When you have vicarious liability for something, it means you could be held legally responsible for any resulting harm even though you didn’t directly cause it. For example, a tech company could be held accountable for the actions of an employee.
Commercial insurance protects businesses, freelancers, and independent contractors against liability lawsuits, property damage, cyberattacks, and other risks that could devastate your company.
The cost of a fidelity bond primarily depends on the amount of coverage you choose. The type of sensitive information your company handles and how many employees can access that information also affect the cost.
Fidelity bonds cover the cost of replacing stolen money or property when a dishonest employee commits fraud, theft, or forgery to steal from your business or your clients.