Cover for company cash
Depending on the type of business you run, you may find that you have large amounts of cash in your office at any given time, and with so much involved in the day to day running of any business, it’s not always possible to get to the bank as often as you’d like. In this instance it’s vital that your office insurance includes cover for your company money as a robbery could put serious pressure on your cash flow.
When you’re considering cash cover, think about all the occasions when your company money is vulnerable and make sure your policy covers them all. For example, you’ll need to make sure that your insurance will cover theft of the cash when you’re on the way to the bank to make a deposit – this is known as cover for money in transit. It’s also a good idea to check that your policy will cover you if you’ve made a deposit into the night safe of your bank. Though they are designed to withstand burglaries, some older night safes can be vulnerable, especially in smaller towns where CCTV cameras are not widely used. And if you or one of your employees decides to take cash at home at the end of the day rather than leave it overnight in the office, then the chances are it won’t be covered by your home contents insurance and you’ll need to make provisions for that too.
Cover for company cash may not be offered as standard by all providers, especially given that so many transactions are electronic these days. So if it is something you’re going to need then make sure you check the policy summary. Most providers understand that every business is different with unique requirements, so in cases where it’s not included you may be able to pay for it as an add-on. Even if you’ve invested in a hefty safe for the office, if you have a lot of cash to account for on a daily basis, it’s wise to cover all eventualities.
