Finance and Accounting Business Insurance
Compare multiple quotes from top carriers with one application.
What kind of work do you do?
An accountant's desk full of cost sheets and a calculator.
Logos of Insureon's Partners
We partner with trusted A-rated insurance companies

Fidelity bonds for finance and accounting businesses

Fidelity bond icon

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.

Compare insurance quotes for finance and accounting businesses

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.

Get free quotes and buy online with Insureon

Are you ready to safeguard your financial business with small business insurance? Complete Insureon’s easy online application to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.

Updated: June 10, 2022
Compare small business insurance quotes
Save money by comparing insurance quotes from multiple carriers.
What kind of work do you do?
EXPLORE ON INSUREON
How much does insurance cost for finance and accounting businesses?How do I get cheap business insurance?What does it mean to be bonded and insured?What is employee dishonesty coverage?What is commercial crime insurance?
TOPICS