However, the alarm which is due next year, is just one component – the firm’s website and app allows tradespeople to create an inventory of their tools, store receipts, purchase insurance and even replace stolen equipment.

“We take a technology orientated approach to tool theft,” said Stephen Holland, co-founder Armd, while appearing on The Clive Holland Show, as part of Anti-Tool Theft Week.

“Our technology is not just an alarm system. That is just one part of it, we soon realised that getting you guys back to work was a major part of the problem, not just prevention,” he added.

In theory, an Armd customer who has their tools nicked can easily file a claim with the insurance company through the app.

Tradespeople generally have low confidence in insurance companies.

Marc Firkin, a carpenter who appear on Monday’s The Clive Holland Show told a story about losing £15,000 worth of tools and receiving just a £900 pay out from his insurance firm.

Stephen Holland admitted, “there is a huge trust gap” between tradespeople and insurance brokers.

According to Armd’s research 44% of tradespeople don’t even bother with tool insurance.

“And the ones that do, are often unhappy with that insurance. That is where we think that technology can bridge that gap and sit in between the insurance company and tradespeople,” he explained.

Part of the mistrust relates to how insurance firms calculate depreciation of tools over time.

When a user adds tools to the Armd app, it provides a rough estimate of how an insurance firm might value those tools.

“We are just trying to be as transparent as possible, so you can see what you own, how much you own and what you need to protect,” commented Stephen Holland.