Robbed?! Now what?
Picture this: You’ve just wrapped up a week long sale at your store that was not only successful, but actually broke all your previous sales records. You’ve got cash on hand, and lots of it, that you’re intending on depositing on your way home—but when you go to get it out of the safe in the back, you discover that it’s been stolen.
If your business has a standard commercial property insurance policy, chances are, this crime against your company—specifically, the cash you lost, will not be covered. Unless you have this one inclusion.
There are limitations to your commercial property insurance
Not all businesses have cash on hand on a daily basis. But if your company is one that does, a critical factor in protecting that cash is making sure you have the right insurance. Commercial property insurance will cover certain losses, including those caused by fires, theft, storms, floods caused by leaky pipes and other similar perils. With a standard commercial policy, you’ll have the coverage you need to replace your office furniture, computers, equipment, inventory, even the building itself—but unless you have an inclusion, it won’t replace cash, checks, notes or securities, deeds, food stamps and accounts receivables.
Money and Securities Coverage
With this one simple policy, you can make sure that in the event of a robbery, embezzlement or any other crime that involves the loss of cash (or any other related monetary item), you’ll be covered. Money and Securities Coverage is essential if your business does any cash transactions or accepts checks, traveler’s checks, money orders or has any of these on the premises. There are two different types of coverage Money and Securities Insurance can provide:
1. Inside the premises: Coverage applies in the event that a theft occurs on your company property or inside your company’s bank and results in a loss or destruction of cash as well as damage or destruction to a cash register, safe, vault, cash drawer or cash box.
2. Outside the premises: Coverage applies in the event that someone from your company (or you) is robbed while transporting money to the bank, or if an armored vehicle is robbed or destroyed while carrying your company’s cash.
Covering your company’s physical assets is something most business owners are on top of. Without a commercial policy in place, any unexpected event or disaster could mean substantial losses or an interruption in business that could result in loss of income.
But when it comes to covering the cash you take in or other monetary items like securities, checks, notes, deeds, traveler’s checks and others, it’s imperative to ensure that you’re covered. Whether a theft from an unknown criminal or an instance of fraud or theft from an employee or customer, having Money and Securities Insurance is key to keeping your losses to a minimum.
If you’re unsure if this type of coverage is included in your commercial property insurance policy, or you would like to get more information, please call us at 305-648-7070 or contact us now and we will assist you in determining exactly what you have and what you need.