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Post Info TOPIC: How do I get Bonding and Insurance?

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RE: How do I get Bonding and Insurance?


www.BondsExpress.com    What you want is a 'fidelity bond' or 'dishonesty bond' to ensure prospective clients that they are protected.   The cost is only about $100 per year.



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Fred Knapp
Innovative Software, LLC
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www.HomeInventoryBusinessForum.com

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Hi would you send me that link too? Some people are confused when I say bond, I dont need a surety bond just a regular bond for theft. Thanks, Gresh



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Gresh McCullough

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What are the coverage amounts for general liability insurance and bonding that you are getting for the premiums stated?



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Hi Alan,

I sent you an email with the contact info so you could get a Business Services Bond.  If you did not get it let me know and I will resend it.

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Robert Shockley Proprietor PhotoProof Inventory Services (603) 809 - 1502

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rshockley1 wrote:

I would suggest getting insurance through your current agent -  if you have auto, homeowners or renters.  I got mine through State Farm, as a sole proprietor, $1 million in liability (2 instances of up to .5 million each) & office equipment coverage for about $19/mo.  You don't have to Inc'd to get this coverage.  As for being bonded...if you are working alone you don't need it.  If you plan on having employees working for you... then yes...get it.  I live in NH...the requirements may be different depending on the state in which you reside.



Hi Robert,  I'm having a problem getting a bond through my agent.  He says he can't come up with a company willing to bond someone in this type of business.  Only took him 2 weeks, and me getting back to him, to let me know this.  I'll be contacting other companies myself from now on.  Just curious, the ins. and its' cost  that you mention in your post, is that for both bond and liability?
Thanks in advance for your time,

Alan
Owner
www.b4uneedithomeinventory.com

-- Edited by Alan on Wednesday 27th of January 2010 03:23:19 PM

-- Edited by Alan on Wednesday 27th of January 2010 03:25:23 PM

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A few items on bonding. It can go both ways. If you have a serviceman come to your house to fix your computer, dishwasher, etc. They need to be bonded. You as a home owner and a business owner are setting yourself up for a big failure by not being bonded. If you enter a customer's home. Even the most un-assuming customer will complain that you stole something. No matter what. Then you are left high and dry. Even if the customer was found later to be in the wrong. You are left holding a very expensive bag. Up to and including the loss of your home and everything else. In the worse case senario.

If you are working for a service company and they are not bonded then either the owner of the business has deep pockets or they are foolish. Not only could you lose your job, but they can also lose their business.

Anywhere from 100.00 to 150.oo or so for a bond annually may not look like much or it may even be too much at the time with everyone hold out their hand for a business owner saying you have to pay me too. But, in the long run, in my opinion, it's money well spent.

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Carl Carick
Can YOU remember all of YOUR possessions?

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I heard that being bonded is a big plus when it comes to any in-home services. It's supposed to protect you against theft charges.

I've also heard that it doesn't help you if charges are brought against you or an employee.

With all of this in mind, which is best?

Is it better to pay the bond insurance and accept that it may not help out if things get really serious, or is it better to delay buying bond insurance until your company reaches a certain profit margin?

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I heard that being bonded is a big plus when it comes to any in-home services. It's supposed to protect you against theft charges.

I've also heard that it doesn't help you if charges are brought against you or an employee.

With all of this in mind, which is best?

Is it better to pay the bond insurance and accept that it may not help out if things get really serious, or is it better to delay buying bond insurance until your company reaches a certain profit margin?

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I would suggest getting insurance through your current agent -  if you have auto, homeowners or renters.  I got mine through State Farm, as a sole proprietor, $1 million in liability (2 instances of up to .5 million each) & office equipment coverage for about $19/mo.  You don't have to Inc'd to get this coverage.  As for being bonded...if you are working alone you don't need it.  If you plan on having employees working for you... then yes...get it.  I live in NH...the requirements may be different depending on the state in which you reside. 

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Robert Shockley Proprietor PhotoProof Inventory Services (603) 809 - 1502

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As for looking for an insurance company who will provide you with business insurance and bonding. It may depend on how you have your business organized. IF you are setup as an sp then a lot of companies will not want to deal with you. Most agents feel that a sp is fly by night. So they will not provide you with insurance or give you much of the time of day.

 

If you decide to get your business better organized then I suggest an Limited Liability Company (LLC). It's easiest to setup and least expensive. Also it gives you better personal protection. I would suggest that you look to see in your local phone book for an insurance company who advertises that they provide business insurance.

 

I live here in Indiana and I use Indiana Farm Bureau Insurance. Since you live in West Virginia. You may try their branch of Farm Bureau. They should be able to help. Though you do have to be a member it will really help and they are setup to handle various sizes of businesses.

 

Hoe this helps.



-- Edited by caricc on Saturday 24th of October 2009 02:11:02 PM

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Carl Carick
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This is pretty much the last thing on my "To Do" List before I go out and actively advertise my business. Since this is such a new industry in this area, agents are not sure how to classify my business.  Anyone having the same problem?

Question: ? Is it ok to work with insurance companies via the web? I've always tried to stay with local companies from my own community with that sort of thing but what are your thought about going with well known companies from distant locations such as in different citys or states (Internet search)?? Im close but not there yet!!
Thanks Steve
Mountain State Inventory



-- Edited by sdbills on Saturday 24th of October 2009 01:09:24 PM

-- Edited by sdbills on Saturday 24th of October 2009 01:11:02 PM

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Stephen Bills
Mountain State Inventory Services
sdbills@mtstateinventory.com
www.mtstateinventory.com


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Hi,
There are many insurance agents out there... some good and some not so good.

The people you spoke with are obviously uneducated, they probably don't even realize that the insurance companies they represent actually recommend that all policyholders have an inventory of their assets.  I honestly question their professionalism.

I suggest you call your local chamber of commerce to see if they can suggest experienced insurance agents that are educated in the setting up the appropriate insurance for a small business.

I think you'll find that it is not really a big deal to get a basic liability policy and optionally a bond.



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Fred Knapp
Innovative Software, LLC
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www.HomeInventoryBusinessForum.com
JD

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Many years ago when I became a Notary and every time I renew the Nevada required bond, I used State Farm Insurance as they had the least expensive price. I called them all!

Hope this helps.

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JD Weiss, President
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I am having the worst time finding someone who can give me small business insurance.  In addition, two of the insurance agents I spoke with in the begining all but called my business concept a scam.  Which floored me to say the least.  I can not find anyone close by who sells Western Surety.  Anyone have suggestions for liability/error and omission insurance?  My current home/auto agent is with Allstate and he doesn't offer any type of small business inurance.

Help!

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Find an agent that sells western surety. I bought my bond from them for $114/yr. Another good idea is to get your notary public. The bond I needed for that was about $60 for 6 years and the fees were about $30. It helps add to your credibility because the state does a background check on you before they approve you to become a notary public.

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Davin Brizius
Premier Home Inventory, LLC

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Brandon,
You can definitely get insurance just as the many business owners on this board have done.   Your agent is probably just not putting your business in the appropriate category for insurance purposes.   There is not a specific SIC code for this business but it does fall into either one of the following categories: 'Photography' or 'Personal Services'.   Mention these standard business categories to your agent and they should be able to help you.   If they still seem confused then I would suggest finding an agent with more exerience in working with small businesses.

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Fred Knapp
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Thanks for all the advice, I am still having problems though. I have contacted several places for Insurance and Bonding and they say they don't offer it for this type of company. Does anyone have any companies they'd recommend I contact?

Thanks again!

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Hi Brandon,
Take your time and don't feel rushed by any agents.....always a good idea to shop around.  The suggestion to use your current agent is a good idea but just be sure they are familar with insurance for small businesses.

Regarding getting bonded.... Davin has a good reply within this same forum which you may find helpful which is included below but your agent should be able to explain exactly how it works.

To me getting bonded is just to be able to say "I'm Bonded"  and make the client feel all warm and fuzzy inside. I've had differen't answers from everybody I talked to about bonding. My girlfriend got bonded for her petsitting business and she had to pass a background check. I use to think that was the purpose of a bond.

I got a "Dishonesty Bond"(covers theft from an employee) from western surety through farmers insurance for $10,000. It covers myself and up to 4 other employees.I paid $115 for it.

It is only to be able to say I'm bonded, my business liability insurance actually covers me for employee theft(and much higher than $10,000).

I hope this was helpful, thanks!

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Davin Brizius
Premier Home Inventory, LLC
www.callpremiernow.com
davin@callpremiernow.com
Phone 586-774-4057
Fax 586-774-4053


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Fred Knapp
Innovative Software, LLC
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www.HomeJournalBusiness.com
www.HomeInventoryBusinessForum.com

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Hello Brandon,
I would suggest that you call your current insurance agent for your home or apt contents insurance.  If you currently buy any type of insurance from someone they may be more helpful in giving you advice and direct you to someone they know that can be trusted not to oversell you a policy.

My only experience with being bonded was during a promotion in a local mall where the mall required a bond if someone was complaining about a refund or was hurt by items from a free standing kiosk during the holiday seasons a few years back.  However, the bond only covered a 3 month period and was fairly reasonable and I bought it from our AllState agent.  Good Luck...I too am researching the bonding aspect of the business and will post additional info as it becomes available....cheers

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Hello everyone,

  I just got my kit and am eager to get started with my Home Inventory Buisness.  However I am very new to being a Buisness Owner.  How do I go about getting bonded and insurance?  Are there specific questions I should ask Agents?  I have submitted a request through the link in the useful links section but haven't heard back from any agents.  Hopefully I will in the near future.. Please Advise as I want to make sure i get the most bang for my buck and don't want to get scammed by an agent who wants to take advantage of my no knowing what I am talking about!

Thanks!!

Brandon

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