To entrepreneurs, money remains the centre-piece of business activities. It is important in the purchase of goods and services, paying of workers remunerations as well as in funding all other expenses.In developing economies, most transactions are carried out on the basis of cash exchanges. In running an organisation, an entrepreneur often has to carry huge sums of money for different purposes; either to buy goods to pay for services or meet some other obligations.At times, money kept in a strong safe or in the custody of some other people could be under one form of risk or the other, as such funds could be misused or tampered with.If anything happens to a firms huge funds, it may result in huge losses. In some instances, it may eventually kick the owner out of business.For this reason, insurance experts have said that there is the need for an entrepreneur to consider the best type of insurance policy that will protect his business against risks that it may be prone to.According to them, insurance exists in order to ensure the continuity of other businesses, by restoring the entrepreneur to his former position, even after suffering a loss.For businesses that require transactions through movement of cash, experts say money insurance policy will take care of risks involved.While money insurance is usually included in some special types of insurance policies, it has been specially designed to cater for the losses that an entrepreneur may suffer in the process of doing his daily transactions.The Managing Director, Niger Insurance Plc, Dr. Justus Uranta, explains that money insurance is an important part of an accident account, and is needed by most businessmen who need to take cash to the bank, collect cash from the customer and carry money for wages.He says, The policy provides cover against loss of money belonging to the insured or for which the insured is responsible, while in transit or at any of the insured premises. This may be as a direct result of theft accompanied by violence from any person other than an employee of the insured during business hours or after business hours.He also says that it provides cover for losses from locked safe or strong room in any of the insureds premises or from a secured safe of a bank or in places stated in the policy contract.The insurer also says that the policy can provide compensation for any money lost while in the custody of an employee of the insured or cash at the companys premises during business hours.According to him, this insurance policy, which is good for businessmen, also provides cover against damage to safe and strong room, resulting from theft of money.The Managing Director, Goldlink Insurance Plc, Mr. Femi Okunniyi, says that money policy will indemnify the insured against loss of money, cheques or stamps still in transit, especially while in the personal custody of an authorised employee.He says, In addition, money for the payment of wages is covered until paid out whilst on the premises provided. It is secured in an approved safe or strong room at the insureds premises.He, however, stresses the need for the entrepreneur to report the loss immediately to his insurer in order to commence the claims payment.He says, The client should report the loss promptly because immediate notice must be given to the insurer as soon as a loss occurs.According to him, the claimant needs to present to the insurance company all the necessary documents that will be needed to process his claims.As soon as this is done, he explains, the insurance company will pay the claims, which will enable the entrepreneur to be able to continue his business smoothly.
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