Employee Theft Bonds
An employee theft bond, also known as a fidelity bond, protects companies from the dishonest or fraudulent activities of its employees.
An employee theft bond, also known as a fidelity bond, protects companies from the dishonest or fraudulent activities of its employees. An example of this is if somebody within the accounting department of an organization is stealing money.
There are two types of Employee Theft Bonds: First Party and Third Party. First-party fidelity bonds protect the business from criminal acts by its employees against their own company. Third-party fidelity bonds protect businesses against the crimes committed by people working for them on a contract basis. In most cases, in order for the bond to be invoked, the crimes committed have to be intentional acts and there must be direct monetary damage.
These bonds are different than other types of bonds in that they’re more analogous to an insurance policy because it offers protection to the principal obtaining the bond. The bonding company will pay the claim without expectation to be reimbursed.
We can offer these bonds through our surety department as a stand-alone product, or we can include the coverage through our commercial insurance department. We do feel they’re extremely important and it is highly recommended that every company has a comprehensive Employee Theft Bond in order to reduce their risk.
At Baldwin Cox Allen, we have access to over 25 different A rated bonding companies which allows us to shop the market and provide the lowest possible rates. We have cutting edge surety technology which allows us to this for you without delaying the execution of your bonds, as we know that timing can be critical.
Hard To Place Bonds
We have solutions for even the most challenging bonds. We say “Yes” when other agents tell you “No”. Whether it’s because you have low credit, or there’s just a particularly onerous bond form, we pride ourselves on getting bonds approved with the best possible terms.
Please contact us today and let one of our experienced surety bond professionals assist you with your bonding needs!