Preventing Cargo Theft

Product scarcity and inflationary pressures are just two factors contributing to increased cargo theft. Fraudsters often target specific commodities—particularly metals, electronics and equipment—to sell on the black market. Transport company CargoNet recorded 692 cargo theft events in the third quarter of 2023, a 59% year-on-year increase. According to the Insurance Bureau, cargo theft costs the Canadian economy $5 billion annually.

Such startling statistics make clear the importance of robust risk mitigation strategies to lessen the chances of cargo theft. Trucking employers should consider the following tips:

• Encourage vigilance. Remind employees to be aware of their surroundings at all times when working, as thieves often spend time observing targets before attacks. Additionally, employees should park in secure, well-lit truck stops, always lock their vehicles, and swiftly report suspicious behaviour to law enforcement.
• Demonstrate discretion. Implement strict protocols to protect sensitive information. For instance, employees should avoid sharing a truck’s contents or destination with unauthorized individuals, and organizations could use generic cargo descriptions on paperwork. Organizations could also weigh the merits of partnering with a reputable load broker for assistance in preparing sensitive cargo documentation.
• Prioritize yard security. Install perimeter fencing, CCTV and adequate lighting in dark areas to deter thieves. Organizations must regularly audit yard security to identify and address vulnerabilities.
• Protect cargo. Leverage GPS tracking devices and theft deterrent devices in trucks to protect cargo in transit and use tamper-evident seals.
• Inspect vehicles. Employees should be encouraged to inspect their vehicles regularly for tampering. This includes pre-trip inspections and checking doors, locks and seals after every stop.

Finally, comprehensive cargo insurance coverage can help organizations mitigate financial losses. Employers should review insurance policies regularly and ensure employees promptly report any instances of theft.

For information on trucking insurance, or to find out how to reduce your insurance costs call CMB at 780.424.2727 or click here to get a quote.