Florida Commercial Insurance Claims: Theft

If you own a commercial business in Florida, a Florida commercial crime policy may protect against theft from your business. When theft does occur—including on-premises robbery or instances of “white collar crime”—a Florida commercial crime policy may help compensate for the loss of money or other property. 

A Florida commercial crime policy will generally cover losses caused by: 

  • dishonesty or theft by an employee;
  • forgery or alteration;
  • theft of money and securities from inside the business premises;
  • robbery or safe burglary of other property inside the business premises;
  • theft outside the business premises;
  • computer fraud; and
  • money orders and counterfeit paper currency. 

With a Florida commercial crime policy, you may be able to purchase kidnap, ransom or extortion coverage. Mysterious disappearances are generally not covered, but you may add it to your policy by paying an additional premium. 

Protecting Yourself Against Theft at Your Place of Business 

In an age when every facet of our business is managed with the use of computers, white collar crime has become more complex and more difficult to anticipate. Even the people you trust may be capable of planning or executing a theft from your Florida business. Today, organized criminals can use new technologies to hack systems, penetrate accounts and take funds that belong to you. 

Because most business individuals think that this can never happen to them, they don’t take the necessary steps to protect their business assets. By managing risk and protecting yourself with a Florida commercial crime policy, you may be able to prevent a devastating loss of significant business assets. 

If you have experienced theft at your business and have questions about how your Florida commercial crime policy will address those losses, you can consult with a commercial insurance attorney. A Florida commercial insurance attorney can review the terms of an insurance policy and explain how your commercial insurance should protect you. 

What can be protected by a Florida commercial crime policy? 

A Florida commercial crime policy can protect against many types of theft. A policy may cover tangible assets, such as business furniture, fixtures, inventory, cash and securities, or intangible assets, such as your business’s intellectual property. 

When does coverage apply on a Florida commercial crime policy? 

According to the Insurance Services Office (ISO), coverage under a Florida commercial crime policy applies when: 

  • the loss is the result of an occurrence;
  • the occurrence has taken place during the policy period shown on the declarations; and
  • the loss is discovered by the named insured during the policy period or extended discovery period.  

In the event of a loss as the result of an occurrence, the limit shown on your declarations is the most that will be paid for all losses that result from an occurrence. If a loss is covered under more that one agreement, the insurer will pay only the largest limit available, and not the sum of each available limit. 

A Florida commercial insurance attorney can help you to better understand when coverage applies under a Florida commercial crime policy.  

What is not covered under a Florida commercial crime policy? 

Under a Florida commercial crime policy, indirect losses may not be covered, such as: 

  • the loss of interest on stolen money, securities and other property;
  • the loss of profit as the result of the loss of the chance to sell a stolen product;
  • the loss of income on stolen stock holdings; and
  • the cost of establishing the amount of a loss, which can often be substantial. 

A commercial crime policy will also not cover the cost of legal fees and expenses. 

Before making a claim on your Florida commercial crime policy, you should speak to a Florida commercial insurance attorney. An experienced attorney can investigate your loss, evaluate the value of your damages and do their best to help you get the money that you deserve. 

Contacting a Florida Commercial Insurance Attorney 

The Florida commercial insurance attorney team at Falk & Falk Law Firm knows how important it is to you and your business to get the settlement you need in order to move on. Our attorney team has experience in helping victims of commercial theft —and other business nightmares—recover from their loss. An experienced attorney can help you to fight for the compensation that you need and navigate the tricky world of commercial insurance claims. Contact us today – (305) 742-0878.

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