Safe Deposit Boxes for Your Small Business

SafeDepositBox-webAs a small business, it’s important to protect your business, your employees, your investment and your important documents. People often forget to properly store these important documents until it’s too late. Fire, flood, theft and general wear and tear are all at play if you don’t have proper protection in place like a Safe Deposit Box.

Safe deposit boxes offer a safe and secure way to store your most important valuables and items in a protected location that provides you peace of mind, privacy, and control of your contents.

When considering what to put in a safe deposit box, it’s important to think about what sort of things you may or may not need in an emergency. Some good candidates include originals of key documents, such as property deeds, titles and policies. Other possibilities include signed employee or business agreements, and pictures or videos of your business’s contents for insurance purposes. You probably wouldn’t want to use a safe deposit box to store anything you might need to access quickly or on nights, weekends or holidays, or documents like business licenses and originals of your “powers of attorney” that authorize others to transact business or make decisions on your or the company’s behalf.

Although you could store cash in a safe deposit box, it would be better to put cash in a bank deposit account like a savings account or interest checking account. Cash that is put in a safe or a safe deposit box cannot earn interest, so the purchasing power of your cash decreases, and also is not protected by FDIC insurance.

Many may argue that having a safe at your place of business is more than enough security. Unfortunately, a business safe isn’t a true replacement for a bank’s safe deposit box. Yes, a safe may be good for replaceable items you may need immediate access to – such as a passport or this week’s paychecks – but these safes are not nearly as secure as a safe deposit box. A burglar could easily break into your business, force you to open the safe or haul off the entire safe and access the contents. Additionally, flood and fire can damage or destroy some types of safes, leaving you with a false sense of security. By having a safe deposit box in place of a safe, this type of threat is no longer a risk.

Additionally, it is important to remember that no safe deposit box or safe is completely protected from theft, fire, flood or other loss or damage. It is important to consider taking precautions, such as protecting against water damage by placing items in plastic containers, zip-lock bags or other waterproof container. It is also important to remember to not keep identifying information on or near your safe deposit box key, such as the box number or the bank’s name. Remember that, by law, FDIC insurance will only cover deposit accounts.

At Colonial, we offer varying sizes in safe deposit boxes to meet your expanding needs. We also provide safe deposit boxes at many of our banking locations to keep things convenient. If you would like to find out more about our safe deposit box sizes, locations or how to sign up for one, please visit one of our banking locations, or call us toll-free at 1-800.937.6414.


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