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INSURING MONEY ON YOUR BUSINESS PREMISES

Background:
Of all the things which are in your place of business, what would be the hardest to replace? Well, there are sure to be different answers depending on who is answering the question, but the one thing which is hardest to prove you had, and then get it replaced, is money.

Fifty Rand Note

Think about it for a second. How does one replace stolen cash? Usually there are only two ways to do it. One way is to work it all back again by the sweat of your brow, and the other is to have cash insurance. Insuring money on your premises is the only real way to safeguard the money you have worked so hard to acquire.

Most people have never heard of money insurance, but it is a real insurance policy. Unfortunately, not all business owners have it, or even know about it.

Define:
Larger corporations are very familiar with this type of insurance, and carry it to cover incidents where money is lost or stolen. The types of currency covered are coin, cash, cheques (checks), postage stamps, bank notes and money orders.

Explain:
Cash insurance has strict guidelines on what instances are covered for lost money. It will cover money which is being carried by you or your authorized employees to the bank, while on the premises, locked in a safe, and in some instances it will cover small amounts of money at the home of employees. (Although in this instance, an assault would have to occur before you would be covered.)

Added Benefits:
An added benefit of cash insurance is that personal accident coverage is also provided in some instances, such as for those carrying the money. This type of policy will sometimes pay for loss on the part of the assaulted employee, and any damage done to a safe.

Before you sign:
To lower the risk of fraud, the policy terms will vary and coverage would depend on the type of business, the location of the business and its hours of operation. In many cases, there are fairly strict guidelines and procedures which must be observed before the policy will pay out on a lost cash claim.

Cash insurance does not cover miscounted money of any type. It will also not pay if the person holding the cash is not duly authorized to do so. Acts of war or nature are not covered either. If you’re really serious about securing money on your premises, the best way to go about it is to keep your excess cash locked in a safe, and get a cash insurance policy.

 

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