Bonds and Crime Insurance Products
What Does it Mean to Be Bonded?
If you’re bonded, your customers have protection from risks they believe are part of working with you. It’s different from crime insurance, which covers your business itself. Some licensed occupations require bonding to insure you follow the rules of the license. There are two kinds of bonds: surety and fidelity.
Surety bonds are an insurance policy for your customer. Government agencies often require surety bonds. In that case, the bond protects the agency and citizens from improper, illegal or unsafe practices by your business. Examples of surety bonds include license and permit bonds, contractor bonds and court bonds.
Fidelity bonds insure your company against employee dishonesty and theft. They are similar to crime insurance. If an employee who is bonded commits a crime against your company, the fidelity bond will reimburse your company losses. The only type of fidelity bond that’s required is an ERISA or 401K bond. ERISA bonds protect employee benefit plans from fraud.
Do I Need to Be Bonded?
As you probably suspect, the answer is “It depends.” Bond products can be confusing. Railside Citrus has the expertise and experience to help you decide whether you need to be bonded. If your business should be bonded, we can help determine the type of bond product that’s right for you. Contact us today for more information.
Do I Need Crime Insurance?
Standard business insurance does provide some protection from criminal acts. But often, it won’t cover losses resulting from employee dishonesty and theft. Crime insurance extends your standard business insurance protection to include the fraudulent activities of employees.
You may think only large companies need crime insurance. Not true. If you have employees, theft and fraud are real possibilities. Even family businesses need protection from dishonest employees. Let Railside Citrus help you determine your risk and find the right product for you.
Final/payment and performance bonds
License and permit bonds
Third-party fidelity bonds
Public official bonds for treasurers and board members
Crime Insurance Products
Employee dishonesty insurance
Third-party fidelity insurance
Computer fraud insurance
Funds transfer fraud insurance