Surety Bonds 101
- Frequently Asked Questions
- What is a Surety Bond?
- Surety Bond Cost
- Bond Premium Calculator
- Consumer Guide to Surety Bonds E-Book
- What Does "Bonded" Mean?
- How to Get Bonded & Insured
- Types of Surety Bonds
- Buying a Surety Bond
- Top 5 Things You Need to Know About Surety Bonds
- Surety Bond Process
- Choose a Bond Agency
- Choose a Bonding Company
- Get Bonding Insurance
- Surety Bond Rates
- What is an Indemnity Agreement?
- Get a Quote Online
- What is a security bond?
- Surety Bond Claims
- General Questions
- Licensing Guides
- Contractor Bond Guides
- Fidelity Bond Guides
- Surety Tools
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What is a Fidelity Bond?
Fidelity Bonds Explained
|Man||I heard fidelity bonds can help protect my business. Can you explain exactly what they are?|
|JW||Of course! Fidelity bonds are insurance that protect against employee dishonesty such as theft and property damage. However, there are different types of fidelity bonds that provide different kinds of protection.|
|Man||As a business owner, I want to protect myself from employee embezzlement. Which type of fidelity bond will protect me?|
|JW||An employee dishonesty bond will protect you from dishonest employees who may commit theft, burglary, forgery and embezzlement.|
|Man||Our business often requires us to go to our clients homes. Does an employee dishonesty bond protect my customers too?|
|JW||No. You will need a different type of fidelity bond called a business service bond. A business service bond protects your client's personal property from loss and damage that may be caused by your employees.|
|Man||Are there any other types of fidelity bonds I should know about?|
|JW||Yes. The last type is ERISA bonds. They are required by law to protect employee benefit plans like 401Ks from fraudulent plan managers.|
|Man||How are fidelity bond rates determined?|
|JW||Costs are based on your type of business, the dollar amount of coverage you need, and the number of employees included on the bond.|
|Man||That all makes sense! I'll apply on online and get the bonds I need to protect my company and clients.|
|JW||I like the way you think.|
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