ERISA Bonds in Everett, WA

Businesses that sponsor certain employee benefit plans may need an ERISA fidelity bond. This bond is designed to protect the plan from losses caused by fraud or dishonesty committed by individuals who handle plan funds or other property.

Protecting Employee Benefit Plan Assets

An ERISA bond may apply to individuals whose responsibilities include:

• Handling plan funds
• Managing plan property
• Authorizing financial transactions
• Signing checks
• Transferring funds
• Exercising control over plan assets

An ERISA fidelity bond is different from fiduciary liability insurance. The bond protects the employee benefit plan from certain dishonest acts, while fiduciary liability insurance addresses different risks associated with managing or administering a plan.

Review Your Bonding Needs

ERISA bonding requirements can depend on the plan, its assets, and the responsibilities of the individuals involved. Top Insurance Associates can help you explore available bond options and obtain the documentation needed for your plan.

Contact Top Insurance Associates in Everett, Washington, at 425-513-6007 to learn more about ERISA bonds.

Frequently Asked Questions

Who generally needs to be bonded?

Individuals who handle funds or other property belonging to an ERISA-covered employee benefit plan may need to be bonded.

Is an ERISA bond the same as fiduciary liability insurance?

No. These products address different risks and should not be treated as interchangeable.

How much bonding is needed?

The required amount depends on applicable ERISA rules and the value of plan assets handled. A bonding professional can help review the available options.