Store Your Cash Securely

Cash is a very attractive target for thieves due to the difficulty of tracing stolen bank notes. Cash can also be destroyed in a fire and is not always covered by insurance policies.

Storing cash securely is an important concern both in the home and in the workplace. Let's take a look at some of the safest options for storing cash securely.

Using a Cash Safe to Store Cash

A cash safe can be used to store cash either in the home or the workplace to keep it safe from thieves, fire and flooding. Cash safes come in a range of styles, including ones that are opened with keys as well as those that require a secret combination to be opened. Many home cash safes are designed to be installed under the floor so that they are hidden from thieves who break into the building. Remember that a cash safe is not a secure option for storing cash if it can be removed from the building, so always bolt the safe to the floor or a wall to keep it in place.

Cash Safe Ratings

A cash safe rating is the upper limit for the amount of money that should be stored in the safe. The higher the insurance cash rating, the more security the safe offers. Insurance policies usually only cover cash that is stored in a safe up to the safe's cash rating. Cash ratings range from small amounts such as £1,000 up to as much as £150,000. To qualify for an approved insurance cash rating, a safe must be tested to make sure that it conforms to European standards such as EN14450-S1 or S2 for £2000 and £4000 respectively and EN1143 - the Eurograde standard for safes for  £6,000 to £150,000 .

How Businesses Can Store Cash Securely

Businesses have particular problems and needs when it comes to storing cash. Many public-facing businesses take in large quantities of cash during the working day and need a way of quickly moving it into secure storage. Also, the business owner may not want all employees to have access to the stored cash. A solution to both of these concerns is to use a drop safe, also known as a deposit safe, to store cash during the working day.

Using a Drop Safe to Store Cash

A drop safe (or deposit safe) has a slot that allows cash to be put inside without opening the safe's main door. Any employee can put cash into the safe, but only certain employees hold the keys or the security code needed to open the safe. Many businesses, such as shops, restaurants and banks, use drop safes to store cash securely during the working day. A manager can then empty the safe at the end of the day to take the cash to the bank or another secure location.

Advantages of Using a Drop Safe

Drop safes provide extra protection from theft because employees are not able to open the safe, even if they are threatened during a robbery. Of course, the drop safe must be bolted to the floor or to a wall to prevent it being removed from the premises. Every business should have a strictly enforced policy that clearly defines how the safe is to be used.

For more tips please review our article, 10 Things You Need to Know About Storing Cash Securely.

Photo Credit: wwarby