Understanding Notary and ERISA Bonds

When it comes to your retirement plans, the last thing you want is to jeopardize your benefits due to some mistake or dishonesty in the past. That is why companies like Notary Bonding can help you protect the assets of your employee benefits packages. ERISA bonds will protect your employees in the event there is an incidence of fraud, theft, or dishonesty, so they are not affected individually. There are a few exceptions, such as unfunded plans, banks, and insurance companies conducting business under the authority and supervision of state or federal laws and examinations. 

ERISA Fidelity Bonds have Maximum Coverage Limits

There is a limit to the maximum coverage of an ERISA bond, which is $1,000,000 as of 2008 for officials of plans that hold employer securities. It is important to note that ERISA bonds are not the same as fiduciary liability insurance. It protects the employees from dishonesty, but it doesn’t protect employers from legal action. Sometimes though, unforeseen errors like omissions or breaches of duty can seriously impact employers and staff. 

Notary Bonds

On the other hand, Notary bonds are financial guarantees Notaries purchase from a surety company. This bond ensures that Notaries fulfill all obligations to protect the public from financial harm resulting from any wrongdoing on their part when performing notarial duties.

Contact Notary Bonding for more information about their products and services.


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