Finance and Accounting Business Insurance
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Fidelity bonds for finance and accounting businesses

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Fidelity bonds

Fidelity bonds provide reimbursement if one of your employees commits fraud, theft, or forgery against a client or your business. They are often required by client contracts.

Fidelity bonds protect against dishonest employees

Your employees handle sensitive financial information every day, which is why fidelity bonds are so important in this industry. If an employee steals from a client, a fidelity bond will reimburse them for the amount that was stolen.

This policy provides coverage related to:

  • Employee theft
  • Employee fraud
  • Illegal electronic funds transfers
  • Unlawful data access

This coverage is also called commercial crime insurance or employee dishonesty coverage.

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When do financial companies need a fidelity bond?

Finance and accounting professional most often need a bond to:

Sign a client contract. Financial advisors, accountants, and others in this industry often need a fidelity bond to satisfy the requirements of a client contract. The contract will usually specific the amount of coverage required.

Comply with state laws. State laws may require tax preparers and bookkeepers to carry a surety bond, which is similar to a fidelity bond. The bond protects your clients against violations committed by your business.

What coverage do fidelity bonds provide?

There are two kinds of fidelity bonds: first-party bonds protect your business, and third-party bonds protect your clients.

First-party fidelity bonds

First-party fidelity bonds protect your business property and assets from dishonest employees. They provide reimbursement if an employee:

  • Embezzles from your company
  • Commits fraud against your company
  • Steals money from your company

Third-party fidelity bonds

Third-party fidelity bonds protect your clients from dishonest employees. They can reimburse your client if an employee:

  • Steals money from a client
  • Commits identity theft
  • Forges a client's signature

You might also see this type of bond called a business service bond.

Other important insurance policies to consider

A fidelity bond protects against dishonest employees, but finance and accounting businesses face many other risks. Financial professionals should also consider:

General liability insurance: This policy covers common risks in the finance industry, such as customer slip-and-fall injuries and damage to client property.

Professional liability insurance: Also called errors and omissions insurance, this policy can cover legal fees of lawsuits related to your business decisions, such as a client losing money from your investment advice.

Cyber liability insurance: This policy helps finance businesses recover from data breaches and cyberattacks. It's strongly recommended for any business that handles sensitive data.

Workers’ compensation insurance: Required in almost every state for finance and accounting businesses that have employees, workers’ comp can cover medical fees and lost wages for work-related injuries.

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Updated: June 10, 2022
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