Applicants who have committed fraudulent and dishonest acts in the past are often rejected due to their personal backgrounds. But let’s say you have decided to hire an ex-felon due to their qualifications and the tax benefit you will receive. Perhaps you wish to give this person a second chance, maybe they dazzled you in the interview or it could be that the “felon” was convicted of felony bear wrestling ( yes that is a law see it here ). Although you feel good about your decision, perhaps you want to make sure that you are protected with a bond.
There is a Program that employers can benefit from using when hiring ex-felons. This program encourages businesses to hire at-risk, hard-to-place job seekers by providing insurance policies that protect against employee theft or dishonesty The Federal Bonding Program, (FBP). The FBP is an employer hiring incentive that is funded and administered by the U.S. Department of Labor (DOL), Fidelity insurance bonds.
The Federal Bond Program Insurance is designed to reimburse employers for any loss due to the bonded employee theft of money or property. The bond insurance ranges from $5,000 to $25,000 coverage for approximately six months. This tool helps employers feel more secure about their hiring decision regarding someone with a criminal record.
Highlights of the Federal Bonding Program:
Fidelity bonding services are user-friendly
- No wait time for bond approval
- No papers need to be signed to obtain the free bond incentive
- No follow-up and No termination actions required
- No deductible in bond insurance amount if employee dishonesty occurs
- No age requirements for bondee other than legal working age in State
- No federal regulations covering bonds issued
The Federal Bond Program enables employers to have a sense of security in their decision and provides the ex-felon accomplished gainful employment and a chance at putting their criminal past behind them. The FBP is a win, win scenario!
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