Freeman Foundations are a proud family-run business based in New South Wales, and have been a customer with Connect Fleet for some time now. Glenn and the team provide services for home and yard improvements, as well as quality repairs and maintenance.
When the team had their asset stolen one early morning, it set off a chain of events that became a long-winded and stressful process. Read our interview with Glenn, and understand what the actual cost is when an asset is stolen.
Can you tell me the story of when your asset was stolen?
Around two years ago, we had a toro machine stolen. Then unfortunately a year later, we had a brand new excavator stolen from the front yard of our drivers house, in the early hours of the morning. It was on a trailer, parked between two of his boats. The crooks hooked it up to their car, and drove it straight out, banging up his boats on the way!
How did this affect your day-to-day business? Was that asset needed for particular jobs? What solutions did you find?
It affected us greatly. We used that excavator everyday, and it was booked out in advance for the following months.
The only reason we survived was from the generosity of a person we met on Facebook that was able to lend us his excavator. He asked for no money, but of course we compensated him. If we did not have his help, we would have had to hire a commercial excavator and outlay close to $20,000 for the period we needed. We were very lucky.
Did you have insurance on the asset? If so, what did the process with the insurance company look like?
This was the toughest process of all. Dealing with the insurance company burned us badly. Because the excavator was brand new, and we had paid only six months premium on the insurance, they were up for quite a lot and thus it was a very long winded process.
Due to the fact we had been extremely unlucky to have had two assets stolen within a year, the insurance company did not want to insure us after that point. Then we had the task of finding a new insurer who would cover us.
In the eyes of the insurance company, if we added GPS tracking to our assets, then this would be considered less of a risk. We added GPS tracking, partly to ensure we could be insured again.
If you could break it down for us, how much did you lose financially?
Overall, I feel we lost about $10K from this incident. However, if we did not have the help from the good samaritan on Facebook who lent us his excavator, there is no doubt we would have lost a lot more financially.
The inconvenience of it all was harder to deal with. Luckily our customers understood, but it still meant we were behind on job schedules, and the process of dealing with the insurance situation was highly frustrating.
Would you recommend GPS asset tracking and how has it helped you/your business?
Since adding the tracking, and knowing where our assets are at any given moment, we are now more intentional of where our vehicles are stored. We make a conscious effort to store them in safer locations, and locked behind gates. We don’t want to run the risk of losing another one!
Along with the relief on knowing where they are, I have also found GPS tracking has really benefited me and my business from a planning perspective. If I need to send a driver to another worksite, or make a detour, I know exactly where they are and can communicate with him directly. This ensures a more efficient management of person vs equipment vs location.
Adding the GPS tracking has benefited us significantly, and YES! I would certainly recommend GPS asset tracking to anyone who needs it.
Thanks for reading!
As always, if you have any questions please reach out.
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