Employee Dishonesty Bonds from RLI Surety

October 14, 2021

Theft from employees is real and costs business owners $50 billion a year. The U.S. Department of Commerce estimates that 30 percent of business failures are caused by employee theft.

An employee dishonesty bond is a type of insurance coverage that protects businesses from losses caused by employee dishonesty, theft, and fraud. It covers the theft of a company’s own money, securities, and property. Commercial property insurance will protect a company’s business property from theft, but it usually excludes theft by employees and professional liability insurance typically excludes malicious or dishonest acts of employees. It’s important to fill that gap in coverage by including an Employee Dishonesty bond in a businesses coverage portfolio.

Employee Dishonesty bonds protect employers from employee theft, but what about theft by volunteers, partners, independent contractors or board members?

Employee Dishonesty bonds from RLI Surety can provide coverage other dishonesty bonds or insurance policies may not. Our custom coverage options include protection from theft by:

• Service Organization Volunteers
  For service organizations such as nonprofits, coverage can extend to volunteers.
• Sole Proprietors or Partnerships
  For small or solely owned companies, coverage can also extend to the owner and/or partner.
• Independent Contactors
  Coverage can extend to subcontractors or 1099 employees. To rate the bond, the number of independent contractors must be included in the employee count
• Board Members
  Coverage can extend to individuals who serve as board members for nonprofit organizations and condo/homeowner’s associations

Employee Dishonesty bonds are available through our network of appointed agents.

If you are an agent and would like to become appointed with RLI to sell surety bonds contact us: Get Appointed

If you are already appointed with RLI Surety, issue our Dishonesty bonds via My Bond Center on our Producer Portal: RLI Producer Portal