What Are the Key Differences Between Insureon and Zurich U.S. Fidelity Bonds?
Zurich’s ERISA Tracks and Published Limits
Zurich describes Express ERISA bonds for one non-union plan with straightforward needs, with fraud and dishonesty limits up to $1 million; Select serves multiple or complex plans with higher limits and optional coverage. Insureon describes fidelity bonds for small businesses and employee-dishonesty losses but publishes neither a plan-specific track nor a limit in its overview. Plan sponsors can use Zurich’s product split to organize a discussion around plan complexity, while anyone comparing Insureon needs to request the proposed amount and confirm that the actual form addresses ERISA requirements. [5] [1]
Who and What the Bond Covers
Zurich says its ERISA bond covers direct loss of money, securities or property from employee fraud or dishonesty and may include designated agents or independent contractors in the employee definition. Insureon’s public listing describes employee dishonesty involving a client or other party but leaves the exact bond wording unspecified. That difference makes covered-person definitions a practical comparison point for plans using outside administrators or agents: ask both providers to show the wording and confirm the proposed definitions apply to each person handling plan funds. [5] [1]
What Should You Confirm in Insureon and Zurich U.S. Fidelity Bonds Quotes?
- Ask Zurich whether Express or Select fits your plan count and structure; ask Insureon for its quoted limit, plan eligibility and ERISA form. [5] [1]
- Confirm whether employees, designated agents and independent contractors who handle plan funds fall within the bond’s definition, then compare exclusions and claim triggers. [5] [1]