From profits to costs, monetary transactions affect every area and are crucial for business operations. If your business regularly handles large amounts of cash, however, you definitely need to consider how it would be affected should that money be lost or stolen. No matter how careful you are, there is always a risk when you transfer funds, whether that is through cheques, postal orders, drafts or cash. A Money Insurance policy can help set your mind at ease.
Simply put, Money Insurance is meant to cover any loss of money happening in transit or in the insured person's premises. So whether you or a trusted employee are on your way to the bank to deposit your earnings for the day and become victims of theft, or your business is broken into and your safe violated or stolen, money insurance could save you from an unexpected and often destructive financial loss.
It is important to note here that the definition of money is extended to not only include cash, but also currency notes, cheques (regular and traveler's), money or postal order, pay order and current postage stamps. In other words, money insurance policies do not just protect cash at home or at work, but also cover the loss of crossed cheques and other non-negotiable forms of payment.
You need to know though that money entrusted to any other employee other than the authorised one, or entrusted to a carrier, will not be covered by your policy. Other common exclusions for coverage include shortage due to error or omission, loss occurring after business hours on the premises if the money was not in a safe or strong room, or loss due to any act in which the insured is involved in either as a principal or an accessory.
There is always considerable risk when you handle large sums of money on a daily basis. The only surefire way to safeguard your money round-the-clock and secure your financial well-being is to be insured against potential mishaps by means of a Money Insurance policy.