Dishonesty Bond Application
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FOR OUR CURRENT DISHONESTY BOND RATES.
Dishonesty Bonds are bought by employers to protect against losses by theft or embezzlement by employees. A loss that many smaller businesses cannot recover from.
You should be able to trust your employees. But the fact is, according to a national survey, one third of all employees admitted stealing from employers during the previous year. This problem is so widespread, the U.S. Chamber of Commerce estimates the annual cost of employee theft at $40 billion.
The average time it takes for an employer to catch on to active fraud is typically 18 months and a full third of business bankruptcies are a direct result of employee theft (US Chamber of Commerce & The American Society of Employers).
It is estimated that business can lose on average 20 cents of every dollar earned to employee theft (American Society of Employers).
And yes, your employees steal. Over 75% of employees steal at least once and the bulk of those who steal, a full 50%, steal repeatedly (US Chamber of Commerce).
Even the FBI states that employee theft is a rapidly growing crime that costs businesses in the US over $40 billion dollars a year (US Chamber of Commerce)!
Today's median embezzlement loss according to our local police is: $100,000
This is a blanket bond (applying to all employees) or for each employee on an individual basis such as for a non-profit organization. Some businesses such as, brokerages, cash carriers, messenger services, courier services, in home care providers, nursing homes or other in home services also obtain these bonds for the security of their clients.
The owner of the business purchasing the bond may be included in the coverage. This bond is therefore ideal for pet sitting, home sitting, dog walking or almost any in home service.
Do not put your business at risk! Employee theft is a loss few businesses in this economy can recover from. Be it a simple bookkeeper or the most trusted employee you have, employee theft can and will happen in your business.
All rates are listed on the application and most up to $100,000 are pre-approved. With exceptional rarity, a Dishonesty Bond application can be rejected by our underwriters. If this should happen, you will be credited for your bond payment within one business day.
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