S Philips Surety & Insurance Services is a Nationwide Supplier of Surety Bonds

Also known as an honesty bond, a Fidelity Bond is a form of business insurance that offers an employer protection against losses – either monetary or physical – caused by its employees’ fraudulent or dishonest actions. Fidelity bonds are often held by insurance companies and brokerage firms, which are specifically required to carry protection proportional to their net capital. Among the possible forms of loss a fidelity bond covers include fraudulent trading, theft and forgery.

An Employee Dishonesty Bond is a type of Fidelity Bond that protects your business from dishonest acts by your employees. This includes protection against fraud, embezzlement, forging checks, stealing money or merchandise, and so forth.

An Employee Dishonesty Bond does not cover against your employees stealing from your customers. Employee Dishonesty Bonds are not required by law. Any business can get one of these bonds as an added protection for their business.


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Don’t see the specific bond you’re looking for? Chances are we probably offer it! There’s thousands of bonds out there and it would be impossible to list them all. Contact us today to get a quote for the specific bond you need.

Don’t see the specific bond you’re looking for? Chances are we probably offer it! There’s thousands of bonds out there and it would be impossible to list them all. Contact us today to get a quote for the specific bond you need.

Frequently Asked Questions About Fidelity and Dishonesty Bonds

We want you to feel comfortable working with our surety bond company and realize you may still have questions. Our FAQ section below will help you understand more about our business and what we do. Let’s learn more!

How Do I Differentiate Between "Fidelity Bond" Vs "Surety Bond?

A surety bond speaks to a legal document that is meant to guarantee that a contract will be completed as expected. The party completing the job will pay a specific sum to a bond company, which is meant as an incentive to ensure the expected parameters are met and that the customer has peace of mind.

Business owners may also require that the contractors or subcontractors they hire for jobs to pay, which would guarantee the work they’re meant to do.

A fidelity bond is simply a type of surety bond, which is designed to protect both a business and its customers. The benefits offered will depend on the bond purchase.

For example, protection may be offered from financial loss in incidents having to do with general theft or fraud.

Can Employee Dishonesty Bonds Work to Protect My Business from All Forms of Theft?

As the name implies, the bond is meant to protect your business from acts that dishonest employees may commit. Some of these acts include forgery, employee theft, embezzlement, and fraud.

Be that as it may, it does not provide coverage in instances such as those where employees steal from your customers, for example.

The onus is on you to do your due diligence by speaking to one of our representatives to understand the extent of the coverage you are afforded.


How Many Types of Common Fidelity Bonds Are There?
There are several types of fidelity bonds, which cover different areas of protection. Among them, the three most common are:

  1. Employee dishonesty bonds: This is explained above
  2. Business service bonds: You may also hear of these being called janitorial service bonds or business bonds. They are arguably the most important type and will protect clients who are visited by employees. For example, if a service representative should visit a client’s place of business and steal a piece of equipment, the bond would offer reimbursement.
  3. Employee Retirement Income Security Act (ERISA) bonds: This comes from an act of 1974 that requires pension plan trustees to have bonds no less than 10% of the plan’s total assets. The idea is to protect beneficiaries from malicious actions of those who manage pension plans such as a 401(K).
How Much Will a Fidelity Bond Cost?

Like insurance coverage, the cost of a bond is not going to be the same in all cases, even those in which similar businesses with similar operations require similar levels of coverage. There is a process involved that will consider the bond you need, the risk involved, etc.

With that being said, S Phillips Surety & Insurance Services, Inc. would be more than happy to provide you with a quote for the bond you need. We’ve made it easy to make your request with our quick quote function, which you can access here.

How Do I Know Where Legal Fidelity Bond Requirements Exist?

This will depend on the type of operation and industry. As a general rule of thumb, fidelity bonds are not a legal requirement. However, some industries will either have regulatory or legal stipulations that require them to be in place.

Financial institutions or insurance companies are good examples of such situations. Be that as it may, businesses are advised to voluntarily acquire fidelity bonds since they act as a measure of risk management.

What's the Difference Between Being Bonded, Insured, and Licensed?

If a business is bonded, it has purchased a surety bond, which represents an agreement between the principal (bond purchaser), obligee (party requiring the bond), and the surety (the company issuing the bond).

Being insured means transferring several risks to a third party through a paid insurance policy. The policy used will be based on the risks that need to be covered.

A licensed business is simply one that has met the minimum requirements to conduct a certain type of business in a certain location.

When Will Employee Dishonesty Bond Insurance Be Needed?

You should consider a dishonesty bond in any situation where there are employees who are in a position to commit acts that the business would need protection from. For example, you may want to make this consideration if you have employees handling business finances.

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