Employee Dishonesty Bonds protect your business or service from theft or embezzlement by your employees. This bond is an assurance from Jet to issue financial compensation for the business’s stolen cash or merchandise.
Businesses may benefit from this bond as it adds supplementary protection for your business. Jet provides the Employee Dishonesty Bond at a rate beneath the rest of the market with monthly, annual, or multi-year payment options that allow you to purchase this bond without any middlemen or agents.
Typically, our coverage encompasses all employees, however, businesses may select to cover certain employees or departments based on risk factors. By scheduling the coverage a company can reduce the cost of a fidelity bond.
Prices for the Employee Dishonesty Bond are dependent upon the total number of employees and the amount you would like to be covered for. Coverage costs can be found detailed in the chart below.
|$5,000||$100 - 212||$10 - 21|
|$10,000||$126 - 290||$13 - 30|
|$15,000||$147 - 334||$15 - 33|
|$20,000||$167 - 377||$17 - 38|
|$25,000||$187 - 421||$19 - 42|
|$30,000||$201 - 449||$20 - 45|
|$40,000||$229 - 505||$23 - 51|
|$50,000||$257 - 561||$26 - 56|
|$70,000||$320 - 670||$32 - 67|
|$100,000||$359 - 733||$36 - 73|
An Employee Dishonesty Bond can be applied for and purchased within minutes. Immediately after your purchase, your bond will become accessible to you.
Unlike other insurance agencies which only offer annual payment terms, Jet offers a monthly payment option with no down payment necessary, so you are not trapped in long, unnecessary payment terms.
In order to cancel your bond with Jet, all that’s needed is a written request (email is fine). Depending on which state you are in, Jet applies a grace period prior to the cancellation of the bond. Review the chart below to see which grace period applies to you.
|State||Grace Period (Days)|
|All Other States||10|
*Florida will wait 45 days before the bond cancels following your request, however, if a monthly payment is missed the bond will cancel after 10 days.
As long as there is time remaining on your annual or multi-year bond term, a prorated refund will be provided. For those who chose a monthly payment option, payment will end immediately once coverage is no longer necessary.
With Jet, there are no middlemen agents or brokers who apply minimum premiums to the amount being refunded to you. Other surety companies may withhold their commission from the amount returned to you.
To make a claim, businesses must notify Jet of the theft within 15 days of the incident. Jet will eventually require a comprehensive account of what transpired and the amount necessary to reimburse the company. Furthermore, evidence of conviction will be needed in order to complete the claim.
After receiving the required documentation, a check will be sent directly to your business. Although theft by the owner is atypical, Jet covers this liability under the Employee Dishonesty Bond. Not all carriers provide this coverage. If the theft has been committed by the owner of the business, the check will be sent straight to the affected person(s).
No, Employee Dishonesty Bonds are not required by state or local agencies. This bond will help safeguard your company from any fraudulent activity, embezzlement, or stolen equipment or merchandise by your employees.
Jet’s application process is simple. We just need to know the coverage needed and basic business information such as the number of employees. Following payment, the bond will be accessible immediately.
Annual or multi-year coverage with Jet requires payment at the end of the bond term to reinstate coverage. Prior to the expiration of the bond, Jet will deliver a notice to renew the bond for which payment can be completed online or via mail.
With Jet’s monthly payment option there is no need to renew the bond, payments will continue automatically so long as the coverage is needed.
Whenever a change in the number of employees occurs, Jet must be informed. An appropriate adjustment will be made to raise or lower the payment as necessary. A refund may be applicable to those with annual or multi-year coverage lowering their number of employees or coverage.
Employee Dishonesty Bonds protect your business from theft or embezzlement from your employees. Alternatively, Business Services Bonds protect your customers from any of your employees committing theft in a customer’s home, office, or other off-site location.
While Employee Dishonesty Bonds serve as additional protection for your business, Business Services Bonds may serve as a promotional marketing tool to enhance your company’s image and reputation. Neither bond is required by a regulatory agency to operate.