Quote:
Originally Posted by Pitchwife
(The magic ring proved rather handy, too, but I can't remember whether the Dwarves knew about it and its properties when they arrived at the Mountain.)
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Bilbo told Thorin about the Ring when the Dwarves were trapped in the Elf King's dungeons. So they knew that Bilbo was silent, invisible, and unfamiliar to Smaug. Though I think it all comes down to duty. Bilbo was hired to be a burglar and was going to be paid handsomely for it.
As has been stated before, the Dwarves took the trouble to procure a signed contract with Bilbo in order for him to be paid, but this also insures that he does his job.