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Getting Bonded
- Thread starter Austin
- Start date
I'm bonded for my Janitorial Service business - it cost me $100 a year for up to 5 people.
Bonded is for owners too. Just because a person own a business, does not mean he want steal.
Most bonds requires a payment (for example $5000) that the insurance companies will put in a trust fund, but you can find bonds that do not require that initial payment.
Unless you are going inside homes - being bonded may not be needed.
Its a good way to screen potential employees - one thing the bonding company checks for is - felony. (Background check).
Bonded is for owners too. Just because a person own a business, does not mean he want steal.
Most bonds requires a payment (for example $5000) that the insurance companies will put in a trust fund, but you can find bonds that do not require that initial payment.
Unless you are going inside homes - being bonded may not be needed.
Its a good way to screen potential employees - one thing the bonding company checks for is - felony. (Background check).
Originally posted by Tim Smith
Unless you are going inside homes - being bonded may not be needed.
I'll be going inside restraunts. And they told me they required a 1 million dollar bond. I talked to my insurnce company and they said maybe the manager mixed up his info. she said its rare for people to be bonded for more than 10,000. So I'll give the manager my cert for 1,000,000 in liability and a 10,000 bond and have him sbmit that to corprate and go from there.
Austin
Sorry - I wasn't thinking about hood cleaning, etc. A million does seem unusual - Anywhere from $10,000 to 15,000 is normal for most service industrys. I would go to an agent that is independent (not a State Farm for example)-They are able to shop around for you-Where as a National name can only quote you there corporate rates (Most of the time).
Sorry - I wasn't thinking about hood cleaning, etc. A million does seem unusual - Anywhere from $10,000 to 15,000 is normal for most service industrys. I would go to an agent that is independent (not a State Farm for example)-They are able to shop around for you-Where as a National name can only quote you there corporate rates (Most of the time).
I have an independant agent now but I did use State Farm for a while to cover my equipment. I used to use State Farm for everything vehicles, life, homeowners. I cancled everything now their prices are rediculous. I now use Farm Bureau for all my personal needs and my truck for business. I have my general liability through the independant agent.
I still want to give you a call sometime Tim. I still have your # but I've so busy getting through the holidays I'm starting to slow down now and I'll have to give you a ring. What time is a good time to get ahold of you? C-ya Austin
I still want to give you a call sometime Tim. I still have your # but I've so busy getting through the holidays I'm starting to slow down now and I'll have to give you a ring. What time is a good time to get ahold of you? C-ya Austin