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| Fidelity Bond AKA Dishonesty Bond |
A fidelity bond is a form of protection that covers policyholders for losses that they incur as a
result of fraudulent acts by specified individuals. It usually insures a business for losses
caused by the dishonest acts of its employees.
While called bonds, these obligations to protect an employer from employee-dishonesty losses
are really insurance policies. These insurance policies protect from losses of company monies,
securities, and other property from employees who have a manifest intent to cause the
company loss. There are also many other forms of crime-insurance policies (burglary, fire,
general theft, computer theft, disappearance, fraud, forgery, etc.) to protect company assets.
result of fraudulent acts by specified individuals. It usually insures a business for losses
caused by the dishonest acts of its employees.
While called bonds, these obligations to protect an employer from employee-dishonesty losses
are really insurance policies. These insurance policies protect from losses of company monies,
securities, and other property from employees who have a manifest intent to cause the
company loss. There are also many other forms of crime-insurance policies (burglary, fire,
general theft, computer theft, disappearance, fraud, forgery, etc.) to protect company assets.
Definition
1) Client Peace of Mind
Home inspectors need a bond because you/your employees will need to have
access to peoples homes, private property and have access to their possessions
without supervision. A bond enables people that have never met you have the
stranger (you) takes anything.
2) Marketing
you access to the key box if you are bonded. This should generate more business
because many home inspectors ARE NOT bonded and the security of the bond will
give you a competitive differential.
3) The Cost
The costs for a bond for most home inspectors is very small. The typical Home
Inspector needs only a $5,000 bond. A $5,000 bond should typically cost $100 for
one year. One additional inspection covers the cost of the bond and then some.
4) It is the smart thing to do
Insurance and Bonds are used when things go wrong. You hope never to have to
use it, but the smart play in life and in business is to hope for success and plan for
disaster. The Bond is a costs effective way to plan for disaster.
Home inspectors need a bond because you/your employees will need to have
access to peoples homes, private property and have access to their possessions
without supervision. A bond enables people that have never met you have the
stranger (you) takes anything.
2) Marketing
you access to the key box if you are bonded. This should generate more business
because many home inspectors ARE NOT bonded and the security of the bond will
give you a competitive differential.
3) The Cost
The costs for a bond for most home inspectors is very small. The typical Home
Inspector needs only a $5,000 bond. A $5,000 bond should typically cost $100 for
one year. One additional inspection covers the cost of the bond and then some.
4) It is the smart thing to do
Insurance and Bonds are used when things go wrong. You hope never to have to
use it, but the smart play in life and in business is to hope for success and plan for
disaster. The Bond is a costs effective way to plan for disaster.
| Why do Home Inspectors Need a Fidelity Bond? |
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| First Indemnity is an affiliate member of ASHI |
