The cost associated with your policy is greatly impacted by whether or not you are bondable. This means most employers will choose bondable candidates. You may be wondering where the term bondable comes from.
Bondable takes the idea of a bond and applies it to a person. When it comes to your job, a bond is a question of insurance. Being bondable gives your company protection in the event they suffer loss because of any fraudulent behaviour. You can think of it as something your workplace needs to worry about when managing insurance policy costs.
If you are bondable, it shows that up until now your behaviour has been respectable. There is no good reason to assume you may be a risk to create circumstances that require an insurer to pay out.
I know this because I have a criminal record and have been bonded. Hi William, Yes, you are right. Technically anyone can be bonded. The problem occurs when the insurance company declines to insure or charges a rate that is too high for the employer to pay.
If you marked yes on the application the employer might feel like you were dishonest. Often it depends on the position. A Record Suspension can eliminate the risk. This is a wrong approach to determine if an applicant has or has not a criminal record. The employer should already know that ALL insurance rates are based on the risk element. This is the same no matter what type of insurance is being sought, be it auto, home, life or bond-ability.
If the employer what to know if the applicant has a criminal record then they honest and forthright in their questioning and not be deceptive by asking the Are you bondable question. The employer should not discriminate against anyone if the record is unrelated to the position being sought or a pardon has been granted.
In many jurisdictions in Canada, this is the law. We need to raise awareness amongst employers that the stigma against people with records is usually not fair. Are You Bondable? What does bondable mean on a job application? For example, if a person with a criminal record of theft for a bank job, the individual might not be considered bondable as they would be entrusted with a large sum of money.
If the individual is entrusted with the job, this bond covers the bank in case of theft or fraud by the hired employee who signed this bondable contract. This criterion is essential for not any jobs but also permits and access to other important documents.
This bond can be made for all the employees or on selective candidates, depending on their qualifications. This also includes a drug test, especially in jobs dealing with pharmaceuticals. Another example is hiring cleaners or movers who are going to be in your space with no supervision. The employer feels safe when they sign the contract to be aware that he is protected even if something is stolen. Vick signs that he is bondable.
Each insurer has its own requirements related to that, but in general, you should have a clean criminal record. Depending on the laws in your area, a bonding company may also pull your credit report. For that reason, you may be asked to take a drug screening test, as well as submit to a criminal background check.
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