Should Your Company Use Surety Bonds?

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When required by law, of course, your company should use surety bonds. Construction companies, Real Estate brokers, home care organizations and car dealerships fall under this category.

What if my business isn’t required to have one? Then it is time to do a little research. Does your organization have positions which are sensitive in nature? Do your employees handle large sums of money or have acess to proprietary information and/or materials? You may want to consider financial protection against dishonest employees. Contracts can give you legal recourse but surety bonds will help with the immediate financial loss. Are your competitors or their employees bonded? Although surety bonds may not be required legally, they may still be an industry standard. Find out why. Chances are, someone, somewhere got burned pretty badly by not having this sort of protection in place.

What business today can truly afford such a loss? Also, do your competitors advertise this to their customers or clients? This could be more than enough reason to start using bonds. After all, your business is reputable and professional and the world should know it. Customers should understand that there is a rigorous process involved. Your organization has been fully and independently evaluated. The business has been proven capable and clients can trust that their projects or requests will be completed as promised. For most, that is even better than a money back guaruntee.

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