As tool theft puts more builders out of business, Professional Builder speaks to Stephen Holland, co-founder of ARMD, the new platform designed to protect the trade from thieves.
Tool theft isn’t going away, is it?
Sadly not. There is one tool theft every 23 minutes, which equates to approximately 23,000 a year – and that shocking figure is only those that are reported. When tools are stolen the average daily loss of income is around £350, not including damage to vehicles and reputation. Approximately half of all tradespeople do not even have insurance to cover them if they suffer a tool loss.
We have heard some terrible stories from builders who can’t even claim against their insurance.
In February of this year, a 21-year-old carpenter in Bournemouth had £8,000 worth of his tools stolen, which he had been saving for since he was 16. He had to Crowdfund to replace them. We have also heard horror stories about tradespeople who have been unable to claim after something bad happens, because they were unaware of what level of proof of purchase they need to claim or even by how much their tools depreciate over time.
Where did the idea for ARMD come from?
Our CEO, Devin Chawda’s, last company was a smart home security business and we kept getting asked by installers if they could use our technology in their vans because their tools kept getting stolen. From this the idea sprang and consequently the ARMD App and website were developed to address the many different pain points the trades experience when trying to protect themselves and their tools. Essentially, we are here to make tool insurance easy and accessible to all tradespeople, so if you suffer a loss, we can help you get back up and running as quickly as possible.
How does it work?
It is specifically designed to give the trade four ways to protect your business; Record, Insure, Protect, Replace. Firstly, the free ARMD Tool Inventory lets you easily record and see your tools in one place. When you buy a tool, you record it here.
The insurance is fit for purpose – you do not have to take tools out of your van at night and you are covered 24/7, with tools in transit. We also give you access to security products for your van, protecting your tools with a range of powerful locks, alarms and even smart sensors that automatically call you when someone tries to break in. Then ARMD allows you to replace and insure.
How much does it cost and how long does it take to claim?
It is free to download the App and the Tool Inventory is free too. You can get an instant no obligation quote on any tools you own as well. Insurers always talk about how easy it is to insure, but not always about how easy it is to claim. Our dedicated tool insurance is underwritten by Royal Sun Alliance and can be bought in the app, alongside power tools.
If a claim should be made, and your tools are in the inventory, a Claim Report can be generated and submitted in a few simple clicks and submitted to the insurer from the app – there is no need to go through the tedious, cumbersome, and stressful process of talking to a claim handler. One of our latest claims was approved in under 72 hours. That meant no business was lost and tools could be replaced really quickly. The customer was really happy.
What other plans do you have in the pipeline?
We are now developing our wireless IOT hardware which will protect your tools while they are in your van. The ARMD smart van alarm uses motion sensors to provide immediate phone notifications to tradespeople when their van is attacked and includes a GPS tracking facility to track down vehicle location. We hope to launch this in late 2022.
For more information on ARMD visit https://www.armd.uk/
Watch ARMD’s video here https://www.youtube.com/watch?v=xNEUopUy96k
