I am wanting to start a cleaning business, and I was wondering if anyone could tell me where to go to get an INSTANT quote on the cost of becoming bonded and insured.
Thanks
2007-02-27 08:05:13 · 3 answers · asked by Anonymous in Business & Finance ➔ Insurance
What you are looking for is a Janitorial Bond. It is a form of a fidelity bond and very similar to insurance. It protects your clients in the event an employee is arrested and convicted for stealing from them. You will not be expected to cover the loss.
The rates are based upon the number of employees and the amount of coverage. They range from a $5000 bond with less than 5 employees at $100 to a $100,000 with 25 employees less than $800.
These are instant issue bonds are are readily available on the internet. You can run a Google search for Janitorial Bond and find a site that has on line submissions. One of those sites processing on line applications is www.southcoastsurety.com.
You can get more information on this bond and a link to the application at http://www.southcoastsurety.com/fidelity-bonds.htm.
2007-03-01 08:46:16 · answer #1 · answered by suretyguy 3 · 0⤊ 0⤋
First, a bond is not insurance. Think of it as a co-signer agreement. The surety (the company that provides the bond) will bond you for "something". If they have to pay out, you will be required to re-pay the surety.
The "something" you are talking about is probably a crime bond (A.K.A. employee dishonesty). This would be given to one customer specifically or could be given as a blanket to cover all customers.
A typical bond amount is $5,000 or $10,000 and should cost anywhere between $100 and $500 depending on many factors (location, experience, financial strength, credit score, etc).
You will not be able to work directly with a surety company, but you can contact a local agent and they will set you on the right path. If you already have home-owners / personal auto insurance, start with that agent first.
A bond of this nature is usually pretty simple to get if you have a good credit report. If not, you may need to post some collateral (Cash) to get the bond.
2007-03-01 05:55:57 · answer #2 · answered by JJ 5 · 0⤊ 0⤋
I am unaware of any instant quotes for bonds. Usually, the type of business you are starting has a lot of different kinds of insurance needed (work comp, bond, gl, non-owned auto). Best to decide on an independent agent, and let them do the work they do best.
2007-02-27 09:51:08 · answer #3 · answered by MTR 3 · 0⤊ 0⤋