Surety bonds • Fidelity bonds
Fidelity Bond Cost: Employee Dishonesty, Janitorial, and ERISA Bonds
Fidelity bonds protect against theft or dishonesty by employees, and their cost depends on the bond type, the coverage amount, and how many employees are covered. A janitorial or business service bond with $10,000 of coverage for a small crew starts around $125 a year, while ERISA bonds are sized by law at 10% of plan funds handled.
This guide covers the main types of fidelity bonds, published costs, ERISA bond rules, and how to choose a coverage amount. Blake Insurance Group is an independent agency, and a licensed agent can help you compare options.
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Types of fidelity bonds
- Employee dishonesty bonds protect your business from theft by your own employees. They can cover named employees, specific positions, or all employees.
- Business service bonds, including janitorial bonds, protect your clients if an employee steals while working at their home or business.
- ERISA bonds protect employee benefit plans from fraud or dishonesty by people who handle plan funds.
See what a fidelity bond is and fidelity bonds vs. crime insurance for more detail.
Janitorial and business service bond cost
| Coverage amount | Annual cost |
|---|---|
| $10,000 | $125 |
| $25,000 | $175 |
| $50,000 | $250 |
| $100,000 | $350 |
Prices published by SuretyBonds.com. Costs rise for larger crews. Residential cleaning businesses often choose $10,000; companies serving large offices, banks, or hospitals often choose $25,000 to $50,000.
ERISA bond requirements and cost
Under federal rules explained by the U.S. Department of Labor, anyone who handles funds or other property of an employee benefit plan generally must be bonded. The bond must be at least 10% of the funds handled in the prior year, with a $1,000 minimum, and the maximum required is generally $500,000 per plan, or $1,000,000 for plans that hold employer securities. The surety must be approved by the U.S. Treasury. Fiduciary liability insurance does not satisfy the ERISA bonding requirement.
Because the required amounts are fixed by formula, ERISA bonds for small plans are often inexpensive, but price depends on the surety and the plan.
Employee dishonesty bond cost
Employee dishonesty bonds and commercial crime coverage are usually quoted individually. Price depends on the number of employees, the coverage limit, the type of business, your controls over cash and inventory, and past losses. Businesses that handle cash or client property often choose higher limits.
How to choose a coverage amount
- Check contracts and regulations. Clients, building managers, or the Department of Labor may set a minimum.
- Estimate your exposure. Consider the cash, property, or funds an employee could reach.
- Count employees. More employees usually means higher limits and cost.
- Review controls. Strong procedures can help with pricing and reduce losses.
Fidelity bond cost FAQs
How much does a janitorial bond cost?
Published prices start around $125 a year for $10,000 of coverage and a crew of five or fewer, rising to about $350 for $100,000.
How much ERISA bond coverage do I need?
At least 10% of the plan funds handled in the prior year, with a $1,000 minimum and, generally, a $500,000 maximum per plan, or $1,000,000 if the plan holds employer securities.
Is a fidelity bond the same as a surety bond?
Not exactly. A fidelity bond protects against employee dishonesty, while most surety bonds guarantee that you will meet a contract, license, or legal obligation. See our comparison of surety bonds and fidelity bonds.
Does fiduciary liability insurance count as an ERISA bond?
No. According to the Department of Labor, fiduciary liability insurance does not satisfy ERISA’s fidelity bonding requirement.
Related guides
- What is a fidelity bond?
- Fidelity bond vs. crime insurance
- Surety bonds vs. fidelity bonds
- Surety bond cost
- Surety bonds
- Surety bond cost calculator
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Important information
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Independent agency. Blake Insurance Group LLC is an independent insurance agency. Licensed insurance producer NPN 16944666. Licensed states: AZ, AL, TX, CA, NY, OH, FL, NC, VA, GA, OK, NM, IA, KS, MI, NE, SC, SD, WV, IL, NJ, PA, TN, and WA. Which insurance companies we can quote depends on our current appointments, the product, and your state. Mentioning a company on this page does not mean we represent it.
Cost figures. Published averages and ranges are cited from the sources named, as of the dates shown. They are not quotes and may not reflect your price, which depends on the insurer, the surety, your credit, the bond type, and underwriting.
Availability. Coverage, prices, discounts, and eligibility vary by insurer, state, and applicant, and are subject to underwriting. The issued policy controls.
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