Crime Insurance for Myrtle Beach Businesses

What Is Crime Insurance?

Crime insurance protects businesses from financial losses caused by criminal acts—both from employees and outside parties. Unlike standard commercial property policies, crime insurance specifically covers employee theft, forgery, fraud schemes, and other financial crimes that can devastate a business's bottom line. For Myrtle Beach businesses handling cash, inventory, or sensitive financial data, crime insurance fills a critical gap in coverage that most business owners don't realize exists until it's too late.

Many South Carolina business owners assume their commercial property policy covers theft. It might—but only theft committed by outsiders. When the threat comes from inside your organization, standard policies typically exclude the loss entirely. Crime insurance exists to address this exposure, providing financial protection when trusted employees violate that trust.

Why Myrtle Beach Businesses Need Crime Insurance

The Grand Strand's tourism-driven economy creates unique crime exposures for local businesses. High seasonal cash flow, frequent employee turnover, and the fast pace of hospitality operations can create opportunities for theft and fraud. Crime insurance provides essential protection for businesses throughout Myrtle Beach and the surrounding South Carolina coast.

• Employee theft is more common than most owners realize — The Association of Certified Fraud Examiners reports that businesses lose approximately 5% of revenue to fraud annually, with small businesses suffering disproportionately higher losses per incident.


• Standard business policies exclude employee dishonesty — Your commercial property policy likely covers break-ins and robberies by strangers, but theft by a trusted bookkeeper or manager falls outside that coverage.


• Seasonal staffing increases exposure — Myrtle Beach businesses often hire temporary workers during peak tourist season, increasing the number of people with access to cash registers, inventory, and financial systems.


• Fraud schemes are increasingly sophisticated — Social engineering attacks, phishing emails, and funds transfer fraud target businesses of all sizes, and these losses aren't covered by standard policies.


• Discovery often comes months or years later — Embezzlement and systematic theft frequently go undetected for extended periods, making crime insurance's discovery-based coverage structure essential.

What Does Crime Insurance Cover?

Crime insurance policies are structured around specific insuring agreements, allowing Myrtle Beach businesses to select coverages that match their actual exposures. Here's what a comprehensive crime policy typically includes:

Employee Dishonesty Coverage

This is the core of most crime policies. Employee dishonesty coverage—sometimes called a fidelity bond—pays for direct financial losses when an employee steals money, securities, or property from your business. Coverage applies whether the employee takes cash from the register, manipulates accounting records to embezzle funds, or walks out with inventory. For South Carolina businesses with multiple employees handling finances, this coverage is essential.

Forgery and Alteration

This coverage protects against losses from forged or altered checks, drafts, and other financial instruments. If someone forges your company's checks or alters legitimate checks to increase the amount, forgery coverage responds to the loss. Businesses in Conway, Georgetown, and throughout the Grand Strand that still process paper checks need this protection.

Computer Fraud

Computer fraud coverage pays for losses resulting from unauthorized access to your computer systems to transfer money or property. As more Myrtle Beach businesses conduct transactions electronically, this coverage has become increasingly important. It addresses losses from hackers who infiltrate systems to initiate fraudulent transfers.

Funds Transfer Fraud

This coverage applies when criminals trick your financial institution into transferring funds based on fraudulent instructions that appear to come from your business. Unlike computer fraud—which involves direct system infiltration—funds transfer fraud covers social engineering schemes where criminals impersonate vendors, executives, or other trusted parties to redirect payments.

Money and Securities Coverage

Crime insurance can cover theft, disappearance, or destruction of money and securities both inside your premises and outside (such as during bank deposits). This differs from employee dishonesty coverage because it applies regardless of who commits the theft—employees, customers, or outside criminals.

Robbery and Safe Burglary

While commercial property policies may cover some robbery losses, crime insurance often provides broader protection. Coverage for robbery (theft involving threat or violence) and safe burglary can fill gaps left by property policy limitations or deductibles.

Crime Insurance vs. Your Property Policy: Understanding the Gap

One of the most common misconceptions among South Carolina business owners is assuming their commercial property insurance handles all theft-related losses. Here's why that assumption can be costly:

Property policies typically exclude employee theft entirely. If your bookkeeper has been skimming funds for two years, your property policy won't pay a dime. Crime insurance with employee dishonesty coverage is the only way to address this exposure.

Property policies may have low sublimits for theft. Even when covered, theft losses under a property policy might be subject to sublimits far below your actual exposure. A property policy might cap theft at $10,000 while your crime policy provides $250,000 or more.

Financial crimes aren't "property" losses. Fraud, forgery, and funds transfer schemes don't involve physical property being stolen—they involve money being misdirected through deception. Property policies aren't designed to cover these exposures.

Myrtle Beach businesses should review both their property and crime coverages with an independent agent to identify gaps. Many business owners in Surfside Beach, Murrells Inlet, and Pawleys Island have discovered significant exposures only after a loss occurred.

How Much Does Crime Insurance Cost in South Carolina?

Crime insurance premiums for South Carolina businesses depend on several factors, including your industry, annual revenue, number of employees, internal controls, and selected coverage limits. Most small to mid-sized businesses find crime insurance surprisingly affordable—often just a few hundred to a few thousand dollars annually for meaningful protection.

Factors that influence your crime insurance premium include:

• Industry and operations — Businesses handling large amounts of cash or high-value inventory typically pay more than professional service firms.


• Coverage limits selected — Higher limits mean higher premiums, but the per-dollar cost of coverage often decreases as limits increase.


• Employee count and turnover — More employees with financial access means more exposure, affecting your premium.


• Internal controls — Businesses with strong separation of duties, regular audits, and background checks may qualify for better rates.


• Claims history — Prior crime losses can impact your premium and insurability.

Because crime insurance is a specialty coverage, premiums and terms vary significantly between carriers. Working with an independent agency that can compare multiple insurers helps Myrtle Beach businesses find the right balance of coverage and cost.

Who Needs Crime Insurance in Myrtle Beach?

Virtually any business with employees should consider crime insurance, but certain operations face elevated exposures:

Restaurants and hospitality businesses handle cash daily, often with high employee turnover and limited oversight during busy shifts. Crime insurance protects against register theft, vendor fraud, and payroll manipulation.

Retail stores face exposure from both employee theft of merchandise and cash handling fraud. Inventory shrinkage from employee dishonesty is a significant problem for retailers throughout North Myrtle Beach and the Grand Strand.

Property management companies collect rent, manage security deposits, and handle owner funds—creating substantial opportunities for embezzlement. Crime coverage is essential for property managers operating along the South Carolina coast.

Medical practices and healthcare providers process insurance payments, patient co-pays, and sensitive financial data. Billing fraud and payment diversion schemes make crime insurance important for Myrtle Beach healthcare businesses.

Professional service firms including accountants, attorneys, and financial advisors need crime coverage to protect client funds held in trust and to address exposure from employees with access to accounts.

Why Work with Moore & Associates for Crime Insurance?

Moore & Associates has served Myrtle Beach and the South Carolina coast since 1979. As an independent insurance agency, we're not tied to any single insurance company. We shop your crime insurance across multiple carriers to find coverage that fits your business operations and budget. Our local agents understand the unique risks facing Grand Strand businesses—from seasonal cash flow challenges to the realities of operating in a tourism-driven market.

Crime insurance isn't one-size-fits-all. Coverage forms, definitions, and exclusions vary between carriers, and selecting the wrong policy can leave gaps when you need protection most. Our agents review your operations, identify exposures, and recommend coverage structures that actually address your risks—not just check a box.

Get a Crime Insurance Quote in Myrtle Beach, South Carolina

Our crime insurance agents serve Myrtle Beach, South Carolina and surrounding areas including North Myrtle Beach, Atlantic Beach, Conway, Surfside Beach, Murrells Inlet, Litchfield, Pawleys Island, and Georgetown. Contact Moore & Associates today for a free quote.