5 Tips for Contractor Equipment Security

Updated:
January 17, 2019

In the world of contractors' equipment, theft is a major threat to your bottom line. Here are five things you can do to protect your equipment against major loss and theft.

Security Policy and Checklist

Establish a security policy and discuss it at regular safety meetings, including a written worksite-specific theft prevention plan for permanent, temporary and mobile sites. Create a site security checklist to use at every new job site.

Fencing and Lighting

Install fencing around your storage area as your first line of defence against equipment theft. Use adequate lighting and conduct regular maintenance of lighting systems.

Inventory Control

Establish a record-keeping system to track equipment entering and leaving a site or facility. Regularly perform a physical inventory audit.

Personnel

Before hiring, perform in-depth background and reference checks. Ensure current workers are aware of their job responsibilities related to theft prevention.

Control Site Access

Ensure visitors check in with a site supervisor, consider installing a video surveillance system and/or using security guards, and post "no trespassing" signs around the perimeter of the worksite. Implement a key-control program that limits distribution of and access to keys for equipment and site locks.

Loss prevention is crucial to protecting your business' bottom line. Preventing equipment theft is the most effective way to ensure your business isn't impacted by delayed or cancelled projects.

Source: RSA Canada

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FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.