You get bonded. You damage something at your client's home. They file a claim and get paid back through the bond. You pay back the bond. It's only security for the client in that they can get their money quicker than say suing us.
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).
Hi Kelly, How much bonding money would you, or anyone, suggest? I only ask because it's been difficult for me to locate an agent, and for anyone who might not realize this, but your bond coverage depends on how much YOU put up! Thank you, I hope this wasn't a mindless question. Any input is greatly appreciated!
I think you need to talk to a different agent. I am getting a bond for myself. I am the only employee. But I am an employee.
Bonding has no value for the person bonded. It protects the client in case of theft. The bond pays the cost of the item. But the employer has to pay back the amount. What protects the company/owner/employee for theft is Crime & Fidelity insurance. It's about the same price as liability. Doesn't replace liability insurance.
I too looked into it and was told that I did not qualify because I was the only person in my company doing the inventory and would have no employees. And I think that insurance should be sufficient enough.
I've spoken with an insurance agent. He is getting me a quote for liability insurance. There is no problem there.
My problem is with Bonding. Everyone thinks it's so important. I mean clients. But bonding does not protect me. It pays the client if I or another employee steels something. But I have to pay the bonder back for the loss.
I may not qualify for the bond because of past financial missteps.
