What is an Alabama Employee Theft Bond?
Protect your business from the effects of employee theft today!
Numbers don’t lie. It has been proven time and again that employee theft leaves a large hole in various businesses, especially the small ones.
The Association of Certified Fraud Examiners found out that a single employee fraud – from financial statement fraud to asset misappropriation – can last for 18 months, and can cost a business up to $160,000.
That’s not all…
According to the United States Chamber of Commerce, 75% of employees steal once, at the very least. Store employees steal three times more than customers.
In one retail business survey, it has been found out that businesses lose $50 billion annually from employee theft!
An Employee Theft Bond is a type of Fidelity bond that aims to protect the business in case of losses due to theft and other fraudulent acts of the insured’s employees.
This bond is also known as the Employee Dishonesty Bond.
An employee theft bond is optional. However, many businesses opt to obtain this type of bond as a safety net in case such dishonest acts happen. It also provides peace of mind to business owners.
This bond will be a legally binding agreement between the following:
Obligee – the business owner or company
Principal – the employee
Surety – the surety bond company that will provide the protection
How much is the bond amount?
The bond amount varies. It will depend on the number of employees the company has. Get your FREE bond quote today!
How can I obtain this bond?
You can easily get one by submitting a bond application to us. If you’re ready to apply now, you may do so HERE!
The next step would be the underwriting process. An expert underwriter will evaluate your financial history, your business performance history, and your credit score.
Once done, we will issue the bond and send it to you immediately!
The Employee Theft bond will protect you from these common types of employee theft and more:
Embezzlement – when a trusted person within the business organization fraudulently takes the business’ money or property and uses it for a different purpose. This is also known as larceny.
Skimming – when an employee intentionally diverts the company’s fund to himself or another employee.
Check Tampering – the employee alters a company check for his benefit
Payroll Fraud – stealing cash from the business’ payroll system
Time Theft – when an employee is paid for the time that he did not put work into
Ready to protect your business? APPLY HERE!