Are you reluctant to hire difficult-to-bond individuals? The Federal Bonding program provides six months of fidelity bonding coverage in the amount of $5,000-$25,000 at no cost to the business or individual. This allows employers to expand their recruiting efforts, hire the desired talent and be protected against employee acts of dishonesty resulting in a monetary loss.
If you are interested in bonding an applicant as a condition of their employment offer, please contact Amy Hill at FederalBonding@dew.sc.gov before the newly hired employee’s start date. A Federal Bonding staff member will contact you for the necessary information needed to prepare the paperwork. The request will then be submitted to the fidelity bonding insurance company.
Both the business and the newly hired employee must be registered in the SC Works Online Services (SCWOS) system to qualify for a “no cost” Federal Bond. Businesses and individuals can register for SCWOS online here.
The bond will be sent directly to the business within 15 days after the insurance company receives the paperwork and will be retroactive to the start date. Bonds automatically terminate after six months, but the business may opt to renew the bond at their expense for a low premium. Current employees can only be bonded in an effort to avert a layoff or secure a promotion.
Click here to view the brochure for more information.
For more information on how the program works and to read about its success, click here.