Fidelity Bonds

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Fidelity Insurance is a type of business insurance that provides protection from monetary or property theft or other employee misconduct that can result in financial loss. In many cases, these bonds are optional and can provide peace of mind. In situations, such as when you have a trustee of a pension plan on staff, the fidelity bond may be required.

If you have a pension plan, the Employee Retirement Income Security Act requires that you purchase a bond equal to at least 10% of the total plan assets. For example if your total assets equaled $100,000, you would need a $10,000 ERISA bond, up to $500,000. This type of bond has no deductible and is listed under the name of the pension plan.

If you run a business where your employees enter client homes, a business service bond provides coverage if theft occurs at a customer’s house. This claim will be paid to you, which can then be used to reimburse your client.

Dishonesty bonds are available in two forms, blanket and scheduled coverage. Both fit the standard fidelity bond definition.

With blanket coverage, all employees are covered for the same amount unless specifically excluded by request. This type of policy is great for large businesses or those that have a high turnover rate.

Scheduled coverage covers only certain employees for different amounts depending on the risks you face. This is ideal in business situations where certain employees handle various important responsibilities.

The price of fidelity insurance depends on the type of business you run, how many employees you have, and the type of customers you serve. For example, a small consulting firm may purchase $1 million in blanket coverage and have an annual premium of less than $2,500. A business of the same nature that covers 70 employees may pay almost $7,000 per year. The limits of liability and deductible also determine cost.

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