3 Benefits of Dishonesty Bonds
If you run a company, you need to do what you can to protect yourself and your business. Hiring employees is an excellent way to grow your company, but you need to know you can trust the people you bring to your team. Dishonesty bonds are the perfect way to make sure your employees won’t lie and damage your business.
- Protect Your Business
A dishonesty bond, or fidelity bond, is an agreement that your employees’ actions won’t negatively affect your business. It can protect your business when employees willingly commit wrongful acts against the company. Those acts could include shaming the company or sharing confidential information with your competitors. A dishonesty bond is an excellent type of contract to have employees sign when they start working with you.
- Allows for Flexibility
You can choose from first-party and third-party bonds, so you can use them with employees and contractors. A first-party dishonesty bond is for anyone who will work directly for your company. But a third-party dishonesty bond is great for hiring independent contractors or freelancers. So you can have the flexibility of hiring the people you want without sacrificing your company.
You can work with a notary to sign off on the bonds for you and your employees. While you’ll have to pay a notary for their service, it isn’t that expensive. Once you compare the cost to what your company could lose without dishonesty bonds, you may find that the price is well worth it. You can pay for each employee you hire, and you can choose how much you want the bond to cover in terms of financial damages. That way, you get the protection you need without overpaying.
A dishonesty bond is an excellent tool for a small business owner making their first hire or a massive company with hundreds of employees. Keep these benefits in mind when getting your next dishonesty bond.