Posts Tagged ‘fidelity bond’

Do surety companies perform background checks?

Thursday, April 1st, 2010

Do surety companies perform background checks?

Many people call and ask if I get a fidelity bond will the surety perform a background check on my new hires? The answer is no. You would think that it would be in the surety’s best interest to do so, but the cost would outweigh the premium.

Some surety companies’ offer discounted services for using companies they recommend for background checks.

A Fidelity bond is more of an insurance policy than a bond. Limits for this type of coverage’s start at 25,000 and can go as high as a $25,000,000. A fidelity bond is a essential insurance product that ever business owner should carrier.

Fidelity bonds protect the policy owner from employees that steal from them

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Secure your business with the help of surety

Wednesday, August 26th, 2009

Surety protecting business

In these tough times you need to make sure that your assets are protected.  What happens if an employee steals from you or one of your checks is forged or altered?

Is there a insurance policy that can protect you from this? The answer is yes there is. A surety bond can protect you from these everyday occurrences.
This bond is typicality called a fidelity bond. A fidelity bond is more like an insurance policy than a bond because with a fidelity bond claim you do not have to pay the surety back. You need only to pay the deductible and the surety takes care of the rest. The surety company offers a wide range of products that can be added to your policy such as employee theft inside the premise as well as off site. You can add coverage for forging as well as alteration of checks. The bond amount can also be adjusted to fit your growing business needs.

The cost of fidelity bonds

You would think with the exposure to the surety that fidelity bonds would be expensive, but there actually are not. Many factors are involved to determine the cost of a fidelity bond. The rate of the surety bond is also different for each surety. A few ways a surety may determine the bond rate may be by the class of business, how many employees, cash exposure and checks and balances in place to protect the company from a claim.
In this economy protecting and securing you company’s future is vital, so protect your business with a surety bond.

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Surety Bond Topic: Bankers Blanket Bond

Thursday, April 16th, 2009

More Current trends show a perceptible boost up in losses that arise from the fraudulent as well as criminal activities of financial institutions’ own employees and those of third parties against such financial institutions. Bankers Blanket Bond along with Electronic and Computer Crime insurance products are designed specifically for protecting against direct financial loss and are originated by criminal actions and assuage the damage of such activities that may have on the asset base of these institutions. Such events have resulted in loss of reputation or cash flow problems, either of which may have undesirable repercussions to the financial institutions in the form of loss of market share, regulator interventions or the development of a climate which encourages employee infidelity amongst others in the past. We are tied up with foremost insurance markets, and are at the front position of developing all these products for addressing both the specific needs of individual financial institutions and the continually evolving criminal environment to which financial institutions are revealed. The basic coverage also swathes cash in transit, cash on premises, securities, counterfeited currency and offices contents.

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Who is in need of a Fidelity Surety Bond

Wednesday, April 15th, 2009

Who is in need of a fidelity bond

fidelity bond is a type of security that covers policyholders for any losses that they earn as a result of deceptive acts by particular individuals. It generally insures a business for losses that is caused by the corrupt acts of its employees. While the called bonds, these obligations so as to protect an employer from the employee-dishonesty losses. This type of insurance policies guard from losses of company money, securities, and other kind of property from the employees who have an obvious intention to cause the loss of a company.

There are also a lot of other forms of crime-insurance policies (burglary, general theft, fraud, computer theft, disappearance, forgery, fire, etc.)inorder to protect the company belongings. Anybody who can’t get a job without bonding is suitable for aid by the fidelity bonding program. All those who have, in past, committed a fraudulent act, are qualified for bonding services. These people include ex-addicts and ex-offenders, as well as other people who have very poor personal credit, also persons who lack a work history, and those who were disgracefully discharged from the military.

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