducing any subsequent loss of income.
Contents insurance
Sometimes there are items that you wouldn’t be able to run your business without but that don’t quite meet the criteria of equipment. Examples might be office furniture or props in your film studio.
Consider whether you’d be able to replace these sorts of things if they were to be damaged or stolen. Contents insurance could give you peace of mind about how you might pay to replace items if they were stolen.
Business interruption insurance
As we mentioned earlier, theft can cause you a loss of earnings while you get back on your feet and replace your key pieces of equipment. This is where business interruption insurance could be beneficial.
If you know that certain jobs might be delayed, postponed, or cancelled altogether in the event of your key equipment being stolen or damaged, this could be a valuable addition to your cover. Business interruption insurance means that you may be able to claim for the loss of earnings that arise as a result of any thefts.
Get in touch
If you’d like to learn more about how you can protect your business from the impact of theft, we can help. Email creative@eggarforrester.com or use our contact form to request a callback from our team.
