What Are the Key Differences Between Heffernan Insurance Brokers and Travelers Fidelity Bonds?
ERISA Plan Coverage Versus Specialty Bonds
Travelers describes ERISA fidelity as covering a benefit plan against fraud or dishonesty by people handling plan funds. Heffernan lists an Employee Dishonesty Bond for home-care agencies and a Fidelity/financial-institution bond for family offices, without describing their insuring agreements. [5] [3] [2] Choose Travelers if you need fidelity protection for an employee benefit plan; choose Heffernan if your buyer profile is a home-care agency or family office.
What Each Cover Is Said to Protect
Heffernan’s pages do not describe insuring agreements. Travelers describes cover for an employee benefit plan against fraud or dishonesty such as theft, embezzlement or forgery by people who handle plan funds—a different use case than a home-care employee-dishonesty bond or a family-office financial institution bond. [3] [2] [5]
Buying Path
Heffernan’s listings sit on specialty practice pages without an online bind description. Travelers ERISA fidelity is bought through a Travelers independent agent. Heffernan does not name the issuer; Travelers does not publish bond amounts on the reviewed pages. [3] [2] [6]
What Should You Confirm in Heffernan Insurance Brokers and Travelers Fidelity Bonds Quotes?
- Ask Heffernan which product applies and whether you also need an ERISA bond for a retirement plan. [3] [2]
- Ask the Travelers agent for the penalty, named plan and covered handlers. [5]
- If you run a family office, ask whether a financial institution bond and an ERISA bond are separate placements. [2] [5]
- Get deductibles and the issuing entity from both quotes. [3] [6]