Eligibility Criteria

• In the sate of Illinois, fidelity bonding assistance is available to people who have a firm offer of full-time work and meet at least four eligibility criteria. A fidelity bond can be purchased on an employee who has limited work history poor credit history; a record of arrest, conviction or imprisonment or a dishonorable military discharge. Self-employed individuals are not eligible to purchase the bond.
  
  

Applying for Fidelity Bond

• Employers can request fidelity bonding from the Illinois State Bonding Coordinator at (312) 793-1107 or by consulting the nearest office of the Illinois Department of Employment Security. If bond application meets all the eligibility criteria, bonding becomes effective following certification and on the employee's first day of work.
  
  

Coverage

• A fidelity bond for a minimum of $5,000 per employee can be purchased and the bond price may become higher depending on the employee's job responsibilities and risk assessment. The bond covers a period of six months. After that time, if a bond still remains a condition of employment, employers can renew the bond for an additional six months A single bond cannot last for more than one year.
  
  

Limitations

• Fidelity bond insurance covers the employer from financial liability in the event of fraudulent activities by an employee or a group of employees. However, the bond insurance does not protect the employer from losses that arise from poor employee work performance or employee workplace injuries.