Although card and digital payments are becoming more frequent, some customers still find it more convenient or prefer to rely on cash. If your business handles cash in any form, and most businesses still do, then you will require business insurance that offers cash cover or money cover.
Where your business accepts and stores cash, either during or outside of business hours, you will need to have insurance in place to protect this business asset. Why risk losing your business’s income to loss, theft, or assault ?
Cash cover is an essential component of any business insurance package. Business insurance is generally sold as a combined package of different insurance types geared to the specific needs of your business or business sector.
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What is business cash cover?
There are various types of cash cover, also called money cover, included in business insurance policies and it is important that you check what your policy includes and whether or not this is sufficient for your individual business.
Cash cover protects physical cash but may also protect credit card slips, cheques, and bank drafts etc. It is important to check what is covered by any specific policy that you are considering.
Many policies automatically increase the limits of cash cover at Christmas, bank holidays, or may increase the cover, by arrangement at seasonally busy times for your business.
Cash cover protects against theft, burglary, and robbery but may also protect against other perils such as fire. It is essential to check that the business policy that you purchase offers protection for the amounts of cash you wish to cover and the perils you wish to insure against.
What types of cash cover are included in business insurance?
If your business handles cash, or stores cash in a till, locked box, or safe either during business hours or when the business is closed then you will likely need cash cover or money cover.
The various types of cash cover available include protection for:
The various types of cash cover are protected to different limits or sums insured, depending on your business type, policy, and insurer. Having security measures such as a monitored alarm system in place may be a condition of cover.
There are also higher levels of protection for cash that is held overnight in a safe rather than unsecured on your premises outside of opening hours.
Other protection offered by business cash cover
Fidelity guarantee cover may be included with business cash cover. Fidelity guarantee offers protection in the event of theft, fraud, or dishonesty on the part of an employee. If your business accepts large volumes of cash, this may be a valuable form of protection.
Employee personal accident assault cover offers protection should an employee be subject to robbery or assault whilst in the course of handling or carrying money belonging to your business. This type of cover offers financial protection in the event that an employee is seriously injured such as death, loss of limb(s), or irrecoverable loss of sight, for example.
Cash cover generally does not cover cash lost from an unattended vehicle, or in a premises without adequate security, such as a monitored alarm. You may be asked about your cash recording in the event of a claim, as an unexplained or mysterious loss of cash will not be covered.
What businesses should consider business cash cover ?
Cash cover is usually obtained by businesses as part of a multi peril business policy offered to various types of business. Such policies typically offer protection to these types of business:
In short any type of business that accepts cash should consider business cash cover to protect your business income from theft, robbery, and other perils.
Who offers business cash cover?
Business insurance is usually offered as a package of insurance types sold as a combined policy to your business.
The following insurers offer business insurance which may include cash cover depending on the nature of your business:
Benefits of business cash cover
The cash that your business takes in represents your earnings and your business assets and it is important to protect your business. Cash cover is a relatively inexpensive part of your overall business protection and it is vital to protect this business asset as cash is seen as a target for theft, burglary, and robbery.
Theft of cash from your premises, assault on one of your employees, or theft of cash from an ATM in your business are all devastating events for you as a business owner and for your employees, and can also cause significant cost and disruption for your business.
Business cash cover will give you peace of mind as a business owner and employer that you, your employees, and your business will have financial protection in such an event.
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Handling cash poses an intrinsic risk for any business. Even the best and most diligent security measures cannot eliminate the risk of theft, robbery, burglary, or assault on a staff member entirely.
Your business will face significant disruption and loss of assets should cash be taken from your premises, or stolen while in transit and the financial protection of business cash
Protect yourself, your employees, and your business with business cash cover. You will have peace of mind and your business will be financially protected should the worst happen.
Fill out our quick and easy online assessment and our business insurance advisors will contact you to discuss cash cover, as well as other types of insurance, for your business. We will find you the most comprehensive and affordable business insurance on the market today.
