Any start-up venture requires capital investment and top-notch financial networks for a successful take off. As businesses are prone to risks, most companies have a repository for money which can only be used in the case of a financial emergency. If you have or are planning to foray into the world of business then it is wise to purchase a business money insurance to be on the safer side. The scheme is designed to safeguard your money in case it is lost under the following circumstances:
• Within the office premise during or after business hours in the presence or absence of the employer and employees
• Stolen from the residence of the employer or employees
• Disappeared from a safe or a locked room inside the office
According to this scheme, the money can also be in the form of cheques, bank notes, vouchers and credit cards. However, the policy is at variance with the other types of insurance such as health, automobile and life. In order to acquire the benefits of money insurance, you must purchase a commercial crime insurance policy.
What money insurance does not cover?
It is not responsible for loss or damage of properties such as buildings or furniture. This means that in case of a fire or a natural calamity only the business cash and securities will be covered. Aside physical destructions, theft or burglary of the property is also not included in the insurance scheme. Most importantly, the money insurance policy will not be liable for shortage of money as displayed in the company’s account.
What money insurance actually covers?
Loss of money and securities in case of a fire, earthquake, flood, or lighting is invariably covered in the scheme. Since it is a crime insurance policy, robbery or theft of the cash is also reckoned to be a monetary damage. If the insured employer is suspicious about the act of the employees then this possible risk can be mentioned in the scheme. It also provides liabilities to the clients whose money and securities are involved in the business.
What are the pre-requisites for money insurance?
Before providing you the benefits, insurance companies will assess the size, budget, and revenue generation of your business. They may also be interested to know your customers with whom you actually do business. Provision for public liability insurance and professional indemnification is a must before you apply for the scheme.
Where can you shop for money insurance?
A plethora of insurance companies are marketing their various schemes on many online sites. Each company claims to be the best in the market in order to convince their prospective customers. However, not all of them are trustworthy and feasible from the aspect of paying premiums. There are some online insurance policies
that not only protect your business money but also provide you immense support at the time of need. In case of any assistance, you can directly contact or chat with the insurers to clear your queries at any time of the day.
What is the procedure to purchase money insurance?
The task of applying for this scheme is not onerous and requires few details to be filled on the form. These may include:
• Present amount of money kept within the office premise
• Frequency of deposits
• Number of employees making deposits
• Presence of a locker
Usually it has been seen that businessmen refrain from considering a money policy as they fear the involvement of a hefty premium. However, one should never jump to a conclusion without having a comprehensive knowledge regarding this. It is always sensible to consult smart investors and officers, and consequently take a well-informed decision. In case of any kind of inconsistency, although it is rare, the clients can resort to legal force whenever needed. Instead of succumbing to myths and inhibitions related to your business profits, collaborate with a reliable money insurance policy and take a protective stance for your venture.
By Rosi White