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The Surety Bond Blog

26
Jul
2007

Getting Your New Business Bonded

Starting a new company can be a daunting task. There are many things to consider before opening for business, and it’s crucial that all business owners know what bonds are needed to operate legally and protect their business. We will review what it means to be bonded, the process of getting bonded, the benefits of bonding and what you should know before purchasing a bond.

business-owner

What Does It Mean To Be “Bonded”?

When a company or individual is ”bonded” it likely means they either have a surety bond or a fidelity bond in place. Surety bonds are required and protect the public, while fidelity bonds generally aren’t required and can protect you or your clients from employee dishonesty such as theft. This topic deserves an entire post to itself, which is why we published a separate article that goes into great detail about what it means to be bonded.

Understanding the Bonding Process

When someone wants to bond their business, they are referring to obtaining surety bonds or fidelity bonds. Although these bonds may seem interchangeable, they serve very different purposes.

The Process of Getting Surety Bonds

Let’s begin with the process of getting a surety bond. First, you only need a surety bond if it’s required of you to legally operate your business. A surety bond guarantees you’ll follow all laws and regulations that apply to your business. If you already know you need a surety bond, the process is as easy as applying to get an instant bond approval. Once you’re approved, you need to provide payment, sign the indemnity agreement and we will ship the surety bond to you.

If you don’t know whether a surety bond is required of you, it is extremely important to find out. You must verify what type of surety bond is needed, if any, in order to ensure you are in compliance with the law. Contacting your state is usually the best place to research surety bond requirements. Operating without a surety bond when it’s required can result in the halting of all business operations. There are many different surety bonds required by local, state and federal governments, and even third party entities (all are known as obligees), and surety bond requirements vary greatly by your location and occupation. Take a look at our bond guide to help determine if you need fidelity insurance or surety bonds. If you need additional assistance, you can also contact our bond agency directly.

 


The Process of Getting Fidelity Bonds

Now that you understand surety bonds are required to operate your business and guarantee you’ll follow rules and regulations, let’s move on to fidelity bonds. If no one is requiring a bond and you simply want to protect your business or clients from employee dishonesty such as theft, a fidelity bond would be the right choice for you. The process of getting a fidelity bond is quite simple, and similar to purchasing another type of insurance policy. First, you must apply. Then we will help determine the coverage you need. After we determine your needs, you must provide payment and we will ship the bond to you. If you want employee dishonesty protection with fidelity bonds, you can apply to get bonded now. Visit our fidelity bond center to learn more about fidelity bonds.

 

Benefits Of Getting Bonded

Besides advertising that your business is “bonded and insured” or “licensed and bonded”, the benefits of surety and fidelity bonds are very different. Surety bonds benefit and protect the public, not your business. If your business fails to fulfill the surety bond guarantee such as not following its business license terms, the obligee (whoever is requiring the bond) can file a claim to recoup any losses caused by you.

You may wonder how a surety bond is beneficial to your company. Remember, surety bonds are required to legally operate. Your only alternatives are to either stop all operations, or obtain an irrevocable letter of credit (ILOC). An ILOC will cost a percentage of the face amount required and 100% collateral will be needed, tying up your working capital. Surety bonds cost a percentage of the bond amount, but collateral is usually not required. Looking at the alternatives, it is clear that a surety bond can be very beneficial to your company’s operations.

Fidelity bonds can benefit both your business and clients since they protect against employee dishonesty and are relatively inexpensive. A business service fidelity bond will protect your clients, while an employee dishonesty and ERISA fidelity bond will protect you and your business. Visit our fidelity bond catalog to discover more about fidelity bonds.

What You Need To Know Before Buying A Surety Bond

Surety bonds are not insurance for you; they protect the public. As said earlier, if you don’t fulfill your obligations, a claim will be filed which you will be held responsible to pay.

The bonding company will also require your company and all owners to sign an indemnity agreement to ensure the bonding company is held harmless against any losses you may cause. The agreement cannot be modified and the surety won’t be able to bond you if you do not sign.

The bond agency you choose to work with can make a gigantic difference. Choosing the wrong agency can result in slow turnaround time, extra fees and even failure to get bonded.

Whether you need a surety bond, or want a fidelity bond to enhance and protect your business, you can apply directly on our website. If you have any further questions regarding bonding, feel free to leave a comment below, or contact a bond specialist in our office for additional guidance.

 

 

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Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.

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Comments (201)

Category: Auto Dealer Bonds, Commercial Bonds, Contractor License Bonds, General Bonding, Money Transmitter Bonds, Mortgage Banker Bonds, Mortgage Broker Bonds, Telephone Solicitor Bonds, Title Agency Bonds, Wage & Welfare Bonds

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201 Responses

  1. I am doing cleaning and organizing for people in my church part time. I have not set up an official busness, it has mostly been randum word of mouth, but someone asked me if I was bonded. Do you have to have a business lic to get bonded?

  2. Some businesses must file a license, along with a bond to local or state governments. That is something you will have to look into. However, I can tell you from experience that I have never heard of a government required janitorial bond.

    What you may be looking for is a fidelity janitorial bond. It is a form of insurance rather than surety credit. Try doing a google search, there are numerous companies that will write them and relatively cheap to boot!

  3. i am starting a lawnmowing business, but i am going to be the only worker for awhile. Am i required to be bonded? If so, which bond? Thanks!

  4. Adam,

    We get this question quite often from landscapers. More than likely you are not required to be bonded by law. However, you will need to check with your local government to ensure that holds true in your area.

    You will also want to check that the state government has no bond requirement. We have a list of state required bonds for contractors at: http://www.jwsuretybonds.com/surety-bonds/commercial-bonds/contractor_license_bond.htm

    If the government is not requiring it of you, then there is no bond to obtain.

    I see that Oregon requires a bond of landscapers, but no other state does.

  5. I am looking to start my own janitorial service for small business and offices. How much should I expect to pay for a fidelity bond?

  6. Ken,

    Fidelity bonds are relatively cheap when compared to surety bonds, as it is a a true insurance product, rather than a form of credit like suretyship. The pricing is mainly based on two things…

    1) The amount of coverage.
    2) How many employees are covered.

    Try google searching CNA Surety. They have online applications for janitorial fidelity coverage, which may even have the pricing listed on the application.

    Good luck and let me know if you have any further questions!

  7. I am starting an estate business whereby I perform one or more of the following services: total clean out, sale on site, disposal/removal of household items, removing items to sell on online auctions. My question is should I be both bonded and insured? I work mainly through estate planners, bankers, attornies and families. Thank you.

  8. JohnLeo & Linda

    I think I have now figured this out. Please advise if I am right. My wife has been a book keeper for many years, with a CPA and now with a small manufacturing company. Due to hard economic times she is contemplating starting a business assisting seniors with checkbook balancing and bill paying, I believe she would need a fidelity bond?… and possibly set up a LLC for our own protection ?
    Is this correct?

  9. Heidi,

    Since the bond is not being required by a 3rd party, there is no surety bond to obtain.

    However, you could look into fidelity bonds, a form of insurance. Since it is insurance, you will need to decide whether or not you want to protect yourself or not…

  10. John,

    You are correct in saying that a fidelity bond is the product that would be used, as there is no one requiring the bond of you (like suretyship).

    However, since she is the one working on the books, she is the only one to be bonded. A fidelity bond will not pay out to you if she is both the theif and the beneficiary.

  11. I have just started a construction business in indiana. I do framing, roofing, etc. do i need to be bonded?

  12. David,

    That depends, are you required to be licensed by the state or local government? If the answer is no, then there is likely no bond to obtain.

  13. HI I’M STARTING A HOMECARE BUSSINESS AND IM TRYING TO FIND OUT IF I’M GONNA NEED ANY BONDED INSURANCE?

  14. I got my auto dealers license and would like to sell used cars, I was told by the California DMV that I need really goood credit, own my own realty property. I don’t have any of that, is their another way to get a surety bound.

  15. so, can someone tell me in the state of Texas,is the fidelity bond good if i only want to cover no more than 4 people for my janitorial svc

  16. If an individual has been convcted of a crime(s) and has served time in federal prison, are they able to obtain a bond for thier business in WA or IL?

      1. Hello Guys – I have heard that there are bonds designed for folks that have gotten in a little trouble and these types of bonds would be something your looking for…

  17. In Washington State, does a wife have to sign the bond if she is not part of the business?

  18. Amy,

    Spousal indemnification is required in all 50 states by just about every carrier in the country. You need to know that surety bonds are not insurance, but a form of credit. From the surety's perspective, they won't guarantee a company if the spouse isn't willing to as well.

    Here is a great online video that might help to explain the process and why bonding companies feel that spousal indemnification is necessary.

    Feel free to ask any follow-up questions. We are always happy to help!

  19. Pingback: Getting bonded

  20. I AM STARTING A CLEANING BUISNESS AN I NEED TO BE BONDED AND I JUST WANT TO KNOW HOW TO GET ONE AND WHAT IS THE COST THE NAME OF THECLEANING BUINESS IS STARLIGHT CLEANING SERVICE LLC COULD YOU PLEASE GET BACK WITH ME AND LET ME KNOW MARGARET ELZA MARGE130@MSN.COM

    1. i am also planing to open a cleaning service buisness did you start? how is buisness? what bond did you do? how much was it?

  21. I want to start a Deck and Fence sealing and staining company in Nebraska. I will have insurance, do I need to be bonded?

  22. i want to start a moving company i will use a truck that can only hold 10,000 lbs do i need to be bonded and what kind would be best?

  23. i own hooper trucking i have my own authority but im wanting too add a brokage side too it i know i need a surity bond but my credit is around a 580 and i have back child suport plus a felony from 26 years ago am i waisting my time trying too get this done

    1. We have high risk programs for the BMC-84 freight broker bond. However, often times the high risk premiums are not as good of an option as the BMC-85 trust fund. You can rest assured that our agents will be able to refer you to some great companies that handle the BMC-85 should it be more cost effective for you.

  24. I'm starting a sole proprietorship bookkeeping business. I've been told that getting bonded as a sole proprietorship was a 'waste of time'. Additionally I've been told that I absolutely need to be bonded which makes more sense to me. Do I or don't I? If I do what kind of a bond would be for me?

  25. I am trying to open a real estate school in WV and have been told that I need to be bonded. After reading your description I am guessing that it would be a surety bond, but I am not sure. The WV Real Estate Commission is involved and that is government. Can you help me determine the type of bond I need?

  26. I buy and sell cars in california yet too legaly sell more than 6 a year I need to have a dealers license which will require a bond of 50,000. The problem I am looking at now is that I have very poor credit. Are their any high risk auto dealer bonds available? Also I have the possibility of a partner who already is a business owner with good credit, how bad will my poor credit reflect on the price of our bond if we go for our dealer license together.

  27. My husband and I are trying to start an electric company in Oklahoma, What type of bonding do you recommend and will I need to be on this since we are married? What is the average cost of bonding?

  28. I have a new busines.. Remodeling business, doing construction, carpentray etc.. How do I begin getting bonded & licensed for my company? What do you recommend?

  29. My wife has formed an llc in Colorado to bid on a hospital RFP for interpretation services, the RFP asks if we are bonded. Would this be a surety or a fidelity bond?

  30. I am expanding an auto body shop in Tennessee. I am attempting to become a preferred shop for insurance claims. Which type of bond do I need if any?

  31. Hello! I am a talent management company in California and want to expand my business into Arizona, Texas, Chicago, Atlanta, Florida and New york. I want to become a full service model and talent agency. My credit is ruined due to a divorce. I was convicted of a felony over 10 years ago. Can I realistically obtain a surety bond or should I put my dreams to bed?

  32. Im starting a carpet cleaning busines.do i need to be bonded to clean residential homes and not the big corporate business.

  33. Hi, I am planning on opening up a personal assistant/ concierge small service business out of my home. I will be the only employee and the business is basically like helping senior and parents shop, do errands for them, clean their homes as well as small business offices, etc.As well as delivery items or gifts etc. The business would be located in Georgia and I wanted to know if I would need to bonded or licenses? I have seen other companies similar to mine in other states just saying bonded and insured. If I decided to hirer contractors (1099) to help me out would that automatically require anything of me?

    Thanks

  34. My husband and I own a trucking company and I am considering getting my brokers license. My credit is terrible, is it still possible to get bonded ?

    1. Christina,

      Yes it is still possible. However, what many bond agents won't tell you is that the bond is not always the best option. Our agents are always instructed to do what is best for the client, not our agency. We will be able to get you approved, but if there is a better option out there, we will recommend it.

      You can start the process by applying for a freight broker bond at: http://www.jwsuretybonds.com/protools.htm

  35. my boss needs to get a bondto hire felony workers so she can profeit from it as well as the workers?

  36. I live in Volusia county, Florida and I have just started a foreclousre clean out and cleaning business, so I just want to confirm that all I need is a janitorial bond? There are 5 of us.

    1. Trauler,

      That would be my guess. There really aren't any government bond requirements when it comes to janitorial work. The only bond requirements we see for that line of work are on a contract basis, not for a license.

  37. I am starting a new business, CLG Care ( social companion), non medical. Will I be required to be bonded and if so which kind ?

  38. We are starting an incorporation bookkeeping business..Can you tell us what bond to we need.

  39. My husband and I are looking to start a small business in TX doing commercial cleaning along with maintenance, home/commercial renovations. If we do decide to hire employees in the future, there will be no more than 4 or 5. Is the fidelity bond the only type of bond we need?

    1. Karen,

      In all likelihood, yes. A surety bond is only needed if someone if requiring it of you. You may need a surety bond if you do larger service contracts.

  40. I am starting a handyman service. I have been told I need to be licinsed and bonded. What sort of bond will be required?

    1. Bonnie,

      Did the a government department tell you that you need to be licensed and bonded? If so, it is likely a contractor license bond, which you can apply online for an instant approval/quote. If not, I think you will benefit from re-reading the article.

  41. I was offered a job working for residents in assisted living place, the director requires me to get a bonds to protect the residents from any incidents that might happen, which kind of bonds do I need to get and does this kind of bonds requires me to have a credit check?

    1. Adiol,

      Is the director requiring it of you or the government. There is a big difference, as bonding companies usually don't write bonds required by private companies or individuals for these purposes.

      If it is indeed the director making this requirement, refer him or her to this blog and I will be happy to explain further.

      If the government is setting the requirement, you can apply online for a free quote.

  42. I'm Starting a new General Contracting Company in Florida. I would like to be bonded to do state or City work. Can you help?

    1. Sonny,

      It appears there are several Florida surety bond requirements that apply to contractors. I would first check with the state to see if your business falls under any of the requirements.

      I'm assuming you want to do public work and need bid/performance bonds to obtain the jobs. For this you will want to apply for a contract bond line. Being that it is a new business you will likely be limited to $250K, unless you have a fair amount of capital in the company already. If you have bad credit, you won't qaulify for contract bonds period, only the commercial bond requirements from the state (e.g. Contractor License Bond).

  43. Am beginning a partnership for rock business, building rock houses walls etc. Where do I find out about this Bonding and set up, Cost, coverage. I will begin working in NC and eventually after growth move into other states when we incorporate. Thank you in advance for any assistance You may be able to offer.

  44. Looking to start a roofing business from home until it is up and running then rent office space located in Garland,Tx is it required by law to be bonded and what type?

  45. I will be running trucks that carry 10,000 lbs and also will have a facility with storage…I just need to know what type of bond is needed

  46. we have a real estatement management company with $8m in single family properties, we raised $2.5m to make this happen and we are at a point where we want to get these people paid back, we have $30k/month revenues, we want to raise $5m and have a bond backing this up so that we can go to a bank or private group and have a so called backup or credit partner to ensure safety of these funds, how do you recommend going about doing

  47. I am starting my own house cleaning business. I want to get bonded. Is this required for this kind of business, if so how much does it cost and what kind of bonding do I need.

  48. Hi,
    My husband and I are thinking of starting a business that is a cleaning service as well as flooring installation servise in the state of Alaska, what kind of bond would we need to protect us and our clients and how much of a bond?

  49. A friend and I are starting a new business in an untapped market of the "third party delivery" industry. ALthough the City of Chicago cannot identify a license and American Family Insurance may have to underwrite a special policy, we have been advised to be bonded. The delivery service involves privately owned vehicles. I am an ex-offender with multiple convictions. As a partner, would a bond be available?

    1. David,

      Since the state or local governments are not requiring the bond, you cannot obtain a surety bond, as they are 3 party agreements. You could look into fidelity bonding, but the application will likely have questions regarding prior convictions, which may disqualify you. Check with http://www.cnasurety.com. They write fidelity direct to the public for cheap.

      1. Last conviction occured in 2004 for attempt armed robbery. I understand there is a greater potential to be disqualified, in which case I could always remain a "compensated consultant"…but I was looking into doing the right thing for the right reason, and would like to know…other than the potential of CNA, do "partners" need to be bonded if they do not yet have employees, and, if so, who would have the highest potential to consider felons?

  50. I am trying to start our own cleaning buisness because we are felons and we are having alot of trouble trying to get hired at any other job. 2 years and counting! Do we have to be bonded legally? How much if so? We live in Florida. Please help, every thing I google won’t give me a sraight answer. Thankes and God bless…

  51. I live in Alabama. I want to start a private sitting service for the elderly, home servicies, and in the hospitals what kind of bonding will I need. Please email me at xloonbc@aol.com.

  52. Pingback: What Contractors Need To Know When Working With Bonding/Insurance Companies For The First Time « SIA Group Blog Home

  53. My company wants to lease a piece of property from a Port Authority. The lease is only $2500 / month, but the security deposit required is a ILOC for $100,000. Can you suggest an alternative bonding solution that we can propose? The $100,000 ILOC would severly effect our line of credit.

  54. muriel bradley

    i want to start a private siitting business with the elderly seniors will i need to be bonded.If so what kind and what is the price.

    1. Muriel,

      Every state has their own bonding requirements; your best bet is to check with the state you'll be operating in to see if they require a bond for such a business.

      If the state isn't requiring a bond of you, you don't need a surety bond.

  55. Aaron McClure

    I started my LLC feb of 2009 and I was originally in wholesale but am switching to contracting/construction. What kind of bond should I get?

  56. does a lawn care business in austin tx need to be bonded and licensed If so how much of a bond

    1. Mary,

      If the state didn't/doesn't ask you to get a surety bond in order to license your business, then you don't need a surety bond.

      You may just be looking for a fidelity bond which is more for your clients peace of mind. You can get that at a local insurance agency.

  57. I live in a Condo that has a Board of directors. I am not wanting to get paid but I want to be able to do somethings in our area. Low maintenance things. Change a light bulb, Stain a fence, pressure washer a driveway. We require that people have a Lic and are bonded to do work. But since I am not asking for money how do I go about doing this? I live in WA.

    1. Denise,

      It sounds like the Board requires a fidelity bond of its maintenance workers.

      We don't handle that, but a local insurance agency should be able to help.

  58. Is it common practice for a Insurance company to charge 3% of the loan amount ( Fiduciary Bond) then ask for a 45,000 deposit they say is refundable at closing or 30 days after?

  59. I live in Michigan and I would like to become a Freight Broker. I understand that I need a min of $10000.00 bond. I am 4 years out of a bankruptcy. Will that hurt my chances of being bonded? Also, do you or can you recommend some insurace also? I will be working out of my home.

  60. Ct roffing co needs bond for doing work on state owned buildings. If we can, we would like the restoration jobs o be bonded for the term of the coatings we install.

  61. Jim,

    Who's requiring the bond of you?

    If no one is requiring a bond of you, you most likely need a fidelity bond which we don't handle. An insurance company will be able to help you with that.

  62. I exchange cars with california however way too legaly advertise a lot more than 6 1 year I need to have a very merchants licenses that will have to have a relationship regarding 50, 000. The condition My business is considering now is which i have got very poor credit rating. Usually are their particular any kind of high-risk auto supplier provides obtainable? Additionally I've got an opportunity of a associate exactly who witout a doubt is a company leader using very good credit rating, exactly how awful can my personal very poor credit rating think on the buying price of our own relationship.

  63. I'm trying to wide open an authentic estate classes within WV and also have also been told of which I must end up being bonded. Soon after reading through your current explanation I'm betting of which it might be any surety connect, however I'm unclear. The particular WV Real estate investment Percentage is involved that is federal government. Would you support me personally ascertain the type of connect We need?

    1. Gary,

      There is a single limit and aggregate limit which is the amount of bonds the surety will allow a contractor to have at any one time. The single limit is the largest bond a contractor qualifies for, for one particular job. The aggregate limit is the total amount of bonded work on hand a contractor can have at once for multiple jobs.

  64. Ricardo Maldonado

    I want to start a Home and Property watch service company in Florida will I need to be bonded, how much does it cost and what kind of bonding do I need? Thank you for you time..

  65. I’m starting a business as a immagration assistance the state of ga requires a performance bond whats the price and please send me more info please

  66. I am looking @ starting my own medical Billing Services venture from home what type of Bonding would I need & what cost am I looking at,

  67. I just started my own auto transport company. I will be acting as the broker. What kind of bond do I need? My credit is horrible but was instructed but an old boss that a bond is %100 necessary. Please email me at dixydaise@aol.com

    1. Thane,

      Yes. Surety bond premiums are mostly based on your personal credit. We have high risk markets for many bond types, but not all.

      What type of surety bond do you need?

  68. MY HUSBAND IS STARTING A LAWN CARE SERVICE ,BUT HE DOES ALMOST EVERYTHING THAT FALLS UNDER MAINTAINING YOUR HOME..IN THE STATE OF FLORIDA AND THE COMPANY IS LICENSED WHAT TYPE OF INSURANCE OR BOND WILL HE NEED..THANK YOU

  69. As a sole proprietor, I do bookkeeping (myself) no employees just me doing the bookkeeping for a few clirnts. Should I be bonded???

  70. do i need a 20,000 surety bond to cover my business i want a used dealers license and a wholesale license in Alabama. Or will the 10,000 bond cover both.

  71. i need to be bonded for a school HVAC job in my town. I am the HVAC owner and need to be bonded to place a bid and do the job… what do i need?

  72. I am starting contracting buisness im Mississippi the company is a work from home DBA . I will be subcontracting almost all of the work out to other companies will i need to be bonded if the subcontractors are?

  73. I have a very small business working by myself doing light landscaping. I am not sure what to get for protection. I have been quoted for insurance and wanted to see if there was a cheaper option by getting bonded.

  74. Hi,

    I want to start a Merchant processing company (e.g, being able to offer merchant accounts and credit card processing to businesses). What kind of bond would I need in order to do this?

      1. I don't believe there are any legal requirements in order to start a merchant processing company, but I know whatever bank you choose to work with does.

        Does this help?

  75. I just started a new business the business name is inside out home end lawn care I want to get a surety bond how do I do that

  76. I live in Colorado and am starting a promotional model company. Do I need to be licensed an bonded?

    1. Ashley,

      I'm not aware a bond requirement like this in Colorado. However, this doesn't mean the requirement doesn't it exist, as bond requirement do change. It would be best to contact the state directly to determine if there are any requirements you must meet.

  77. Hello My question is, what kind of bond do I need to bond my self? Since I am going to be going on business as a Personal Security guard? (Body Guard) thank for your help.
    Sincerely Max.

  78. I am starting a Business in Maryland, Cleaning and shampoo carpet, floors and cleaning windows,commercial and residential. What kind of Bond do I need?

    1. Hey Maria,

      As far as I know, there are no surety bond requirements for cleaning companies in Maryland. However, requirements do change without notice, so it would be best if you contacted the state directly.

      If the state doesn't require a bond and you just want protection from employee dishonesty such as theft, you want a fidelity bond. You can apply for a fidelity bond here: http://www.jwsuretybonds.com/fidelity-bonds/appli

  79. I'm making a parcel service company. I need to get a $10,000.00 fidelity bonds. How much would that cost?

  80. I understand that numerous states require a bond ($20,000 in Florida) for AMC ( Appraisal Management Comopanies). I am not understanding why or what tat would cover. If individual appraisers have $1,000,000 E & O insurance and I believe AMC's need to have some sort of E & O policy what is the reason or need for a bond. I work in New York and New Jersey which are about to put forward the requirements and am just looking to figure out the cost factors that are going to be involved. What would the typipical cost for a $20,00-$50,000 bond be ? I have no idea how this works.

  81. Hey Jim,

    The bond is a guarantee that your appraisal management company will follow all rules and regulations set by the state (serving as a form of protection for the public).

    Regarding costs, they are a percentage of the bond amount based on personal credit of the owners. You can get an instant quote directly on our website here: https://www.jwsuretybonds.com/protools.htm

    You can also check out our video which explains bonds clearly here: http://www.jwsuretybonds.com/info/videos/general/

    Let me know if you have any other questions.

  82. Can I obtain a surety bond in the state of New York with a prior federal drug conviction from 12 years ago?

  83. Hey Corey,

    That usually will not prevent you from obtaining a bond, but every state has different requirements and laws in place. It would be best if you contacted the state directly to determine if the conviction is an issue.

  84. I am going to operate an elderly care in my south Florida home. I will have at least 8 elderly clients. I will have 2 employees on premises around the clock, although this is a non-medical business. How much it cost me for surety bond (per month).

    1. Hey Aquita,

      Surety bonds cost a percentage of the required bond amount, which is based on personal credit.

      Is anyone requiring a bond of you? If so, who?

  85. my husband and I are named defendants in a pending lawsuit (unrelated to my business). Due to a new law passed in Nevada, my paralegal business is now required to carry a $50,000 surety bond. When I obtained the application, I saw that it asks whether or not I am involved in a lawsuit. Will this prevent me from getting the bond? Or will it just cost more?

  86. I am starting a small home business in North Carolina. I will conduct charitable golf events for youth groups, churches, and non-profits. I will have a DBA / business license / bank account for this company. Participants in each golf event will solicit & collect sponsorships ($) which they will then "earn" by playing in the Event. These participants wish to submit those checks, cash sponsorships, etc. to my company for complete accounting services. At the completion of each Event, I will deduct 10%-12% of the gross $$ collected as my Fee, invest 5%-8% to area Junior Golf development programs, and then issue a single check to the group for their net profit. Each event will result in my handling/accounting for $25K-50K. What kind of BOND should I apply for, for this home business ??

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