An auctioneer fidelity bond is an inexpensive way to protect both your auction house clients clients and third party premises. This type of commercial crime coverage is often called a "business services bond" or "dishonesty bond". Fidelity bonds for auctioneers may be written as a third party fidelity bond which insures against the dishonest acts of employees that provide services "on the premises" of clients or as a full fidelity product which offers internal theft (embezzlement) protection and some cyber risks. Employee theft from client businesses and and a business's clients is common. Statistics demonstrate that approximately seventy five percent of retail and labor employees steal from their employers at least once and that those losses often account for nearly ten of annual revenue. Is your business vulnerable to losses like these?
Background investigations and reference checks of candidates for employment is an essential risk management tool however those are not guarantees that an employee will not commit a dishonest act. One significant loss due to employee theft can wipe out an auction firm's profit. A client lawsuit against you and your firm can bankrupt you and cause irreparable reputation damage. Employee theft is the cause of over a quarter of business failures. An auctioneer's fidelity bond can mean the difference between losing your livelihood and running a profitable business that enjoys the trust of its clientele. Further, U.S. Bankruptcy Court auctioneers are occasionally required to show crime coverage.
National fidelity bond leader, Surety One, Inc., specializes in underwriting fidelity risks for ALL types of business risks. No background checks are required, and we NEVER turn away an applicant. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here to discuss your auctioneer fidelity bond need. We offer commercial crime coverage, cyber risk and auctioneer surety bonds in all fifty states, Puerto Rico and the U.S. Virgin Islands.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.