Commercial Crime Insurance for Florida Businesses

Business Insurance for Crime Coverage

Commercial Crime Insurance protects your business from financial losses due to criminal acts including employee theft, forgery, fraud, robbery, and computer crime. This specialized coverage addresses exposures that standard business insurance policies exclude. Whether the criminal is an employee, vendor, or outside party, crime insurance helps your business recover from fraudulent schemes, stolen funds, and other dishonest acts that can devastate your finances.

Why Your Business Needs This

• Employee theft is more common than most business owners realize and can go undetected for years
• Your commercial property and general liability policies specifically exclude theft by employees
• Cyber criminals increasingly target businesses of all sizes with sophisticated fraud schemes
• Florida businesses handling cash, securities, or electronic transfers face significant exposure
• A single fraud incident can threaten your business survival without adequate protection

What It Covers

Commercial Crime Insurance provides coverage for several types of criminal acts. Employee theft coverage protects against dishonest acts by your staff including stealing money, securities, or property. Forgery or alteration coverage responds when checks or financial instruments are forged. Computer fraud coverage protects against electronic theft of funds or property. Funds transfer fraud covers losses from fraudulent payment instructions. Inside and outside premises coverage protects money and securities from theft at your location or in transit. Many policies also cover social engineering fraud where criminals deceive employees into transferring funds.

Who Needs Crime Insurance?

Any Florida business that handles money, processes payments, maintains inventory, or has employees with access to financial accounts should consider crime coverage. Businesses particularly at risk include retailers handling cash, financial services firms, property managers collecting rents, healthcare providers processing insurance payments, and nonprofits managing donor funds. Companies with accounts payable functions, online transaction processing, or wire transfer capabilities face exposure. The Gordon Agency works with businesses across industries to assess crime exposure and recommend appropriate coverage.

What Are Common Exclusions?

Crime policies typically exclude losses discovered more than a year after the policy expires, indirect or consequential losses, and legal fees unless specifically covered. Dishonest acts by owners or partners are usually excluded. The policy won't cover inventory shortages that can't be proven as theft, losses from giving away property voluntarily, or expenses to establish the existence or amount of loss. Each policy has specific exclusions, making it important to review coverage details carefully with experienced agents.

How Do You File a Crime Claim?

When you discover a potential crime loss, immediately notify your insurance carrier and document everything. Preserve evidence including documents, computer records, and witness statements. File a police report when appropriate and cooperate fully with law enforcement. Your insurer will investigate the claim and may require proof of loss, financial records, and details about internal controls. The discovery period in your policy determines how long after termination you can report claims for losses that occurred during the policy period.

How Does This Differ from Cyber Insurance?

While both policies address electronic risks, they focus on different exposures. Crime insurance covers direct financial theft including computer fraud and funds transfer fraud. Cyber insurance focuses on data breaches, privacy violations, network security failures, and business interruption from cyber attacks. Many sophisticated fraud schemes involve elements covered under both policies. The Gordon Agency can help you understand how these coverages work together to provide comprehensive protection against modern threats facing your Florida business.