Fidelity bonds
Types of fidelity bonds
-
Business services bonds protect against the loss of a customer’s money, equipment, supplies and personal belongings caused by dishonest acts of your employees while on the customer’s premises. Beyond protection, this type of fidelity bond is great for differentiating your business from competitors who aren’t bonded for fidelity.
Examples of the types of businesses that could benefit: Janitorial services, contractors, dog sitters, house sitters
-
Standard employee dishonesty bonds protect your business from financial loss due to fraudulent activities of an employee or group of employees. The loss could result from employee theft of money, securities or other property. This type of bond can be a good solution for non-profit organizations and professional offices including CPAs, dentists and physicians.
Examples of the types of businesses that could benefit: Non-profits, professional offices, accountants, medical services
-
The Employee Retirement Income Security Act of 1974 requires trustees of pension plans to have fidelity bond coverage equal to at least 10% of the total plan’s assets. ERISA bonds protect participants and beneficiaries from the dishonest acts of a fiduciary who handles employee benefit or pension plans, including 401(k)s.
