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Fidelity Bonds

Trust the experts at Selective to help protect your business and clients from potential employee fraud or other misconduct with a fidelity bond.

Female insurance agent writing a fidelity bond for a business insurance customer.

Fidelity bonds protect businesses from their employees’ dishonest acts. They may provide financial protection for financial loss arising out of commercial crimes like:

Embezzlement
Forgery or alterations
Fund transfer fraud
Property theft
Safe burglary or robbery

When coupled with business insurance, fidelity bonds can provide another layer of risk management and more peace of mind.

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DOES MY BUSINESS NEED A FIDELITY BOND?

Yes! A fidelity bond could benefit your business if your employees have access to pension funds, securities, retirement plans, and other employer assets. You may also need a bond to maintain compliance with the Employee Retirement Income Security Act (ERISA). Businesses that can benefit from a fidelity bond include:

Commercial Risks
Manufacturing Risks
Physician Offices
Contractors
Public entities

The Employee Retirement Income Security Act (ERISA) requires that trustees of pension plans have fidelity bond coverage equal to at least 10% of the total plan’s assets. This rule protects plan beneficiaries from theft or fraud by those managing 401(k)s and other pension plans.

Not sure if a fidelity bond is right for your business? Contact your independent agent, so together with our independent agency partners, we can help you understand if a fidelity bond is right for you.

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Male professional discussing the benefits of technology errors and omissions (E&O) coverage.

GET EXTRA PROTECTION WITH TECHNOLOGY ERRORS & OMISSIONS COVERAGE

An excellent complementary protection to your Fidelity Bond, Errors and Omissions (E&O) insurance helps protect professionals against lawsuits alleging mistakes in their services.

Click here to Learn More About E&O about GET EXTRA PROTECTION WITH TECHNOLOGY ERRORS & OMISSIONS COVERAGE

FREQUENTLY ASKED QUESTIONS ABOUT FIDELITY BONDS

How much do fidelity bonds cost?

The cost is very marginal compared to the coverage provided. Every professional office is unique, and the cost of bonding can vary greatly. Some factors that can impact cost include your industry, the type of information you and your employees handle, company size, and more. An independent insurance agent can help you review your risks and determine if a fidelity bond is right for you.

For more information on the types of business insurance solutions Selective Insurance offers, visit Insurance Coverages for Your Business.