Money insurance: Insurance products cover all aspects of life, including your cash. Buying a money insurance product is relevant for any business dealing in cash or cash equivalents such as bank drafts, treasury notes, cheques, postal orders and money orders. It provides cover against the loss of money due to events such as robbery, burglary or theft.
Money insurance provides cover against loss of money while in transit, loss of money from a safe or loss of money from the cash counter. You can buy all of these benefits or choose a single benefit or a combination of these as per your requirements.
“Any business that deals with a lot of cash or is involved in numerous monetary transactions must ensure its safety against possibilities like robbery or unprecedented attack. Investing in money insurance helps in protecting an individual from such circumstances,” says Indraneel Chatterjee, Co-Founder, RenewBuy.
“If one faces such a situation, then he/ she can claim through money insurance and make up for the loss,” he adds.
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What is covered in money insurance?
Money insurance covers all kinds of liquid funds, including cash, cheques, drafts, treasury notes, currency notes, and postal orders.
“The best part is that the premium one pays for this insurance is justifiable and will not cost a humongous amount. In fact, as extra protection, one can also get covered in the worst situations in one’s life,” says Chatterjee.
“We usually insure ourselves for life, health and motor insurance but insuring one’s business is of equal importance,” he adds.
With the help of money insurance, you can protect your money while carrying it from your office to the bank or any financial institution. The insurance will also help you in case your business is robbed and the thief is never found.
What is not covered
Generally, a shortage of money due to error or omission and loss of money entrusted to any person who is not insured or an unauthorised employee of the insured are not covered under money insurance.
Consequential losses, losses due to floods, cyclones, wars and warlike operations are also excluded from the ambit of money insurance.
Before buying the money/cash insurance policy, you should read the policy document carefully and clear all doubts.