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Securing Your Finances: The Importance of Insurance for Money Handling

By Darragh Timlin on November 30th, 2023

For businesses that handle significant amounts of money, cash, and currency on a daily basis, having proper insurance is crucial. From retailers to accountants, any enterprise dealing with money could face major losses without adequate financial protection.

Having comprehensive money insurance coverage in place helps protect your finances in the event of loss, theft, or other unforeseen occurrences.

The Risks of Dealing with Money

Any enterprise that handles money faces an array of risks, including:

  • Theft – Whether by employees, through break-ins, or robberies, theft of cash is a constant threat. Having large sums on premises raises risks.
  • Employee dishonesty – Staff with access to cash may succumb to temptation to steal, skim, or commit fraud without proper financial controls.
  • Accounting mistakes – Simple human error in counting, recording, or managing cash can lead to shortfalls.
  • Cyber crime – Hackers may target online systems managing cash holdings and transactions.
  • Counterfeiting – Accepting fake currency from customers or clients can mean big losses.
  • Damage – Floods, fires or other disasters can destroy physical cash holdings and financial records.

These inherent risks make insurance coverage vital to protect against potentially massive financial losses or liability costs.

Key Types of Money Handling Insurance

To manage risks, money-based businesses need tailored financial protection plans. Some key insurance policy types to consider include:

1. Employee Dishonesty Insurance

This insures against thieves within your own organisation. It covers financial losses from actions like embezzlement, theft, forgery, fraud, and computer crime by employees, making this coverage crucial for any business handling cash.

2. Money and Securities Insurance

This broad policy protects against loss of money, cheques, and financial equipment on your business premises or while in transit. It covers losses from robbery, burglary, theft, and other criminal acts.

3. Counterfeit Currency Insurance

This specialised coverage protects you against accepting fake money from customers. It covers losses involved in confiscation of counterfeit money and replacement with genuine funds.

4. Computer Crime Insurance

Cyber policies tailored for money handling businesses can cover online theft of funds, transfer fraud, and hacking of cash management systems. As financial transactions grow more digital, this coverage is increasingly essential.

5. Shareholder Protection Insurance

For financial institutions like banks and credit unions, this offers protection if management’s actions damage shareholder value through misdeeds related to cash funds and capital.

Why Dedicated Coverage Matters

Some business owners mistakenly believe existing policies like property insurance sufficiently protect their money and cash holdings. While these provide some protection, dedicated cash and currency policies are still recommended.

General policies often have limitations or exclusions regarding money handling that can leave loopholes in your protection. Specialised money insurance offers more complete coverage tailored to your specific cash-handling risks and liabilities, giving you peace of mind that your finances are secured.

Protect Your Currency with Brisco Business 

For any business handling money, having specialised insurance is an absolute necessity. Dedicated money and currency policies provide protection your general insurance plans may lack. This ensures you can confidently manage cash without taking on unnecessary financial risks that could severely impact your operations. 

Here at Brisco, we offer specialised financial and money insurance to protect enterprises dealing in cash, credit, and currency. Our experienced agents will help you analyse your risks and create custom coverage to protect your finances from threats like employee theft, counterfeiting, computer crime, and simple loss.

With the proper insurance plan in place, you can focus on profitably growing your business rather than worrying about preventable financial losses. 

Contact us and compare quotes today to discuss your coverage needs and receive a competitive quote for comprehensive money handling insurance tailored to your business.

Darragh Timlin

With over 25 years’ experience, Darragh is an expert in all things insurance. Starting his career in commercial property underwriting, Darragh has worked for a number of global insurers and is now Managing Director of Brisco Business, part of the wider Henry Seymour Group.

All articles by Darragh Timlin

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