The Fidelity Bond covers job seekers who are considered high-risk due to some factor in their personal background and who have been rejected by a commercial bonding company.
Fidelity Bonds provide 100% insurance coverage and have no deductible; the employer is fully protected against losses resulting from employee dishonesty. Bond insurance coverage ranges from $5,000 to $25,000 for a six-month period.
As an incentive to hire members of a targeted population, employers receive the bond coverage FREE OF CHARGE for the first six months of employment by the bonded employee. At that time, the employer can extend the bond insurance coverage by contacting The McLaughlin Company or a Michigan Works! Agency (MWA) service center. Bonding coverage after the initial six months continues at the employer’s expense.
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