Money Insurance Policy for your Business
What is a Money Insurance Policy?
Money and monetary transactions are absolutely essential to any business! But when you’re dealing with things like cash, cheques, drafts, postal orders, there is always a little bit of risk involved, and we completely understand that. That’s why Wereck Insurance Brokers’ are there to help you protect your business’s money 24/7!
For example, say you’re carrying cash from the bank to your factory to pay vendors or distribute wages. But, on the way there, you’re stopped and robbed, and there is no guarantee that the police will find the culprits!
Without this type of money insurance, you would have no way to make up for such a devastating loss. However, if you are covered by this insurance, it will help you in getting back that amount. 😊
So, with this policy you can rest easy knowing that your money will be protected from a whole host of losses, destruction or damages caused by an accident.
Benefits of having a Money Insurance Policy
Having a Money Insurance Policy is essential to protect you and your business in case of theft, loss, or accidental damage of your money either when it’s in a safe or in transit. But why do you really need it?
Protect your money when you are carrying it from your office to the bank (or any financial institution).
In case your business is robbed, and the thief is never found, you can still get your money back through this insurance.
It covers cash and cash equivalents such as bank drafts, currency notes, treasury notes, cheques, postal orders, money orders and more.
What can be Covered?
With a money insurance policy, you’ll be covered for…
- Money in Transit You and your business will be covered against loss of cash that is in transit from things like robbery, theft*, or an accident.
- Money in a Safe or Strongroom In case money from a locked safe or locked strong room on your premises is stolen in a burglary or other occurrence.
- Money from the Cash Counter Covers loss of money kept in your till or cash counter, because of things like a robbery or hold-up.
- Money on the Premises You’ll be covered against loss of any other cash or currency kept in your premises due to an accident or some misfortunes.
*in case you were wondering, the difference between robbery and theft is robbery is when someone steals from a person using force (or makes them think force will be used), while theft means taking someone’s property but does not involve any use of force. Burglary is when someone illegally enters a property in order to steal from it.
What is not Covered?
We at Wereck Insurance Brokers believe in transparency, so we also want you to know some cases where you won’t be covered – just so there are never any surprises…
- Loss of money due to things like errors and omissions, or unexplained and mysterious losses.
- Any losses when the money was entrusted to someone other than you (the insured), any of your authorized employees, or any recognized transportation agency.
- Consequential losses of any kind, like loss of profit, business interruption, legal liability, or market loss.
- In case the money is kept somewhere other than your business premises (and it is not specifically mentioned) and there is a loss.
- A loss that occurs on your business premises after hours, if the money is not locked away in a safe/strong room.
- If the money is lost from an unattended vehicle.
- Any losses or damages that are a result of legal confiscation, war, natural disasters, nuclear acts, or terrorism.
- Loss or damage to any property, either yours, your employees’, or a third party’s.
- Any personal injury or suffering.
Who all need a Money Insurance Policy?
Any business that deals with money or transactions (which is all businesses!) can never be too careful. That’s why getting a money insurance policy might be a good idea, especially if:
You periodically draw large sums of money for your business’s regular operations.
Like for payment of salaries, or for day-to day transactions.
Your business deals with a lot of cash from customers.
This can include restaurants and cafes as well as many retail stores or theatres.
If your business stores money in a locked safe/strong room on the premises.
Like banking institutions, or casinos.
As Insurance is a complex subject, please talk to us now for professional advice and to make sure your level of coverage is appropriate, adequate, and sufficient to your requirements.
The List of Risks or the range of insurances available is not exhaustive, if there are any particular risks that are possibly unique to your type of business and/or for any specific or special requirements, please seek our assistance and guidance.