Commercial property insurance is a critical investment in protecting your company. Regardless of size or type, you’ve worked hard to build the business to where it is today and wouldn’t want to compromise or lose it altogether for the lack of proper coverage. However, you may still be at risk of loss if your property coverage doesn’t include your cash on hand. Read on to learn more about insuring your money and securities alongside your other business assets.
What Happens If You’re Robbed?
Like companies, sometimes you may have an outstandingly successful period where you have record-breaking sales on certain days. Huge one-off sales can mean having a lot of cash on hand in your store before you can take it to the bank. What if one day someone breaks into the safe and steals all that money? If you have a standard commercial property insurance policy, you may not be compensated for the stolen cash if it doesn’t include the proper coverage for it.
What Are The Commercial Property Insurance Exclusions?
Businesses don’t always keep a lot of cash on-premises. If your company does, you should consider mitigating your risk of loss by having the right insurance coverage for the money. Most property coverages are limited to specific losses, such as due to theft or damage caused by fire, leaky pipes, or storms. If you only have a standard commercial policy, you may expect compensation for the loss of business property like your physical workspace (building), office furniture, inventory, and equipment. However, you’d need inclusion to cover your checks, securities, cash, or notes. The same is true for any accounts receivables, food stamps, or deeds kept on premises.
The Money and Securities Inclusion
Adding money and security coverage to your policy can protect your company against crimes that result in the loss of cash, such as robbery or embezzlement of funds. Consider investing in the additional safety net if your company accepts the following on the premises:
- Cash payments
- Money orders
- Traveler’s checks
Money and securities insurance can provide two types of coverage. These are:
- Inside the premises: This component covers events that occur on your business premises or inside your business’ bank. It can replace stolen or destroyed cash, a damaged safe, or cash registered following a covered event.
- Outside the premises: This protection applies to company cash lost in transit. Covered events include when your employee or an armored vehicle is robbed while transporting your company’s cash to the bank.
Many business owners today appreciate the need to cover their company’s physical assets. Without commercial property insurance coverage, you may incur significant losses in the event of an unexpected disaster. Also, a hazard that interrupts your business operations can result in the loss of revenue.
Having money and securities insurance is equally important to cover any cash and monetary assets like checks, deeds, and securities that are handled on-premises. It can reduce your financial loss after a covered incident like theft by a criminal or fraud, or theft by an employee or client.
Cover Your Cash on Hand and All Other Assets with Reardon Insurance Agency
If you need help in assessing your specific coverage needs, contact the experts at Reardon Insurance Agency today. Our team is ready to look into your business’ unique hazards and help deliver the right commercial property insurance policy for your needs.
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