Fidelity Bonds
Protect your business from fraud and theft.
Bonds
Edwards Insurance Agency
Bonds are a type of insurance that protects businesses in South Carolina and all throughout the country. Edwards Insurance Agency in Taylors, S.C. helps businesses purchase the bonds they need to comply with state regulations and keep their businesses safe.
Surety bonds
Gain contracts by giving clients a guarantee.
ERISA Bonds
Protect your financial business.
Fidelity Bonds
When an employee of a company commits an act of fraud, the company itself can be held liable for fees and penalties unless the company is insured with a fidelity bond.
Fidelity bonds are a type of business insurance that protects companies from property or financial losses that are a result of dishonest or fraudulent activities by its employees. Depending on the type of bond purchased, fidelity bonds protect companies for being liable for actions committed by employees or contractors.
Some things that a fidelity bond covers include:
- Theft by an employee from the company
- Theft by an employee from a customer
- Forgery
- Destruction of property
- Embezzlement
If you send employees out to customer’s homes to provide service, a fidelity bond keeps your business safe if that employee is found to have stolen something from the home. Plumbers, electricians, home health services, remodeling companies, and the like should always purchase fidelity bonds for business.
ERISA Bonds
An ERISA bond is a type of surety bond that protects administrators of ERISA-regulated retirement plans.
ERISA bonds protect employees of a company sponsored pension plan from fraudulent acts such as:
- Theft of plans funds
- Misuse of plan funds
- Forgery
- Conflicts of interest
- Dishonest personal gain
You need to purchase a ERISA bond if you:
- Negotiate retirement plan funds
- Transfer retirement plan funds
- Work with cash, documents, or physical assets of a retirement plan
- Disperse retirement plan funds to beneficiaries
Surety Bonds
Surety bonds are a type of business insurance that is often required for contractors. Surety bonds protect the consumer if the contractor fails to complete their work as outlined in a contract. Surety bonds are also required for certain public officials, courts, licensing officials, permitting officials, and probate court.
A surety bond financially guarantees that the purchaser will perform work as described. Surety bonds help you as a business gain work because they give potential customers confidence that your work will be completed as described.
There are two main types of surety bonds – commercial bonds and contract bonds.
Commercial surety bond – A commercial surety bond is required for certain types of businesses so that the state of South Carolina will recognize them as legitimate. A commercial surety bond is needed for many businesses to obtain a business license.
Contract surety bonds – A contract bond holds the purchasing party responsible for meeting the terms of their contract with another party. Contract bonds are one of the most common types of surety bonds purchased by businesses.
Protect your business and your employees
Call us!
Edwards Insurance Agency helps business owners all over South Carolina protect all they’ve worked for with workers comp insurance, business owner policies, general liability insurance and more. We’ll help you find the right plans for your business and your budget. Call us today!
What Our Clients are Saying…
Great team looking out for their clients. They are always available to give advice and point you in the right direction with your insurance needs! I know they have my family protected with the right home and auto coverage!
Great team looking out for their clients. They are always available to give advice and point you in the right direction with your insurance needs! I know they have my family protected with the right home and auto coverage! More content here more content here and more content here.
