You’ve probably thought about purchasing fidelity bonds but wondered how to choose the right one for your company. Here are some commonly asked questions that can help you decide which bond meets your needs.
Which One Do You Need?
Look for a bond that protects you from any employee theft. The most basic ones only cover certain types of theft. For instance, almost all of them cover embezzlement. Also, you can look for a bond that helps you protect your employee benefits.
How Much Do You Want To Spend?
The cost of your bond will depend on your company specifications, coverage amount, type of coverage, and the precautions you take to prevent employee theft. When thinking about how much you want to spend, you can play around with the coverage specifications until you find what you can afford.
Is There a Cheaper Option?
Bond insurance price is based on the number of people a company protects. Therefore, looking for bonds from a more prominent supplier will give you cheaper rates.
Why Not Use Commercial Insurance?
Bonds are not the same thing as commercial insurance. Your insurance covers things like general liability, professional liability, workers compensation, commercial vehicles, commercial properties, and business interruption. While this is often necessary for giant corporations, it may not be essential for smaller companies. If you don’t need all the perks of commercial insurance but want to protect against theft, you can often find bonds for less money.
What’s the Process for Buying Them?
The first step for buying dishonesty bonds is to apply to the company of your choosing and get approved. To make this process easier, you can look for a company that offers online applications and mail you your bond.
It can be difficult to choose the right fidelity bonds for your company. By answering these questions, you should have a better idea of your needs and which solutions meet them.