What Are the Key Differences Between Gallagher and Insureon Fidelity Bonds?
Limit Review for Benefit Plans
Gallagher ties fidelity-bond limit setting to a client's ERISA requirement and says its crime-and-fidelity methodology uses peer comparisons and an exposure index. Insureon’s small-business listing describes employee dishonesty losses affecting a client or another party, but does not explain how a bond amount is calculated. For a retirement plan, Gallagher’s described analysis is directly relevant to sizing; an Insureon shopper should bring the plan asset figures and confirm that the resulting quote meets the applicable bond requirement. [1] [2]
Claim Language and Purchase Route
Gallagher says it reviews whether the carrier’s form treats older incidents appropriately and avoids triggers that are difficult to prove. Insureon explains the broad employee-dishonesty idea but leaves the issued wording unspecified, and provides an online quote request rather than identifying a carrier in its overview. Buyers comparing these routes need to review the actual form’s discovery period, trigger and covered positions; the product label alone cannot answer those questions. [1] [2]
What Should You Confirm in Gallagher and Insureon Fidelity Bonds Quotes?
- Ask Gallagher which ERISA asset basis and peer assumptions drive the recommended limit; ask Insureon to state the proposed amount and how it was calculated. [1] [2]
- Request each carrier form and compare the treatment of older acts, discovery timing and claims triggers, especially because Insureon’s public description does not specify them. [1] [2]