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- If your company experiences a loss of money, securities or assets as the result of a crime, you may think your insurance will cover the loss. But claims for this type of loss, called a fidelity loss, are usually excluded under other policies you purchase.
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How does Fidelity Insurance work?
What is a fidelity bond?
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Dec 8, 2017 · Fidelity coverage, sometimes known as a fidelity bond, is a type of insurance that will protect a business owner against the theft of money, property, forgery or fraud by an employee. It will guarantee that if a business owner or employer suffers any loss due to employee dishonesty, the chosen insurer will share this loss as long as they are ...
- What Is A Fidelity Bond?
- Types of Fidelity Bonds
- Differences Between Fidelity Bonds and Other Types of Insurance
- Benefits of Fidelity Bonds
- Who Needs Fidelity Bonds
A fidelity bond is a type of insurance policy that protects businesses from financial losses caused by fraudulent activities committed by their employees. These activities may include embezzlement, theft, forgery, or other types of dishonest behavior. These bondsprovide coverage for losses resulting from employee dishonesty and can help businesses ...
There are different types of fidelity bonds that businesses can purchase depending on their specific needs. The most common types of fidelity bonds include:
Fidelity bonds are different from other types of insurance policies, such as general liability or property insurance. While general liability insurance covers losses resulting from accidents or injuries that occur on a business's premises, fidelity bonds provide protection against losses caused by employee dishonesty or fraudulent activities.
Protection Against Employee Dishonesty
One of the most significant benefits of fidelity bonds is protection against employee dishonesty. Employee dishonesty can lead to significant financial losses for businesses, especially for small businesses that may not have the resources to recover from such losses. Fidelity bonds can help businesses recover from these losses by providing financial compensation for losses resulting from employee dishonesty, embezzlement, or theft. By having a fidelity bond in place, businesses can protect th...
Financial Security for Business Owners
Fidelity bonds provide business owners with financial security and peace of mind knowing that their business is protected against losses resulting from employee dishonesty. This protection can be particularly valuable for small business owners who may not have the resources to recover from significant financial losses.
Protection Against Losses Caused by Fraudulent Activities
Fidelity bonds can also provide protection against losses caused by other forms of fraudulent activities, such as forgery or cybercrime. For example, if an employee forges a check, a fidelity bond can provide financial compensation for the resulting loss. Similarly, if an employee steals sensitive data or causes damage to a business's computer systems, a fidelity bond can provide coverage for these losses.
Businesses With Employees Who Handle Money
Businesses that handle cash or other financial instruments, such as checks or credit card information, should consider purchasing a fidelity bond. These businesses include retail stores, banks, financial institutions, and any other business that deals with money on a regular basis. Fidelity bonds can provide protection against employee theft or embezzlement of funds.
Dec 22, 2023 · What Is a Fidelity Bond? Fidelity bonds—also known as “employee dishonesty insurance”—is a type of small business insurance that offers companies a way to cover themselves against financial...
- Jason Metz
Apr 16, 2024 · A fidelity bond is a form of business insurance that offers an employer protection against losses that are caused by its employees’ fraudulent or dishonest actions. Also known as an...
A fidelity bond or fidelity guarantee is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
FGI exists to safeguard your firm or organisation against theft of the firm's own money, securities or property by an employee, partner, contractor or volunteer. FGI can also be known as first party fraud, theft or employee dishonesty cover.
Jan 31, 2022 · Definition. Fidelity bonds protect customers from losses caused by people in positions of trust. Learn how fidelity bonds work, their benefits and drawbacks, and how to get one.
