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Most popular is a stand-alone form or separate fiduciary liability policy. At least two other types of coverage are related to fiduciary liability insurance, and it is important to clarify them. First, fidelity bonds are required by law (ERISA bonding). This is a form of insurance for dishonesty situations.
Here are a few ways to protect your business: 1  ERISA bonds: If you have a pension plan, the Employee Retirement Income Security Act requires that you purchase a bond equal to at least 10% of the total plan assets. 2  For example, if your total assets equaled $50,000, you would only need a $5,000 ERISA fidelity bond.nderstand what your bond covers before making a claim. Just like any insurance policy, a fidelity bond comes with exclusions and limitations. Once the claims process begins, the insurance company will launch an investigation and attempt to get all of the facts in order to process the claim.