Why Safety Deposit Boxes Are an Asset for Businesses

OlufisayoOctober 6, 201701,169 views

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Safety deposit boxes are kind of like tiny secure storage units either found in banks or at private vault facilities. They keep important documents and valuables safe.

The Benefits of Using a Safe Deposit Box

One of the main benefits of a safety deposit box for businesses is that it is top-notch security. Safety deposit boxes are always located in secure areas that are far more resistant to hurricanes, flooding, fire, earthquakes, tornados, and all sorts of other disasters than most business properties.

What’s more, they protect your important documents and discs from theft.

If you dare to leave important papers in your business’s safe or filing cabinet it is easy for entire boxes of important items to be removed. Not only will valuables, or even cash, go missing, but also the paperwork that would assist with sorting it all out, like identity documents and serial numbers.

Also, quality safety deposit boxes at Australasian Vaulting Industries and similar facilities use numerous world-class safety precautions to protect your assets. Typically, if you want to access your box, you need to give identity and signatures. Handing a key or pin code over to someone else just won’t work. The boxes and vaults are monitored by video cameras, and top of the range security measures.

What Can You keep in a Safety Deposit Box?

For businesses, safety deposit boxes are ideal for important, small, and valuable items and documents that you wish to keep protected. Usually, they are items you do not need to have at your fingertips.

Business certificates and registrations
Copies of power of attorney
Vehicle titles
Investment information
Copies of driver’s licenses
Copies of passports
Photos and negatives
Business inventories
Insurance policies
Business property deeds
Bank and credit card information
Bonds
Stock certificates
Precious metals
Collectible items that you cannot insure
Diplomas
Business records
Hard drives
Flash drives
Citizenship papers
Real estate warranties
Important contracts
Transcripts
Other items that you deem irreplaceable

Things to Keep in Mind

Your business documents and valuables will be completely safe in a safety deposit box. Keep in mind that if you choose a box at a bank, you may not be able to access time-sensitive documents when you need them.

Make Sure There Is an Exit Strategy

A safety deposit box may ensure that only, perhaps as a business owner, can access its content. But, what happens if you sell the business or your life ends, or you are incapacitated? You should make a plan for those inevitable events. If you would like the box to be opened in the event of your death or incapacitations, consider adding, perhaps a business partner, as a co-renter. It should be someone you can trust as they will also be able to access the box at any time. You may also be able to appoint an agent or deputy who is authorized to access the box or vault under particular circumstances and conditions.

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