Petty criminals and vehicle vandals are costing UK businesses £620 million a year, according to insurer More Th>n.

The firm has revealed that up to 13% of all business vehicle claims are due to crimes such as theft and malicious damage.

The insurer’s research has found that over 500 000 small businesses with company vans are affected each year, which equates to 41% of all small business vans on the road.

Mark Christer, director of More Th>n Business, said: “Not only is this type of crime an added stress but often theft of business vehicles mean that owners have to invest in new tools to replace those that have been stolen. With the average cost of a tool box coming in at around £4000, the purchase will have significant impact on short-term cash flow.”

The insurer warns companies in the north east to be extra vigilant: 12% of claims are caused by theft or malicious damage in this area, as opposed to just 7% in Scotland.

More information on the insurer’s van policy can be found at www.morethanbusiness.com.

Source

Electrical and Mechanical Contractor