HI ,
can you guys recommend a nationwide company that is doing Bond Insurance for Cleaning Business?
We have all the rest of insurances but never got bond insurance before and just spoke to my agent and that’s the only thing he don’t do !
Thanks to all in advance
Performance bond or theft bond? Most window cleaning companies only get a theft bond cause most companies hire guys of a dubious nature. A theft bond pays if the client claims one of your guys stole something from their house. It will not cover the company owner.
A performance bond is used on large (usually construction) contracts. It is paid out to the client to finish a job if you, as the contractor, walk off the job/do a terrible job/refuse to finish the job. I couldn’t find a company to provide that for me.
Liberty Mutual I believe offers a theft bond. I think Joseph D Walters checked for me. It’s really inexpensive, maybe $100 for the average company here at WCRA.
@mpservices makes a good point. It really depends what you want it to accomplish.
For me bonding is not needed, I do all residential and don’t collect until completion.
Many people will ask: are you bonded? No, but Once i explain it is really only to protect them if I walk off with a payment and don’t complete the job, but that I don’t collect until completion anyway.
Basically They could simply refuse to pay if it was that bad of a job much easier, instead of trying to go after bond money. Once expanded they are totally fine with it.
Most people don’t even really know what bonding does. They just see it coupled with licensed and insured and think you need to have it.
make sure you have the other two and bonding is superfluous.
You could get it just so you can say it, but I’d rather spend the $ on something else.
Of course if you are doing large commercial jobs then it might be a requirement by the company employing you, but if it is a homeowner they just need an explanation.
I just called my insurance agent up and he got me a CNA Surety Bond. It is $100.00 a year
thanks guys ! what coverage you have for $100 and for how many employees ?
@Window_Spas when buying bonding insurance, I think its $100 no matter how many employees you have. We’ve had it for years and its always been $100 every year. As far as the coverage options, I dont think there are any. Its all the same.
I’m not sure about that . I got one yesterday $265.00 for a year up to 10 employees and covers $25K .
the agent explained to me that you can choose from 10k-100K coverage .
also is different price for 10 employees and over 10.
@Window_Spas unless you have careless or untrustworthy employees, I wouldnt pay a lot for it. It isnt really anything we will ever use, its more a selling point to say we are “Bonded”. Also some corporate accounts we have require we are bonded
No one ever ask me about it but I think is god to have it . you never know !
