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InsureYourCompany.com specializes in fidelity and surety bonds to further protect your business. Bonds are generally divided into two types, Fidelity Bonds and Surety Bonds. Fidelity surety bonds are different from insurance in that they always have three parties central to the contract:
Fidelity Bonds are technically a form of Surety Bonds, but are usually considered a distinct product in common usage. They are issued as a guarantee against loss due to employee dishonesty. As such, they are an important part of a companies insurance program, because they cover areas not covered in the companies Liability and Property coverage. Your employees’ dishonest acts are a principal area of your insurable risks and Fidelity Bonds provide principal insurance protection. Fidelity Bonds come in several forms, including:
Discovery Bonds are an important extension of the Fidelity Bond types. A Discovery Bond allows a first-time buyer of Fidelity Bonds to protect against undiscovered loss that occurred before the bond was issued. If you, as employer, have just realized the need for a Fidelity Bond as part of your insurance coverage, you should also consider buying Discovery period coverage.
Surety bonds are issued to cover an extremely wide range of actions and situations. They are issued by surety companies, and can be classified into one of the following areas:
InsureYourCompany.com offers all types of NJ business insurance through a variety of insurance carriers. Protect the other important assets in your company with workers compensation insurance, general liability insurance, professional liability insurance, employee benefits, umbrella insurance, and more. We also specialize in technology insurance for IT professionals.
We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.