The U.S. service sector is a growing industry and has expanded over the last decade. A service industry includes any form of outsourcing, such as human resources, IT, leadership development, home cleaning services, in home personal care, etc. If a company outsources, it is important that they protect themselves from any form of negligence or fraud.
Benefits of Bonding
So what are the benefits of requiring a bond for a business that you work with? The first is to protect yourself from liability due to an employee committing fraud when dealing with a customer. Another reason, is that you give your customers added assurance by letting them know that your employees or the businesses that you work with are bonded, which could potentially bring in more business. If a business is taking the extra steps to protect their customers, it helps to build a positive reputation. In comparison to a standard fidelity bond, a business services bond protects for on-premises incidences.
- The service sector is growing exponentially. Therefore, many businesses are hiring additional outside employees to continue providing their business’ services to their customers.
- A business services bond provides protection against any sort of fraudulent or negligent work by a third party or employee. By obtaining a business service bond demonstrates a business’ commitment to protecting its customers.
- A standard fidelity bond does not provide for on-premise incidences.