Business Services Bonds
A business services bond, which is a type of fidelity bond, protects companies from the dishonest or fraudulent activities of its employees who are doing work in customers homes. These types of bonds are often purchased by housekeeping or janitorial companies, and they can be a great marketing tools to make customers confident that their belongings won’t be stolen.
Business Services Bonds are a type of third-party fidelity bond because they protect customers against crimes committed by people working for them on a contract basis. In most cases, in order for the bond to be invoked, the crimes committed have to be intentional acts and there must be direct monetary damage. The types of companies that should consider this type of bond include the following:
- Housekeeping Service
- Child Care
- Residential Painters
- Pool Cleaning Service
- Pest Control
We do feel they’re extremely important and it is highly recommended that you get a business services bond. It will give your customers peace of mind that they’re with a bonded company, and separate you from the competition!
These bonds are different than other types of bonds in that they’re more analogous to an insurance policy because it offers protection to the principal obtaining the bond. The bonding company will pay the claim without expectation to be reimbursed.
We can offer these bonds through our surety department as a stand-alone product, or we can include the coverage through our commercial insurance department.
At Baldwin Cox Allen, we have access to over 25 different A rated bonding companies which allows us to shop the market and provide the lowest possible rates. We have cutting edge surety technology which allows us to this for you without delaying the execution of your bonds, as we know that timing can be critical.
Hard To Place Bonds
We have solutions for even the most challenging bonds. We say “Yes” when other agents tell you “No”. Whether it’s because you have low credit, or there’s just a particularly onerous bond form, we pride ourselves on getting bonds approved with the best possible terms.
Please contact us today and let one of our experienced surety bond professionals assist you with your bonding needs!