|
|
|
|
New Member
|
|
Sep 11, 2007, 09:04 PM
|
|
Getting Bonded for business
How and what do I do to get bonded for my business? Where do I go? How much does it cost?
|
|
|
Business Expert
|
|
Sep 11, 2007, 10:42 PM
|
|
Bonding for a business is generally handled through an insurance company. Contact some of the major companies; however compare prices to what you are getting, they can vary a lot.
|
|
|
Uber Member
|
|
Sep 12, 2007, 02:38 AM
|
|
Good answer above!
Are you sure that you need to be bonded for your business? If you don't really need to be bonded, then you could save some money.
|
|
|
Expert
|
|
Sep 12, 2007, 03:51 AM
|
|
What type of business ? Why do you need the bond?
Also in some business, there are associations that provide them at a more discount rate.
|
|
|
New Member
|
|
Sep 12, 2007, 08:49 AM
|
|
If I don't need a bond, I will not get it. I thought that if you have a cleaning service or painting of that nature, you would have to have a bond. I am only looking to start with just a few people.
|
|
|
Uber Member
|
|
Sep 12, 2007, 09:11 AM
|
|
Hello hf:
The number of people you hire doesn't matter. If the state doesn't require you to have a bond, then from a legal point of view, not having one doesn't matter either.
However, from a marketing point of view, it very well MIGHT matter.
excon
|
|
|
Business Expert
|
|
Sep 12, 2007, 09:33 AM
|
|
Hello hfoste01,
I own several companies one of them is a commercial cleaning company. In my State (Illinois) there is no requirement for an "on going Bond." However, some Bid Specifications call for a specific bond amount to qualify to give a proposal for service. There is a "Performance Bond" that you can purchase specifically for that particular bid. This Performance Bond means that if you do not "perform" as specified then you relinquish the amount of that required bond to the client and obviously the contract is lost also. By the way, let this happen and you will find it much more expensive and difficult to get another one.
I would suggest that no matter how many employees you may have that you have liability insurance-protect yourself.
How you legally set up your company is also important. Make sure that you are incorporated with your state. There are many different types of incorporation, fifteen years ago I set up as a "C Corp" and changed to a "Sub S" a year later for taxing purposes. In Illinois the way I understand it once you set up a corporation type you can only change it once, may be different in other states.
If I may be of any further assistance to you please let me know.
Stringer
|
|
|
New Member
|
|
Sep 12, 2007, 09:38 AM
|
|
I am thankful for all of the answers that were given, I am so happy that I've stumbled on this site lastnight. I will have many more questions, stay tuned. LOL
|
|
|
Business Expert
|
|
Sep 13, 2007, 08:20 PM
|
|
Originally Posted by hfoste01
If I don't need a bond, I will not get it. I thought that if you have a cleaning service or painting of that nature, you would have to have a bond. I am only looking to start with just a few people.
I'm not sure but... sometimes there is a little confusion with this matter, are you sure that you are talking about "a bond, bonding or being bonded?" I'm not trying to be funny here but sometimes people new to owning their own business confuse Bonded with Insured."
Although having an Performance Bond for a certain job is "insurance" for your client in case you fail to perform, liability insurance is something different.
Also a question a potential client may ask you is "are you bonded?" Actually they may be referring to your being "insured."
As I mentioned before hfoste01 I have owned my own cleaning business for the last 15 years and have been in this business for over 25. If I may be of assistance and possibly answer any other questions I would be glad to. Just post your questions under "Business Topics."
Good luck to you, this can be a challenging and also a rewarding business.
Stringer
|
|
|
New Member
|
|
Dec 1, 2007, 08:58 PM
|
|
If you have insurance with a compay like State Farm, ask your agent. I had it done at the best price that way.
|
|
|
New Member
|
|
Dec 8, 2008, 10:27 PM
|
|
How would I go about getting bonded of a repo man
|
|
|
Uber Member
|
|
Dec 9, 2008, 05:02 AM
|
|
Hello les:
Call a bondsman. You can find ' them in the phone book.
excon
|
|
|
New Member
|
|
Jul 5, 2011, 10:25 AM
|
|
Thank you for this informative post.
|
|
|
New Member
|
|
Aug 7, 2012, 02:24 PM
|
|
Stringer I have a question for you. Without sanding or refinishing, is there something I can use to clean paint off (drops, over spray) of a hard wood floor?
|
|
|
Business Expert
|
|
Aug 7, 2012, 08:58 PM
|
|
Originally Posted by 3brownies
Stringer I have a question for you. Without sanding or refinishing, is there something I can use to clean paint off (drops, over spray) of a hard wood floor?
I amlost missed your question because you are to start your own thread and then we will see your question readily 3.
Not without the possibility of ruining the wood floor 3. Some will advise you that there are chemicals that will do it but the risk factor is high.
Stringer
|
|
Question Tools |
Search this Question |
|
|
Add your answer here.
Check out some similar questions!
Being bonded
[ 5 Answers ]
I am starting a cleaning service for peoples homes and offices. The thing is I see in every ad that they are insured and bonded. I am not even sure what being bonded is and do I have to have it or just my employees. Any help on this would be very much help as I really what to keep this on the up...
How to get bonded for my new business
[ 5 Answers ]
I live in Clearwater, FL and have just started my own Personal Concierge Service, "Gift of Time Concierge Service", does anyone know the process for getting bonded for a business like mine?
As a personal concierge, I may be requested to be in someone's home to take care of something for them,...
Getting bonded
[ 8 Answers ]
Can a convicted felon be bonded in the state of Arizona
How to get bonded
[ 5 Answers ]
I am wondering if anyone knows what kind of bond I would need to get in order to work with private info. From other people. Ie: talking to banks for them, mortgage lenders etc. I want to be bonded to show I am trustworthy and reputable, but unsure of what kind of bond this would be or where to...
View more questions
Search
|