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How to become bonded for a business

how to become bonded for a business

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For insurance, you should check with your local insurance agent for commercial insurance.

In regards to bonding; If your business requires a license bond (i.e. contractor, motor vehicle dealer, notary, tax preparer, etc.), then you would need to apply for the amount and specific type of bond required. These bonds usually require credit and experience to support the amount of the bond. One site that can write these bonds even with poor credit is: http://www.southcoastsurety.com.

A bond for general business is usually a form of fidelity bond. These bonds are easily written and require neither qualifications nor credit. They are relatively inexpensive. This bond protects your customers from theft by your employees.

For a general business bond, which would be fidelity (Business Services) bond and it is very similar

to insurance. It protects your clients in the event an employee is arrested and convicted for stealing from them. You will not be expected to cover the loss.

The rates are based upon the number of employees and the amount of coverage. They range from a $5000 bond with less than 5 employees at $100 to a $100,000 with 25 employees less than $800.

These are instant issue bonds are readily available on the internet or through your local insurance agent. You can run a Google search for Janitorial Bond and find a site that has on line submissions. One of those sites processing on line applications is www.southcoastsurety.com.

You can get more information on this bond and a link to the application at http://www.southcoastsurety.com/fidelity.

Source(s): 20+ years in surety

Source: malaysia.answers.yahoo.com
Category: Bank

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