Convincing Reasons to Invest in Surety Bonds after Hiring New Employees

When you vet and hire new people to work for you, you put them through the rigors to make sure that they are a good fit for your business. You conduct a background and credit check on them. You also interview them extensively so that you can get a feel for what kind of people they are.

Even if you are confident that they will never defraud or betray you or your company, you still would do well to invest in an employee dishonesty bond for every person you hire. This bond can be a wise choice for you and your business for a variety of reasons.

Employee Theft

It can seem unthinkable to you that anyone you hire would ever steal from you. However, when your business specializes in banking, lending, or other monetary services, it exposes its workers to large sums of money each day.

An employee dishonesty bond can be used to recoup cash that one of your employees stole from you. You can make a claim on that employee’s bond to get the money that he or she took from your business returned to you.

Employee Fraud

Employees can commit fraud in numerous ways. They can steal your clients’ sensitive information like their Social Security or credit card numbers. They can also lie to your customers and charge them for more money than for what a service or product is priced.

Fraud can cost you thousands of dollars that you would rather not take out of your business’s cash flow. Any settlement that you are ordered to pay to a fraud victim can come directly out of the guilty employee’s surety bond.

Bonds protect you from financial losses after circumstances like theft and fraud. They spare you from having to pay damages out of your personal or business’s bank account.

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