The holiday season is one of the most lucrative times of the year, but unfortunately, it can also be one of the most high-risk periods for retail businesses due to theft. To help mitigate the cost of retail theft, businesses require retail insurance coverage in Florida. Tailored coverages can provide a safety net if theft occurs.
Holiday Theft Trends in Retail
Organized retail theft has become a problem for Florida businesses and their residents. Groups of people will enter stores, smash cases, and steal items in a smash-and-grab style. In 2019, a study showed that robbery and larceny rose 20% in December. While the summer has a reputation for increased theft, criminals tend to steal higher-priced items in November and December.
Retailers have more vulnerability over the holiday season because they have more people in their stores and a smaller staff-to-customer ratio. It is easier for criminals to slip by or escape when they have crowds of people to hide within. Likewise, staff and security may feel spread thin by large holiday crowds.
Impact of Holiday Theft on Retail Businesses
Unfortunately, shoplifters and other criminals take advantage of the busy holiday season. People may walk out with products and provide counterfeit bills and money orders, while dishonest employees steal cash from the register.
In the United States, organized retail theft costs retailers over $69 billion annually. Generally, the holidays are the most popular time for retail criminals because stores have so much traffic. While the holidays can sometimes be the most productive time for retailers, theft can damper profits. Not only do companies lose significant amounts of product, but they may also have to deal with operational disruptions due to crime.
For example, a robbery may force you to close the store for repairs, cleanup, or the investigation and safety of staff and customers. Likewise, when customers witness a crime, they may take their business elsewhere.
The Crucial Role of Retail Insurance
While you may be unable to stop opportunistic shoplifters over the holiday season, your retail insurance coverage in Florida can mitigate the losses. A crime insurance policy helps pay out the costs of theft, embezzlement, and other crimes.
Retail insurance policies that address retail theft include:
- Employee theft
- Robbery or safe burglary
- Counterfeit money
- Forgery and alteration
- Theft of cash and securities
Business insurance in Orlando can help your company account for your specific risks. Following theft from your business, the insurance policy can assist with providing money for the lost assets and paying the costs to pursue legal action.
Businesses should assess their current policies to determine if they require more robust coverage for holiday-related risks. Insurers who work with retailers can help business owners fortify their coverage. When you have retail insurance, it helps you with prompt recovery and provides you with resilience throughout future holiday seasons.
Protect Your Store With Retail Insurance Coverage in Florida
Organized retail crime is increasing nationwide, with many opportunistic criminals choosing the holiday season to wreak havoc on retailers. To mitigate the risks, business owners benefit from having retail insurance coverage in Florida with tailored policies that cover their unique risks. At Hilb Group, we want to help you strengthen your risk mitigation. Contact us to get a quote!
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.