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Definition: Blanket Honesty Bond
Blanket Honesty Bond is a kind of insurance that an employer has against any dishonest activities undertaken by its employees. In case of any losses incurred due to malpractices, the employer is well protected for it.
The Blanket Honesty Bond covers things like theft, forgery, embezzlement, destruction of assets and properties, disappearance and other types of damages. This facility can be used even if the guilty employees have not been identified by the employer.
The process of acquiring a Blanket Honesty Bond helps employers restrict the employees that are likely to get involved in wrongdoings as commercially bought bonds will certainly not cover employees which have a history of getting into wrongful activities. Also known as Commercial Blanket Bond.