What is a Money Insurance Policy?

Benefits of having a Money Insurance Policy

Having a Money Insurance Policy is essential to protect you and your business in case of theft, loss, or accidental damage of your money either when it’s in a safe or in transit. But why do you really need it?

Protect your money when you are carrying it from your office to the bank (or any financial institution).
In case your business is robbed, and the thief is never found, you can still get your money back through this insurance.
It covers cash and cash equivalents such as bank drafts, currency notes, treasury notes, cheques, postal orders, money orders and more.

What can be Covered?

With a money insurance policy, you’ll be covered for...

Money in Transit

Money in Transit

You and your business will be covered against loss of cash that is in transit from things like robbery, theft*, or an accident.

Money in a Safe or Strongroom

Money in a Safe or Strongroom

In case money from a locked safe or locked strong room on your premises is stolen in a burglary or other occurrence.

Money from the Cash Counter

Money from the Cash Counter

Covers loss of money kept in your till or cash counter, because of things like a robbery or hold-up.

Money on the Premises

Money on the Premises

You’ll be covered against loss of any other cash or currency kept in your premises due to an accident or some misfortunes.

What is not Covered?

We at Digit believe in transparency, so we also want you to know some cases where you won’t be covered – just so there are never any surprises...  

Loss of money due to things like errors and omissions, or unexplained and mysterious losses.

Any losses when the money was entrusted to someone other than you (the insured), any of your authorized employees, or any recognized transportation agency.

Consequential losses of any kind, like loss of profit, business interruption, legal liability, or market loss.

In case the money is kept somewhere other than your business premises (and it is not specifically mentioned) and there is a loss. 

A loss that occurs on your business premises after hours, if the money is not locked away in a safe/strong room. 

If the money is lost from an unattended vehicle.

Any losses or damages that are a result of legal confiscation, war, natural disasters, nuclear acts, or terrorism. 

Loss or damage to any property, either yours, your employees', or a third party’s. 

Any personal injury or suffering.

How to choose the right Money Insurance Policy for you?

  • Get Complete Coverage - The first thing to do is look for a policy that offers you maximum coverage for all the risks to your business’s money.
  • Pick the right Sum Insured - For your EEI, try to pick a policy where you can customize the sum insured based on the nature and size of your business and the types of equipment you use.
  • Look for an Easy Claims Process - Claims are one of the most important parts of any insurance, so, look for a policy that offers an easy claims process, which can save you and your business a lot of hassle.  
  • Are there extra service benefits - Try to look for an insurance company that also offer you lots of other benefits, such as 24X7 customer assistance, an easy-to-use mobile app, and more.
  • Compare different policies - Finally, compare different policies based on these features and the coverage your business needs to find the right one for you at an affordable price. Remember, sometimes policies with low premiums might not be the best option for your business, because they might not actually offer the best features!  

Who all need a Money Insurance Policy?

Any business that deals with money or transactions (which is all businesses!) can never be too careful. That’s why getting a money insurance policy might be a good idea, especially if:  

You periodically draw large sums of money for your business’s regular operations.

Like for payment of salaries, or for day-to day transactions.

Your business deals with a lot of cash from customers.

This can include restaurants and cafes as well as many retail stores or theatres.

If your business stores money in a locked safe/strong room on the premises.

Like banking institutions, or casinos.