The employees that you hire for your company underscore your profits and success. You count on them to do their jobs right and to give you their best efforts each day.
However, you cannot control the productivity or skills of the people that you put on the clock for you. With performance guaranteed bonds, you can recoup money that you lose when your workers fail to meet your expectations of them.
Making Your Monetary Goal Each Quarter
When you set quarterly goals for your business, you want to reach this dollar amount in any way possible. You provide training and encouragement for your employees. You expect them to make sales, encourage repeat business, and help your company make its monetary marks each quarter.
When they fail to bring the required amount of money to hit that goal, however, you can still make up the shortfall by using their performance guarantee bonds. You can claim these bonds and get the money that you are short paid out to you by the insurer.
Recouping Losses from Fraud or Theft
The bonds that you buy for your employees not only guarantee their performance. They also protect you if or when any of your workers engage in fraud or theft.
If they steal from your company or defraud you or your clients, you can get the money back that you lost by claiming on their bond. The insurer will pay you back the losses so you can continue to run your business. You also avoid having to pay any kind of settlement for fraud or theft out of your bank account.
Performance bonds are a guarantee for your business. They protect you financially during shortfalls. They also give you back cash if or when your employees steal from or defraud you.