Fidelity Bonds protect an employer from employee theft by guaranteeing the employer’s money and property in the event that an employee causes damage through a negligent or a dishonest action. Often, insurance companies, security firms, and banks are required to obtain fidelity bond coverage. Brunswick Companies can help you obtain the bonds you need at the best rates in all 50 states.
Dishonesty Bonds & Business Services Bonds
Both Dishonesty Bonds and Business Services Bonds are related to employee theft, but one protects your business while the other protects your clients. There are three types of these bonds:
- Blanket Position Bonds offer the same amount of coverage for all employees and are a good choice for large businesses.
- Position Schedule Bonds provide a set amount of coverage specific to each job position that is listed with the policy.
- Name Schedule Bonds provide a set amount of coverage specific to each individual employee who is listed with the policy.
The Employee Retirement Income Security Act (ERISA) sets rules and standards of conduct for private sector employee benefit plans and those that invest and manage their assets. An ERISA bond is a type of insurance that protects the retirement plan against losses caused by acts of fraud or dishonesty.
Janitorial Services Bonds
Many states require janitorial services companies to obtain this type of bond to protect both their clients and their business against the unexpected expenses resulting from reimbursing a customer for their claimed loss.
The notary bond is designed to protect the public from any negligent mistakes or dishonesty by a notary public. As a measure of risk management, the bond allows victims of any wrongdoing to file for reparation.