Bonds are NOT insurance, but rather an extension of credit. The bonding company guarantees your ability to pay the bond amount (penalty) if you are required to pay according to the terms of the law.
Bonding companies expect to recover any payment made, so, like a loan you are evaluated based on your credit situation.
Most surety companies will simply decline your bond application if you credit situation is not acceptable.
Sometimes we can help find a secondary bond market, but that usually means higher cost and possible collateral requirements
Depending on your operations you may be required to provide a New Jersey License Bind. Check with the The New Jersey Division Of Consumer Affairs to comply with the State licensing requirements.
Rates for licensing bonds are low, so underwriting is strict.
Unpleasant as it may be, you must address the topic of dishonesty of your employees.
Perhaps the simplest most direct way is to purchase a dishonesty bond that covers your property and your customers property.
The bond form usually requires a successful prosecution of the offender for payment to be made. This has the effect of weeding out false allegations and emphasizing the serious nature of an allegation.
Bonds in the $5000 range are relatively freely written. Higher bond amounts require more stringent underwriting and detailed information required.
Sometimes, parties to a contract will require a BOND to guarantee that the parties live up to their obligations. When required, the contract will spell out the provisions.
Bonding markets are meticulous in their processes. Be prepared to answer all questions and fill out forms!