What is a Hawaii Employee Theft Bond?
Due to its nature, employee theft is not readily detectable. It is a wide-ranging activity that can involve company assets, small commodities that are for sale to consumers, or cash/cash equivalents. Frequently, the employer may not realize that someone in his/her employ has been stealing from the organization for many years until he/she accidentally finds an irregularity. In many cases, employee theft goes undetected because of inadequate operational standards or internal controls safeguarding the company.
Employee theft usually takes place when workers have access to considerable sums of money or valued property. If preventive measures are not in place, a business owner must carry them out. One important step to protect one’s business is by procuring an Employee Theft Bond.
The Hawaii Employee Theft Bond is a watertight warranty that service provider firms will be safeguarded from financial wreck due to employees stealing from them, from workers who use employers’ possessions without permission, and from those who mishandle employers’ resources.
The bond likewise shields companies from people who cheat on them with their product designs and trade secrets and commit other fraudulent activities that could result in the organization’s collapse.
Why do you need a Hawaii Employee Theft Bond?
You need the Hawaii Employee Theft Bond because you want to keep an eye on your reputation as a business owner while providing your clients your brand of service. Recognizing the fact that deceitful employees who embezzle your customers’ money or pilfer personal belongings can significantly demolish your business image, an employee theft bond is critical.
If you want to have a big slice of Hawaii’s clientele, then you will need this bond to enhance your credibility as an entrepreneur and will make your service brand attractive to prospective patrons and probable business collaborators.
More details about the Hawaii Employee Theft Bond
The main classifications of the Hawaii Employee Theft Bond are:
Name Schedule Fidelity Bond –This type of theft bond demands certain evidence that an employee on the list given to an insurance company and covered by the bond stole from you.
Blanket Position Bond – In this category, all employees who work in a designated position(s) are included, and new hires are added automatically. Claims do not need irrefutable proof that someone on the list did the stealing.
Primary Commercial Blanket Bond - This covers each employee in a company.
What is the cost of a Hawaii Employee Theft Bond?
The amount of the Hawaii Employee Theft Bond premium payments will depend largely on your credit mark and business financial history. Premiums are not expensive; however, if you have a low credit score or a problematic economic record, you may be required to pay more.
How do I get a Hawaii Employee Theft Bond?
Getting a bond is simple. However, be sure to contact only genuine professionals in the field of surety. Give Surety Bond Authority specialists a call now! With Surety Bond Authority taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.