Fidelity Bonds

There are literally thousands of types of surety bonds on the market today, and they cover everything from undertaking to selling flowers to running a taxi stand. Everything it seems, except for the people who collect the fees and taxes and register these bonds in their respective agencies, commissions, and government departments. They are exempt from having to provide bonds because they get to set to rules. For everyone else in business, it just becomes another part and cost of doing business in today’s regulated marketplace. A few sample types of bonds required by employers for doing business include fidelity bonds, an ERISA bond, and crime insurance.

Fidelity bonds here at www.bfbond.com are like an insurance policy for businesses that protects the owner or employer in the case of any losses incurred as a result of the actions of an employee who steals, misappropriates, or otherwise acts dishonestly in the performance of their duties. This will include forgery or theft, as well as embezzlement of funds assigned to the employee or maintained within their care. These are not liability bonds or guarantees, and do not cover any costs that are incurred as a result of employee mistakes, poor workmanship, work accidents, or on the job injuries. Coverage can also be expanded to include computer fraud.

An ERISA bond is a type of bond whose name comes from the Employee Retirement Income Security Act (ERISA), a piece of legislation that was passed in 1974 to regulate employee benefit plans. One requirement of the act is that companies who have a registered employee benefit plan must have and maintain a bond or surety in the amount of ten percent of the total worth of the benefit plan. This is to offer protection against acts of fraud or dishonesty by the employer in their handling and operation of the employee benefit plan.

Crime insurance is coverage for crime against your business, including incidents like robbery, safe burglary, theft of money and securities, or theft of other property. This type of protection includes incidents both on and off the premises, meaning messengers, money orders, and counterfeit paper currency are all covered.

Contact us today at www.bfbond.com to learn more about the fidelity bonds we offer.

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