How do I know if I am bondable?

The quick answer is that if you are asking this question, you are bondable. When you are bondable, any future employer is ensured and protected in case of the following while you work for them: You engage in any fraudulent behaviour. You act in a dishonest fashion.

What does it mean must be bondable?

able to be insured as trustworthy under a bond or surety agreement: All applicants must be bondable and pass a criminal background check.

What does it mean if a company is bonded?

Being bonded means that a bonding company has secured money that is available to the consumer in the event they file a claim against the company. The secured money is in the control of the state, a bond, and not under the control of the company.

What are requirements to be bonded?

Requirements for the Contractor’s Bond: The bond must be in the amount of $15,000. The business name and license number on the bond must correspond exactly with the business name and license number on the CSLB’s records. The bond must have the signature of the attorney-in-fact for the surety company.

What does it mean if they ask if you are bondable?

The term ‘bondable means’ in a job application that you are insured or trustworthy to the company or the employer recruiting you for the job. If the question ‘are you bondable’ is seen or asked by the employer, it merely means that they are asking if you are trustworthy.

Can you be bondable with bad credit?

It is a common belief that its impossible to get a bond with bad credit. However, it is in fact possible to get bonded. In the surety industry, a FICO score below 650 is considered non-standard credit. Or, if there is an unpaid tax lien or civil judgments of record, an application may also be considered high risk.

Who is a bondable person in a business?

A bondable person is someone who qualifies for a fidelity bond, which is issued on each employee working for you. Each bond has a maximum value and covers any assets that may be stolen by the person covered by the bond. A business owner can buy a bond for his entire business and/or employees and subcontractors who do work for that business.

Do you need a bond to do business?

With 25,000 kinds of bonds available, it may be helpful to verify the type of bond or bonds the involved company carries as you evaluate whether to do business with them. Some companies, like mortgage lenders and motor vehicle dealers, are required by law to buy a license and permit bond to get a license to do business.

What makes you bondable to a new employer?

But in employment terms, a bond is a form of insurance that protects an employer from loss resulting from a fraudulent or dishonest act by an employee. As a potential employee, your ability to be insured by your new employer (and at a reasonable cost) is what makes you bondable.

What does bondable mean on a job application?

But in a hiring environment, it refers to the people you’re hiring. A bondable person is someone who qualifies for a fidelity bond, which is issued on each employee working for you.