What types of Employee Dishonesty Coverage are available?

Types of employee dishonesty coverage offered by State Farm:

Option Employee Dishonesty is employee dishonesty coverage covering all EMPLOYEES of the insured.
Option employee Dishonesty is an endorsement to a State Farm's package policy.
Only specific coverage amounts are offered under Option Employee Dishonesty. If more coverage is needed a separate fidelity bond should be considered.

Blanket Bond

Covers ALL EMPLOYEES of the named insured unless specifically excluded.
New employees are automatically covered.
All employees are bonded for the same aggregate amount.
Limit of liability applies "per occurrence" as defined in the policy.
Premiums are based on the amount of coverage requested, the total number of ALL employees, the business activities of the insured, and the amount of the deductible. Common uses for a Blanket Bond would be:
- Businesses with large numbers of employees
- Businesses with frequent employee turnover
- Organizations with voluntary or honorary positions (not for profit associations)

Schedule bond; Name or Position

Employees covered are those whose name or position are scheduled.
Employees can be bonded for different amounts.
Limit of liability is per name/position scheduled.
Premiums are based on the amount of coverage, number of individuals scheduled, the amount of coverage for each person listed, the business activities of the insured, and the deductible amount. Common uses for a Schedule Bond are:

businesses where employees tend to have greater responsibilities combined with the handling of larger sums of money (real estate managers, bookkeepers)
where there are only a few or only selected employees to be covered. (office managers)

Disclosures