I am researching how to start a small residential painting company and need to know how to become licensed and bonded.
2006-08-07 01:01:22 · 4 answers · asked by Anonymous in Local Businesses ➔ United States ➔ Other - US Local Businesses
Insured will take care of accidents and that sort of thing. Bonded deals with money given and taken.
2006-08-07 01:06:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you are bonded, you are providing your customers a means of recouping any lose from your failure to complete or start a project.
Besides facing criminal charges if you accept a deposit and don't do the work, the customer can file a claim against the surety company which would payoff the contract amount and/or hire a replacement contractor to finish the job.
2006-08-07 02:42:25 · answer #2 · answered by Sam B 4 · 0⤊ 0⤋
basically, bonding is insurance, by being bonded your customers would be able to feel confident that you are not going to take their deposit and disappear.
liability insurance gives your customers confidence that should an employee of yours get hurt on the job, you can't sue the home owner and also covers any damages you might cause to their property.
contact any insurance agency and they will explain in more detail.
also, you should go to the small business administration, they have tons of information you will find extremely helpful
2006-08-07 01:10:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Bonding usually refers to a type of surety guarantee that a specific project, service or act will be financially covered if performance is not complete or satisfactory.
Insurance usually refers to a specific amount of financial coverage for risk to a tangible item, such as a building, car, boat, airplane or shipment of goods.
Speak to your insurance agent about the details.
2006-08-07 01:07:05 · answer #4 · answered by Pronkville 3 · 0⤊ 0⤋