WDIA offers several types of bonds for dental offices:
ERISA/ Fidelity Bonds
ERISA Bonds protect the money in your pension, profit-sharing and 401(k) accounts. As part of Federal ERISA regulation, you must have 10% of the money in your office retirement plan covered by an ERISA Bond.
If you have a Business Owners Policy through NORDIC, you already have $25,000 of ERISA coverage, so you would not need to purchase a bond until your retirement plan is worth over $250,000.
Employee Dishonesty Bond
Employee theft costs business owners over $40 billion every year. Employee Dishonesty Bonds protect you from losses due to theft by employees. Bonds are available for amounts ranging from $5,000 to $50,000.
A bond is required if you sell products that are billed to Medicare or Medicaid. Dental procedures do not require a bond.