Unlike a fidelity bond to protect your employee benefit plan, a dishonesty bond protects you from employee theft. For instance, you can file a claim if an employee embezzles money. Since employee theft is common, it is a good idea to have this type of bond.
What Will the Bond Cost?
The cost of your bond will vary depending on the applicant, amount of coverage, and the way your business operates. You will need to fill out an application before you get your exact quote.
Why Are Some Rates Lower Than Others?
The rates a company can offer often depends on how many people they cover. The more businesses they insure, the lower the rates they can offer.
What Is the Difference Between Fidelity Bonds and Commercial Insurance?
Commercial insurance and fidelity bonds are not the same thing. Insurance will cover professional liability, general liability, workers comp, vehicles, property, and business owners. Meanwhile, fidelity bonds are strictly designed to protect against employee theft.
What Is the Bond Process?
You can apply online, get approved, and pay for your dishonesty bonds. Then, the form and policies will be shipped to your business.
How Do You Know if You Need a Bond?
Bonds are always an option for commercial employee theft insurance. If you don’t have this type of policy on your insurance, you should consider a bond to protect your business.
Where Can You Get a Bond?
You can get a bond from any company that offers them. Apply, and you will receive your form once you have been approved and paid for your bond.
One way to protect your business against employee theft is a fidelity bond. These are unique to each business but can easily be acquired. They are a great option if you do not have insurance that protects against employee theft.