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Fidelity Insurance – Types, Benefits & Coverage Overview

Fidelity Insurance
Business owners put in a lot of hard work to grow a successful business. Though it’s an overwhelming experience, it involves a lot of risks. Any successful business is built on trust and personal relationships. ‘Breach of trust’ by employees is one of the major risks faced by businesses. There can be many reasons for an employee to turn dishonest such as financial crisis due to company separation, restricting company, dissatisfaction and frustration with career growth or any other financial worries. Though such employees are only the minority part of the workforce, employee thefts and fraudulent acts can result in huge business losses. However, businesses can be protected from these risks by availing fidelity insurance. Let’s learn more about fidelity insurance.
What is Fidelity Insurance?
Fidelity insurance or fidelity bond insurance is a business insurance product that provides protection against business losses caused due to employee dishonesty, theft or fraud. The policy compensates such losses to business owners within the limitations of the policy. Some of the examples of business losses include theft of money, theft of business inventory and using business cash for personal profit etc.
Types of Fidelity Insurance
Availing fidelity insurance is one of the parts in a business’s risk management practice. Fidelity insurance plans are available in four types. Following are the types of fidelity insurance plans available-
Individual policy: Under an individual policy, coverage is limited to losses due to fraud or dishonesty of an individual employee.
Collective policy: Under the collective policy, coverage is provided against the business losses caused due to fraudulent acts by a group of employees. Coverage in this type of fidelity insurance policy will be decided based on each employee’s responsibilities and position.
Blanket policy: Blanket policy covers a group of employees without the names of the guaranteed person. Basically, this type of policy is issued to well-established businesses.
Floater policy: Floater policy guarantees a group of employees with one amount of guarantee is given across the group. Minimum of five employees need to be there to avail this cover.
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