Money insurance: Insurance products cover all aspects of life, including your money. Purchasing a money insurance product is relevant for any business dealing with cash or cash equivalents such as bank drafts, commercial paper, checks, postal orders and money orders. It provides coverage against loss of money due to events such as theft, burglary or theft.
Money insurance provides coverage against loss of money in transit, loss of money from a safe or loss of money from the counter. You can purchase all of these perks or choose a single perk or a combination of them depending on your needs.
“Any business that deals with a lot of cash or is involved in a lot of monetary transactions needs to ensure its security against possibilities such as theft or an unprecedented attack. Investing in money insurance helps protect a person against such circumstances” , says Indraneel Chatterjee, co-founder of RenewBuy.
“If someone is faced with such a situation, then he can claim money insurance and compensate for the loss,” he adds.
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What is covered by silver insurance?
Money insurance covers all types of liquid funds, including cash, checks, drafts, treasury notes, banknotes and postal orders.
“The best part is that the premium one pays for this insurance is justifiable and won’t cost a sky-high amount. In fact, as an added protection, one can also be covered in the worst situations of one’s life,” says Chatterjee.
“We usually insure life, health and car insurance, but insuring your business is just as important,” he adds.
With the help of money insurance, you can protect your money while transporting it from your office to the bank or any financial institution. Insurance will also help you in case your business is broken into and the thief is never found.
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What is not covered
Generally, a shortage of money due to an error or omission and a loss of money entrusted to any uninsured person or an unauthorized employee of the insured are not covered by money insurance.
Consecutive losses, losses due to floods, cyclones, wars and warlike operations are also excluded from the scope of monetary insurance.
Before purchasing the money/cash insurance policy, you must read the policy document carefully and clear up all doubts.