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IT Consultants Fidelity Bond/Crime Insurance Requirements

Why Liberty University  Requires Certain IT Consultants to Have Fidelity Bond Insurance

  • As an IT consulting firm or IT professional, the work you do for Liberty may require you to have access to sensitive information, including but not limited to:
    • Social Security numbers
    • Bank account information
    • Credit card information, all of the above either in:
      • hard copy form
      • on mobile media storage devices
      • on the University’s servers
      • in the cloud
  • If your statement/scope of work involves access to sensitive information of students, faculty or staff, you will be required to provide proof of Third Party Fidelity Bond/Crime Insurance
  • If one of your employees decides to abuse their access to commit theft, fraud, or forgery, the University stands to lose a lot of money
  • Should that occur and it involves one of your employees or a contractor employed by you or your firm, the University will likely look to you and/or your firm for damages
  • Those damages could be significant (especially if your employee stole a lot of money or caused significant reputational harm)
  • This is the reason you or your firm is required to have the financial wherewithal to pay those damages without you or your firm going bankrupt
  • The protection afforded by a Fidelity Bond protects you – and, in turn, Liberty University
  • Unlike other insurance products, which do not pay for intentional criminal acts, Fidelity Bonds are specifically designed to protect you when someone who works for you breaks the law and causes financial losses

How Can You Get Fidelity Bond Coverage?

  • Both first-party and third-party Fidelity Bonds are a type of insurance coverage, so you can buy them from your business insurance provider
  • If your insurance provider does not know about IT Third-Party Fidelity Bonds, you may wish to direct them to, or contact directly yourself, TechInsurance.com

***Note: Disclosure – Liberty University is in no way related to or affiliated with Techinsurance.com

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