What is an Idaho Employee Theft Bond?
Countless individuals are on the belief that small- and medium-sized business ventures are less vulnerable to deception than large firms. This might appear a logical perception since the operations of these small businesses are typically tightly restricted to many reliable and faithful longtime workers on the payroll. Unfortunately, that is not true.
Based on a report by the Association of Certified Fraud Examiners (ACFE), small business organizations also suffer from massive losses caused by internal theft. The following figures signify the extent of the problem and the more reason why an Employee Theft Bond is imperative for all types of business undertakings operating in the State of Idaho:
- Amount pilfered every year from American companies by their workers – $50 billion
- Yearly profits lost to theft or fraud – 7%
- Percentage of workers who have stolen at least once from their employers – 75%
- Percentage of employees who have stolen at least twice from their employer – 37.5%
- Business bankruptcies triggered by employee theft – 33%
- Percentage employees who stole ideas at work – 29%
- Average time deceptions/swindling takes place before discovered – 2 years
The Idaho Employee Theft Bond is a solid guarantee that could protect business firms 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 employers 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 an Idaho Employee Theft Bond?
The Idaho Employee Theft Bond is an excellent method to combat these specific fraudulent acts:
Fraudulent Disbursements are usually successful with the presentation of fake proofs of purchase, counterfeit corporate checks, and fictional workers on the payroll;
Skimming, this is the act of pilfering cash receipts before their being recorded on the company’s books;
Cash Theft, this is getting company hard cash after its being recorded on the company’s books.
You need the Idaho Employee Theft Bond because you don’t want your reputation as a business owner to be tarnished while you are providing your clients with your brand of service. Recognizing the fact that devious workers who embezzle your clients’ money or pilfer personal belongings can significantly demolish your business image, an employee theft bond is very important.
How much does an Idaho Employee Theft Bond cost?
The amount of the Idaho 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 financial record, you may be required to pay more.
How do I get an Idaho Employee Theft Bond?
Getting an Idaho Employee Theft Bond is simple. However, be sure to contact only certified 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.