Fidelity Bonds Insurance
A fidelity bond is a type of business insurance that provides protection from monetary or property theft or other employee misconduct that can result in a financial loss. While these bonds are optional, they can provide peace of mind if you have concerns about employees who have access to company assets.
Upstate Agency can help you identify which type of fidelity bond will best meet your company’s needs. Analyzing your specific risk factors will determine what kind of protection you and your business require. There are essentially three types of fidelity bonds:
ERISA bonds protect participants and beneficiaries from dishonest acts of a fiduciary who handles employee benefit or pension plans, including a 401(k). 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.
Business service bonds provide protection for 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.
Dishonesty bonds protect your business from financial loss due to the fraudulent activities of an employee or group of employees.
- Blanket coverage covers all employees and is great for large businesses or those that have high turnover rates
- Scheduled coverage covers only certain employees and is ideal for businesses where certain employees handle various important responsibilities.
The cost of fidelity bond insurance depends on the type of business you have, how many employees you have, and the type of customers you serve.
Protect your business from potential employee fraud and misconduct. Contact an Upstate Agency agent today for all your fidelity bond needs.