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Post Info TOPIC: bonding cost?

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Posts: 33
RE: bonding cost?

Depending on how much work you're doing, you may also want to obtain an errors and omissions policy for professional liability.  These policies are expensive (typically about $1,200 per year for our type of business), so you probably don't need to look at them until you're pretty established.

Also -- General liability policies typically contain provisions for employee theft and property damage.  So you can pass this info on to your clients as well to make them feel comfortable -- in lieu of a bond.

We provide copies of our Certificates of Insurance for our General Liability Policy and our E&O Insurance Policy to customers upon request.



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Posts: 248

If you click the 'Search' link on the top toolbar and type in 'bond' you'll see some good results from other threads.  A basic bond would typically cost $124 to $145 and can provide peace of mind to clients but is not required.  You can give clients peace of mind by joining other professional organizatins like the Better Business Bureau etc....

You should also have a basic liability policy as well, this would come into play if for example you broke something while in the client's home doing an inventory.  The insurance would provide coverage to replace.

In my opinion you don't need a huge policy so don't let your friendly agent oversell you on the coverage and save the money for other items.

Fred Knapp
Innovative Software, LLC
Business Development & Software Solutions


Status: Offline
Posts: 8

i'm seriously thinking about getting into the inventory business but still have a lot of questions. one of my main questions is what does it cost to get bonded? and why would i need liability insurance and bonded both? i understand that being bonded gives the client peace of mind but why would i also need liability insurance when it would be just myself doing the inventories?

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