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Money and Securities Coverage for Your Small Business

Posted by Nick Listwan on Jan 4, 2013 8:09:00 AM

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You just ended one of the most prosperous post-Christmas sales in your store’s history. As soon as you close, you’re heading to the bank to deposit the day’s receipts. But just as you’re locking up, an armed thief pushes his way into the store and demands that you turn over your cash. Weeks of hard work and thousands of dollars in sales walk out the door with him. And because you didn’t have Money and Securities coverage on your insurance policy, you’ll never see it again.

Most commercial property policies don’t include coverage for loss to money or to securities (like checks). But if you own or operate a retail business or any other type of business in which you handle a significant amount of money each day, Money and Securities coverage is vital ... as was just clearly and sadly illustrated.

At West Bend, Money and Securities coverage is automatically included on a SMARTbusiness quote. The standard limits are $10,000 inside the premises and $5,000 outside the premises. A $250 deductible always applies.

While inside the premises, any loss resulting directly from theft, disappearance, or destruction is covered. If you add PlusPak to your SMARTbusiness policy, an additional $5,000 in coverage for Money and Securities is also included inside the premises. For an additional premium charge, you can get these optional limits for coverage inside the premises: $15,000, $20,000, $25,000, $50,000, $75,000, and $100,000.

While outside the premises, any loss resulting from theft, disappearance, or destruction is covered while the money or securities is in your care (as the insured), or in the care and custody of a messenger or an armored motor vehicle.  If you add PlusPak to your SMARTbusiness policy, an additional $5,000 coverage for Money and Securities is also included outside the premises. For an additional premium charge, you can get these optional limits for coverage outside the premises: $10,000, $15,000, $20,000, $25,000, and $50,000.

In addition, any loss resulting from an actual or attempted robbery is covered.

You work hard to make your business successful. Be sure to protect it thoroughly by including Money and Securities coverage. Talk to a local independent insurance agency in your area that represents West Bend to find out how a SMARTbusiness policy can work for you.

Nick Listwan

Nick Listwan
Commercial Underwriter - Iowa
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Topics: Commercial business, West Bend Mutual Insurance, small business owner, Nick Listwan, money