• HOME
  • LAUNCH
  • BUSINESS
  • LEADERSHIP
  • MONEY
  • SUCCESS
  • NEWS
Monday, 8 March 2021
ExpertHub
  • HOME
  • LAUNCH
  • BUSINESS
  • LEADERSHIP
  • MONEY
  • SUCCESS
  • NEWS
    • All
    • Company Posts
    • ExpertHub Today
    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    The 7 Strategies of SA’s Strongest B2B Sales Performers for 2021

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    3 Sales Strategies SMEs Can Borrow from SA’s Strongest Performers

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    SA’s Strongest Salesforces Focus on Value, Not Discounting

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

    Why SMME’s Need To Think Small

    Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

    Five Money Management Principles To Start 2021 On The Right Financial Footing

    Trending Tags

    No Result
    View All Result
    • HOME
    • LAUNCH
    • BUSINESS
    • LEADERSHIP
    • MONEY
    • SUCCESS
    • NEWS
      • All
      • Company Posts
      • ExpertHub Today
      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      The 7 Strategies of SA’s Strongest B2B Sales Performers for 2021

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      3 Sales Strategies SMEs Can Borrow from SA’s Strongest Performers

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      SA’s Strongest Salesforces Focus on Value, Not Discounting

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

      Why SMME’s Need To Think Small

      Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

      Five Money Management Principles To Start 2021 On The Right Financial Footing

      Trending Tags

      No Result
      View All Result
      ExpertHub
      No Result
      View All Result
      Home NEWS ExpertHub Today

      Keep Your Cash Safe

      Alison Job by Alison Job
      Jul 26, 2013
      in ExpertHub Today
      0
      Cash-in-Transit-Risk-Entrepreneur Today
      Share on FacebookShare on TwitterShare on LinkedIn

      RelatedTopics

      The 7 Strategies of SA’s Strongest B2B Sales Performers for 2021

      3 Sales Strategies SMEs Can Borrow from SA’s Strongest Performers

      SA’s Strongest Salesforces Focus on Value, Not Discounting


      If your business is one with a high cash turnover, you need to be proactive about keeping your money safe.

      The theft of the tote takings at one of the Vodacom Durban July hospitality marquees this past month follows the recent cash heist that took place two months prior at the FNB Stadium.

      With no major developments or arrests in the investigation, both incidents remain as a stark warning bell for businesses with high cash-turnover to review how they manage their risk.

      Whilst investigations are underway to determine the precise financial loss in each case, the skill and frequency of these thefts are becoming worryingly apparent.

      “Highly secured environments like this are still exposed to a significant number of risks which must be taken into account, managed, and have insurance procured for,” says Shehnaz Somers, Santam’s head of Commercial Underwriting.

      “We work together with our clients to identify their risk exposure by surveying their business where necessary and advising them on risk mitigation which may include risk transfer via an insurance policy to make sure that they are fully covered and advising them on other precautions they may take,” says Somers

      Increasingly complex measures required

      Somers says the recent spate of cash-in-transit robberies are concerning. “The methods used by thieves are becoming increasingly complex and companies have sought new ways to combat this type of crime.”

      One of the deterrents include the use of a cash staining dye within the cash box, which is a highly corrosive ink originally designed to destroy the cash. It is predominantly used to indelibly mark the cash and make it difficult to use.

      “More recently, we’ve seen cash-in-transit companies such as G4S solutions announce robber-proof foam shields for their vans, as a means of mitigating their risk,” adds Somers.

      She mentions that security will always be a challenge for any cash business. “Businesses must be aware of the risks which they are exposed to. By not having correct systems in place for their premises, money and personnel, and if they have inadequate insurance cover, the business owner could face devastation.”

      Several recommended safety measures

      Some safety measures high cash turnover businesses may consider in order to reduce or prevent crime include the following:

      • Security is priority: Business owners should make sure that security measures, such as security lights, CCTV monitoring and alarms are in place, and that they are clearly visible and activated on the premises. Ensure that there is signage on the property informing potential criminals of the fact that security systems have been installed. Also test these systems and equipment regularly to ensure that they are in working order.

      As additional  security measures, business owners can install burglar bars, erect a security fence or wall around the premises, hire a reputable security company or start a community night watch programme with other local businesses.

      “Businesses should however note that these measures alone won’t be sufficient for insurance purposes as other factors need to be taken into account, such as the location of the business,” says Somers.

      • Alarm systems: Insurance cover for theft requires that an alarm at the business premises. To ensure insurance cover for theft, a business alarm must be switched on and be in good working order after business hours.

      It is always advisable to check regularly that the system and its battery are in perfect condition. Ideally alarm systems should include panic buttons, tamper proof switches and passives, end of line resistance, contacts and possibly vibration switches on safes.

      Armed response by a registered security company is often a requirement in terms of insurance policies.

      • Cash on the premises: If your business has a cash register, remove all the money at night and leave the register open to deter break-ins. Always ensure that you bank as much of your cash as possible.

      If a staff member leaves the company and has access to the safe, it is advisable to change the combination when they leave. They must also return keys or access cards when they leave.

      Money is to be kept in a SABS approved safe.  Insurance companies provide different levels of cover for loss of money stolen from safes, depending on the SABS grading of the safe e.g. a SABS category 5 would provide more security than an SABS category 1 safe.

      • No routine: Vary the times of deliveries or when you do your banking. Sticking to the same schedule can make you an easy target for robbery.
      • Insurance: Take out insurance for loss of, or damage to, money on your business premises, or while in transit to and from the bank. Businesses must remember to review and update their insurance policies on a regular basis.
      ShareTweetShare
      Alison Job

      Alison Job

      Alison Job holds a BA English, Communications and has extensive experience in writing that spans news broadcasting, public relations and corporate and consumer publishing. Find her at Google+.

      Quick Links

      • Business Plan Advice
      • Business Plan Format Guide
      • Business Plan Format
      • Sample Business Plans

      NEWSLETTER SIGN-UP

      Sign-up for Weekly ExpertHub Updates

      * indicates required





      EXPERT INSIGHTS

      https://vimeo.com/311685299?loop=0

      Browse by Category

      • Academic & Alumni Networks
      • Accounting & Payroll
      • Accounting & Payroll
      • Advertising
      • Advice
      • Angel Investors
      • Are You Suited to Entrepreneurship
      • Are You Suited to Franchising
      • Arts & Crafts
      • Attracting Investors
      • Auto & Transportation
      • Automotive, Travel & Transportation
      • Bank Finance
      • Banks
      • BEE
      • Bootstrap Financing
      • Branding
      • Budgeting
      • BUSINESS
      • Business Advice for Women Entrepreneurs
      • Business Ideas
      • Business Ideas Directory
      • Business Landscape
      • Business Leadership
      • Business Leadership Q&As
      • Business Model
      • Business Plan Advice
      • Business Plan Format
      • Business Plan Research & Preparation
      • Business Plan Template
      • Business Plans Q&As
      • Business Services
      • Business Survival
      • Case Studies
      • Cash Flow
      • Celebrity Businesses
      • Change Management
      • Checklists
      • Children
      • Children & Education
      • Company Posts
      • Compete to Win
      • Compliance
      • Computers & Internet
      • Construction & Engineering
      • Consulting
      • Cool Offices
      • Direct & Email Marketing
      • Doing Business in Africa
      • Doing Business in SA
      • Doing Business in SA Q&As
      • Doing Good
      • Eastern Cape
      • Education & Instruction
      • Entertainment & Events
      • Entrepreneur Competitions/Awards
      • Entrepreneur Daily
      • Entrepreneur Profiles
      • Expansion Finance
      • ExpertHub Today
      • Financial Management
      • Financial Management Q&As
      • Financial Reporting
      • Food and Farming
      • Franchise & Biz Ops Spotlight
      • Franchise Finance
      • Franchise Listings
      • Franchise News
      • Franchise Your Business
      • Franchisee Advice
      • Franchising
      • Franchisors
      • Free Mentorship Services
      • Free State
      • Funding
      • Funding Q&As
      • Funky Marketing
      • Gauteng
      • General Business Networks
      • Get Organised
      • Government Funding
      • Government Funding
      • Government Grants
      • Growing a Business
      • Growing a Business Q&As
      • Health and Beauty
      • Hip Retail Spaces
      • Hiring & Managing Staff Q&As
      • Hiring Employees
      • Home Products & Services
      • Hotels & Hospitality
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • Import Export
      • Import Export Q&As
      • Import/Export
      • Increase Profitability
      • Increasing Productivity
      • Innovation
      • Intellectual Property
      • International
      • Investing
      • KwaZulu Natal
      • Labour Complexity
      • Labour Law
      • LAUNCH
      • LEADERSHIP
      • Leading
      • Legal Assistance
      • Legal Contracts
      • Lessons Learnt
      • Limpopo
      • Long Term Courses
      • Managing Staff
      • Manufacturing
      • Manufacturing
      • Marketing
      • Marketing Q&As
      • Marketing Tactics
      • Medical & Health Care
      • MONEY
      • Mpumalanga
      • National
      • Networking
      • Non-Profit Organisations
      • Northern Cape
      • Ongoing Learning
      • Ongoing Learning
      • Online Business Plans
      • Online Businesses
      • Online Marketing
      • Online Mentorship Services
      • Online Networks
      • Partnerships
      • Performance & Growth
      • Performance Monitoring
      • Personal Finance
      • Personal Improvement
      • Personal Improvement
      • Personal Improvement Q&As
      • Personal Services
      • Personal Wealth Q&As
      • Pets & Animal Services
      • Podcasts
      • PR & Publicity
      • Presenting
      • Private Equity
      • Professional Mentorship Services
      • Professional Services
      • Property Investment
      • Publishing and Media
      • Ready to Launch
      • Real Estate
      • Real Estate
      • Recreation
      • Referrals
      • Researching a Franchise
      • Restaurants & Bars
      • Retail
      • Retail Business
      • Risk Management
      • Sales
      • Sales Confidence
      • Sales Prospecting
      • Sales Q&As
      • Sales Strategy & Management
      • Sample Business Plans
      • Sample Business Plans
      • Santam for Business
      • Sector Focus
      • Self Development
      • Services Businesses
      • Setting & Achieving Goals
      • Setting Up Systems
      • Short Term Courses
      • Small Business
      • SME Incubators
      • Snapshots
      • Special Interest Business Networks
      • Sports, Outdoors & Fitness
      • Staff
      • Start Up Tools & Infrastructure
      • Start-up Advice
      • Start-up Guide
      • Start-up Industry Specific Q&As
      • Starting a Business
      • Starting a Business Q&As
      • Starting an Export Business
      • Starting an Import Business
      • Strategy
      • SUCCESS
      • Success Stories
      • Support for Women Entrepreneurs
      • Tax
      • Techniques
      • Technology
      • Technology
      • Tools
      • Types of Businesses to Start
      • Uncategorized
      • Upstarts
      • Venture Capital
      • Western Cape
      • Women Entrepreneur Competitions
      • Women Entrepreneur Successes
      • Women Entrepreneurs
      • Women's Business Networks
      • Women's Funds
      • Work Life Balance
      • Worksheets
      • About Us
      • Write for Us
      • Privacy Policy
      • Terms & Conditions
      • Sitemap
      • Contact Us

      Copyright © 2021 ExpertHub.info

      No Result
      View All Result
      • HOME
      • LAUNCH
      • BUSINESS
      • LEADERSHIP
      • MONEY
      • SUCCESS
      • NEWS

      Copyright © 2021 ExpertHub.info

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In