What does being "bonded" mean?

Question

I am starting my own dog walking/training/behavioral business, and I have been told to get 'bonded,' that it will protect me and my clients. What is this, and how would I go about getting it done?

Answer 1

There are no specific bonds for Pet walking or training; but, many such businesses get general business bond, which would be a fidelity (Business Services) bond. It is easily attained and you can indicate that you are bonded.

It is very similar to insurance; but, it does not protect you personally. For your protection, you should have liability insurance.

This bond protects your clients in the event you or someone working for you steals from them.

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 readily available on the internet or through your local insurance agent. You can run a search for fidelity bond and find a site that has on line submissions. One of those sites processing on line applications is www.southcoastsurety.com.

Answer 2

The terms "bonded" and "insured" often are misunderstood. Both involve coverage for financial risk or loss, and in some instances there is little difference between the two. Still, it is important to know the difference when assessing your company's need to protect itself.

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..... Assuring that if a customer's project is not completed or is not deemed to have been satisfactorily completed, the bonding company will reimburse the customer for financial loss.

Many companies that provide bonds are insurance companies or insurance agencies. Some specialize in bonding, but that is not a guarantee that they are more experienced or offer better pricing than companies that provide both bonds and insurance..... When considering becoming bonded, talk with your bonding company, insurance agent or other financial advisers about any overlap of protection. There's no need to become bonded if you're already adequately covered by insurance. In some cases, it may be cost effective to reduce insurance coverage and become bonded, but decisions such as this can be made only after researching alternatives

Answer 3

There are basically two types of bonds: surety and fidelity.
Surety bonds are performance related. A general contractor might hire a sub-contractor and require him to post a performance bond. If the sub does not do the job, the general can get money from the bonding company to finish the job.
Fidelity bonds are used when people are handling money or property of others. Hire a stock broker and you want to be sure he has a bond in an amount that covers your investment. If he takes off with your money, you collect your lost amount from his bonding company.
From what you describe, I think you may only need commercial general liability insurance. It protects you for your liability, but it does not protect your customers.

Answer 4

Bonding means that you have posted a certain amount of money (called "surety bond") with an insurance company or a relevant government agency. That money can be used to pay restitution to people whose property you damage in the course of doing your business.

Answer 5

A bond is a means by which an entity ( Insurance Co) guarantees another entity (your clients) that you(business owner) will or will not do something. It protects your clients interests by assuring them you will perform or will not do something in light of the service you provide.

Bonds are divided into: Fidelity bonds, and Surety Bonds.

Fidelity Bond guarantees that something wont happen
(you wont steal, you wont injure etc.)

Surety Bond guarantees something will happen
(you will walk the dogs, you will do their hair etc.)

email me if no need more info.

Answer 6

I was bonded when I took a job at a bank out of highschool. My understanding of it then was my fingerprints were taken and sent over the the Federal Govt to keep on file.

Answer 7

Constant nagging. Women are totally disgusting and if husbands don't train them up in the right way they can henpeck you to death. That's why men live shorter than women constant nagging. Women live longer because they get constant pampering.

Answer 8

jk nvm!