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Blanket Fidelity Bonds

A blanket fidelity bond is a class of dishonesty bonds, which provide coverage for an employer to protect them from employee theft and misconduct. This coverage can be used if an employee steals money, property, or securities and covers all employees instead of a specific position or individual employee. The endorsement can be adjusted based on exposure to financial liabilities. Blanket bonds are an excellent choice for large companies or those with high employee turnover rates.

A blanket fidelity bond can be first party or third party protection. First party coverage applies to businesses to protect them from theft from their employees. Third party coverage protects the business’s clients from misconduct from the business’s employees.

Contact the experienced surety agents with The ProSure Group today to learn more about how a blanket fidelity bond could protect your business!

Who May Need To Purchase A Blanket Fidelity Bond?

Insurance companies, security firms, banks, and other financial institutions typically require fidelity bond coverage to protect against losses. Blanket fidelity bonds are a preference of larger businesses because they offer the same coverage for all employees.

Generally, fidelity bonds are often required by private businesses for business-to-business service agreements. This is relevant when a company’s employees have access to financial information or personal property. For instance, office building owners may require their janitorial company to purchase a fidelity bond. This will protect their tenants from any misconduct from employees of the janitorial company. If an employee of a janitorial service steals a customer’s laptop, the janitorial company’s fidelity bond would provide compensation for the stolen item.

What Are The Cost Factors Of Blanket Fidelity Bonds?

Fidelity bonds can be inexpensive depending on several cost factors. Cost is determined similarly to an insurance policy and can typically be paid monthly or annually.

The size of the bond is the primary factor. The larger the policy limit, the higher the price. Blanket fidelity bond policy limits vary greatly. Especially considering that blanket bonds are typically used by larger companies. There are policies with limits as low as $5,000 or as high as $10 million.

Another important cost factor is the amount of finances or sensitive information at risk and the number of employees who will have access to it. With more at risk, the policy limit will need to be higher to compensate for those assets. More exposure to employees increases the chance of misconduct and the need for protection.

The type of business will also affect the cost as there are different fidelity bonds for different sectors of business, be it business services, janitorial, notary, etc.

How Do I Obtain A Blanket Fidelity Bond?

Contact The ProSure Group! Our team of trusted surety bond experts has over 23 years of experience and has partnerships with more than 30 different surety companies. We can answer all of your questions on blanket fidelity bonds and work hard to get you the most competitive pricing and terms available in the marketplace. Please complete our simple application, and one of our specialists will get in touch with you as soon as possible.

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