Money insurance can be covered under a motor trade insurance policy in a number of different circumstances based on limits selected by you the policyholder & based on your estimate annual carryings.
Do you actually need to insure your money as a motor trader
Some insurers will provide money cover as standard within their policy but the limits will generally be quite low, the question is do you actually need to insure it in the first place? Like many insurance covers some are an absolute must, and some are dependent on your exposure to the risk in the first place. If you sell cars then it probably goes without saying that you need money insurance, both at your premises, in transit to bank and in many cases whilst you have cash with you at either your employees home or the home of the policyholder.
As time goes by, the amount of “cash” used reduces, more credit and debit cards, when you pay your employees the chances are that you are doing this by bank transfer rather than in actual cash, your suppliers will almost certainly provide you with a monthly statement which again you pay by cheque or BACS.
So, do you still have a need for money insurance
You need to understand your own risk, do you sell cars, do you pay your employees in cash, do you pay your suppliers/factors in cash from cash given to you from a customer, don’t forget busy periods or bank holidays, Christmas etc when you may have an accumilation of cash at your premises or at home. Money insurance for the motor trade is like any other cover, understand what your risk is.
What cover do I get on a motor trade policy? Specific limits of cover can be selected for the following:-
– Money in Safe outside of business hours.
– Money on business premises during business hours.
– Money in Transit.
– Money at your private dwelling residence.
More covers can be included.
In addition to covering the asset, assault associated with the loss of money would also usually be covered subject to standard fixed policy benefits.
You may also be interested in: Liability Insurance