One area of commercial insurance which can be confusing is money insurance. Many businesses have some amount of money and securities on premises while others have a large amount. The risk that the money might be stolen is just one of many possible losses a business should consider. Money and securities can be insured for fire or flood too, but not under a standard commercial property insurance policy. To obtain money insurance, a business must buy a commercial crime insurance policy. Follow these tips to get the most insurance coverage for your business' cash.
Money and Securities are excluded from Standard Commercial Property Policies
It may seem hard to believe, but cash and securities are actually excluded from coverage under standard commercial property insurance forms. As such if there were to be a fire or some other disaster causing all the money and credit card receipts in the registers to be lost or destroyed, the property insurance policy will not reimburse you for it. That is because the insurance industry has decided that the proper insurance product for money is a crime policy.
Loss of Money and Securities by Fire, Lighting, Wind, or Flood is included in Crime Insurance Policies
One of the insuring agreements in a commercial crime insurance policy is called "Theft, Disappearance, or Destruction." This is the form of money insurance a business needs to protect its cash from theft and burglary as well as from accidents and natural disasters.
Applying for Crime Insurance is Easier than Many Think
The process of applying for crime insurance can be simple if a business only needs a few of the many different forms of crime insurance. The application process takes a few minutes to complete. Questions asked on the application will include:
How much money is kept on site at any time?
How often are deposits made?
Is there a safe on premises?
How many employees are responsible for making deposits?
How much money can be in a resister at any time?
Crime insurance is a highly customizable form of commercial insurance and almost all businesses need some form of it. Yet it is often overlooked or not quoted for fear that the premiums are just too high. Any business that takes credit cards or handles cash should take steps to secure money insurance to prevent losing all that cash in an accident.
