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DEFINITION of 'Blanket Bond'. Insurance coverage carried by brokerages, investment bankers, and other financial institutions to protect them against losses due to employee dishonesty. Next Up. Examples of things that a blanket bond might cover are forged checks, counterfeit currency, fraudulent trading, and property damage.
Fidelity bonds that provide insurance against loss from employee misconduct, such as theft or embezzlement, which is not otherwise covered by a compan's regular insurance coverage. A bond can provide blanket coverage for the actions of all employees or can be tailored to cover one or more specific employees (as is the case with a pension fidelity bond discussed below).