Protection of cash has arisen as a major concern for operators and we have now had some claims where thieves have specifically targeted cash on the premises. We have therefore put together the following points for consideration:
1. Calculate you maximum holdings – Monitor how much cash you are taking and work out when your peak cash holdings are and design appropriate security around this.
2. Set Appropriate Limits of Cover – Under your insurance policy there are limits for Money on the Premises, In a Safe, In Transit and at Home. Make sure all the limits are appropriate for your requirements.
3. Purchase an appropriate safe – All good safes will have an insurer cash rating, which should be no less than the maximum amount you hold at any one time. i.e. if you tend to hold £9,500 as a maximum you need a £10,000 cash rated safe. If you are an Allianz policyholder, there is a recommended safe supplier with discounts available.
4. Locate the safe appropriately – Make sure the safe is securely located (in a room with restricted access) and securely fitted (anchored of cemented in).
5. Protect around the safe – Consider protection around the safe area including locks on doors, CCTV and zoned alarm system.
6. Handle keys safely – Ideally all safe keys should be removed from the premises at night. You also need to implement tight controls over the number of keys and who has access to them. If you are not planning to remove the keys, you need to make an appropriate alternative plan and agree this with insurers.
7. Transporting Cash – Plan for how the money will be securely transported to the bank. The best option is to use a security company such as Securicor or G4S to collect but if you are using your own staff, consider how many people accompany the money and vary your pattern (both time and route). Please note that most insurance policy have conditions for carrying cash to the bank which you need to comply with.
8. Have Clear Procedures – Create clear written guidelines for employees on what their responsibilities are, who can handle money, cash up, bank etc. Including the removal of keys from site.
9. Be Aware of Employees – Unfortunately many of the large Money claims arise from dishonesty from employees including collusion on a break-in and regular “Skimming” from deposits. Make sure you have a system in place that can pick up and detect any employee dishonesty before a small loss can become a major loss.
10. Purchase Fidelity Guarantee / Employee Dishonesty Cover – Standard Money cover excludes Employee Dishonesty. You therefore need a “Fidelity Guarantee” cover to deal with this risk. Purchased alone this can be quite expensive however recently many Management Liability policies are including this cover automatically. If you do not have a Management Liability policy, this may be another reason to look into purchasing one.
To discuss any risk control measures, security partners or requirements for amended or additional cover please get in touch with the Independents Team at email@example.com or use your regular point of contact.