Research conducted by Direct Line business insurance revealed that 67% of tradespeople favour a ban on the sale of second-hand tools, unless the seller can provide proof of ownership.
The insight comes as 70% tradespeople report having had tools stolen within the past two years, with 65% saying tool theft is on the rise.
According to a statement, thieves frequently resell stolen tools on social media, online marketplaces and car boot sales. In the last year, 47% of tradespeople report having been approached by, or witnessed, someone selling tools they believed were stolen. Of these, 56% reported the suspicious tools to the marketplace, trade authority, or police, while 92% refused to purchase them.
When it comes to the general public, further research from Direct Line business insurance found that 75% of people would not feel confident identifying stolen tools being resold, indicating how the requirement to provide proof of ownership when selling second-hand tools could help stifle the market for stolen tools.
Mark Summerville, SME product manager at Direct Line business insurance, said: “Our research shows that the frequency of tool theft has been on the rise for several years, despite tradespeople taking additional precautions to protect their tools. So it is no surprise that 83% of tradespeople are concerned about tool theft.
“While there is no silver bullet to stop tool theft, tighter rules around providing proof of purchase when selling second-hand tools could help make it harder for criminals to resell goods. It’s also important that tradespeople have adequate insurance in place to help them get back up and running, should their tools be stolen and to take precautions to protect their tools where possible.”