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Why Bond Everybody

by Surety Admin 21. October 2010 15:10
What is the sense, you ask, of spending money to bond people who don't handle money or merchandise? How in the world could an employee manage to steal an appreciable amount of his employer's property?

It was such an employee that caused a New England textile mill to lose over $50,000. The employee managed to unlock the a warehouse door on certain evenings each week so that another person could remove thousands of bolts of cloth over a period of months before the loss was discovered.

A long-time employee of a candy manufacturer, a porter, used the same plan to steal $288,000 of boxed chocolates during a 17-month period. He sold them for a mesley $18,000.

One of the nation's largest electrical factories lost nearly a million dollars when eight men, who handled no money or merchandise, found a way to make such a big money dishonestly that their regular occupation became merely a blind for their operations. These men were research engineers who contracted with fictitious factories to make fictitious machinery and gadgets supposedly needed in their experiments.

For these reasons, this why it is necessary to bond everyone and secure a surety bond for employee dishonesty.

~Agents Bonding Guide
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Surety Blog Categories:  Commercial Bonds

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