A type of insurance that protects employers against employee dishonesty, theft, fraud or embezzlement. Two types of bonds are available. A blanket bond covers all employees of a business, such as a bank or investment company. Specialty fidelity bonds cover specific individuals named in the bond. Your liability insurance, not a bond, should cover unintentional damage or breakage caused by an employee.
Third party fidelity bonds protect your clients from intentional theft or dishonesty on the part of your employees when working at the client’s business or home.
Businesses that regularly use independent contractors can purchase a fidelity bond to protect against intentional wrongful acts committed by independent contractors. Fidelity bonds are purchased from insurance companies.
Federal Bonding Program: At-risk job applicants who are not eligible for commercial bonding can be covered for up to six months through this program administered by the Idaho Department of Labor.