What is a North Dakota Employee Theft Bond?
According to the Association of Certified Fraud Examiners (ACFE), on average, it would take one year and six months to detect theft and to catch a thieving employee. The same ACFE report also indicated that the average loss for small businesses that have experienced employee theft was $154,000. If these businesses have continually experienced higher rates of employee theft, it is because their workers are aware that their organizations do not have theft detection systems and anti-fraud schemes in place.
In recent years though, owing to technological advancements, security and surveillance methods have tremendously improved. Today, multi-use surveillance paraphernalia and less prominent trend-tracking apps are available for more efficient identification of potential ambiguities in a business organization’s security system. Regrettably, despite technological breakthroughs in theft detection, in many cases, employees with criminal intent are still successful.
This leads to the conclusion that there is no definite and foolproof method of preventing employee theft. However, there is a strategy that could lessen the negative impact and the cost associated with it when employees start stealing. That strategy is the Employee Theft Bond.
The North Dakota Employee Theft Bond is a concrete assurance to 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 a North Dakota Employee Theft Bond?
The North Dakota Employee Theft Bond is a brilliant approach to fight against those who engage in 1) Fraudulent Disbursements which are usually successful with the presentation of fake proofs of purchase, counterfeit corporate checks, and fictional workers on the payroll; 2) Skimming, this is the act of pilfering cash receipts prior to their being recorded on the company’s books; 3) Cash Theft, this is getting company hard cash subsequent to its being recorded on the company’s books.
You need the North Dakota Employee Theft Bond because you don’t want your reputation as a business owner to be stained while you are providing your clients with your brand of service. Recognizing the fact that scheming workers who embezzle your customers’ money or pilfer personal belongings can significantly demolish your business image, an employee theft bond is essential.
How much does a North Dakota Employee Theft Bond cost?
The amount of the North Dakota 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 a North Dakota Employee Theft Bond?
Getting a North Dakota Employee Theft Bond is simple. Contact authentic surety bond practitioners to avoid having your project or business launch stalled. Choose also one who can provide you fast and efficient bonds.