What is a Business Services Bond?
A business services bond is a type of bond companies purchase to protect them from theft, fraud, or larceny committed by the owner or employees while they’re on the clock. Both for-profit and non-profit businesses that work in a customer’s home or office may choose this bond to show professional credibility and ease customer concerns about having workers in their personal spaces.
If your company falls under one of the following categories, you may consider buying a business services bond:
- Courier or messenger services
- Elderly or childcare
- Home health care
- Household or business cleaning
- Landscaping and groundskeeping
- Locksmiths
- Moving
- Painting
- Pool cleaning and repair
How Does a Business Services Bond Work?
A business services bond is essentially an agreement between the business owner and the surety company. The business owner pays the bond company a fee in exchange for the bond.
Say, for example, a worker steals money hidden in a customer’s air conditioning duct. The customer can file a claim with the surety company to get reimbursed for what they lost. The surety company will investigate the customer’s claim and decide whether to approve it. The customer will need to file a police report and wait for the worker to be convicted of the crime in court before the surety company will pay the claim. This helps prevent fraudulent claims.
Pricing & Application Process
The cost of a business services surety bond is based on the bond amount requested and number of employees to be covered.
To apply for a business services bond, complete the online application. You can choose the bond’s effective date and submit payment online.
Bond Purchase Process
1. Find Your Bond
3. Buy Online
Get Started
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!
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Frequently Asked Questions
Looking to Get Started or Have Questions?
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!