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To insure your cash is Safe

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Many businesses, particularly in the retail and leisure sectors, insure against theft out of necessity as having cash on the premises is a magnet for thieves. With savings interest rates and confidence in Banks at all time lows, apparently many householders are also reverting to the old days and stashing any spare cash in the mattress. If they are relying on a general household insurance policy to protect their nest egg they could be disappointed

Insurance is all about risk assessment and the higher the risk generally the more premium you will pay. In addition the insurance companies will be quick to find a get out clause if reasonable precautions are not taken to minimise the risk.  If you have failed to inform them that the risk even exists don’t expect your policy to pay out.

A lockable cash box is OK for small amounts of cash to allow day to day trading or to deposit the odd days shopping float, but larger amounts held overnight should be locked in a safe. It may not be common knowledge but any type of safe won’t do. If you want no quibble insurance cover the safe should be approved by the insurance company as suitable for the amount of cash you wish to secure. I am reminded of one chap who purchased what I would generously describe as a “budget” safe from a very well known retailer to house his daily takings of under £1000. The insurance assessor took one look at the safe and shook his head. The lock mechanism was gravity operated so he just turned the safe onto its top and the door opened with minimal effort.

This is an extreme case as there is a good choice of quality value for money cash safes available like our Sentry cash safes and Burtons excellent Torino and Magnum ranges. Once the cash held exceeds £5000 you may well consider a Eurograde Safe. Eurograde classified safes range from Grade 0 to Grade 6 and are accepted by virtually all major insurance companies as of a build quality and attack resistance to secure cash amounts ranging from £6000 to £150000 depending on the Grade. As a general rule you can multiply the cash amount by 10 to arrive at the amount of non cash valuables the safe can hold.

All of these safes also come with internal bolt down facility as to meet insurance company requirements it is recommended that any safe weighing under 1000kg should be securely bolted to the floor or wall or both. Be you a business or thrifty homeowner looking to upgrade from the mattress, make sure that your safe is fit for purpose and your insurance is adequate to cover your losses if the worst happens.

 

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