What is a Texas Business Service Bond?
Learn how a Business Services Bond can improve your business!
Even though you go to great lengths to screen potential employees, you may still end up with someone who will ruin your business’ reputation by stealing from your clients. The repercussions would, of course, be detrimental to your success.
This is what a Texas Business Service Bond is for.
This type of surety bond will safeguard the customer in case one of your employees steals a personal property inside the customer’s home. It will not prevent the horrible act from happening, of course.
What the bond can do is to compensate for the stolen goods subjected to the conditions of the bond.
Why should I get this type of bond?
Individuals, partnership, or corporations that are engaged in the business of providing the services of skilled tradesmen or other any other type of business.
Some examples of skilled tradesmen include:
- Janitorial Services
- Plumber
- Electricians
- Plumbers
- Pipefitters
- Carpenters
- Tile setters
- Heating and air conditioning installers
- Cabinet makers
- Painters
- Brickmasons
Unlike most bonds, the Business Service Bond is not mandatory. It is not required by the federal government, the state, or a government agency to acquire such before starting a business.
However, many businesses obtain this type of bond because it is one great way to improve your competitive advantage!
How?
By having a Texas Business Service Bond, you are guaranteeing that your employees are dependable and will provide good quality service. It is a way to strike interest in your business.
Another benefit of this type of bond is that it can lower the perceived uncertainty that your customers might have. Having a stranger in your home is quite unnerving. Many what-ifs occur inside a customer’s mind. You can calm those by letting your potential customers know that they are eligible for claims under the terms of the bond.
If such an event occurs, and a claim is filed, we will notify you immediately. You will be given time to disprove the claim on the bond. If the claim is proven to be true, the bond will pay for the claim based on the agreed-upon conditions of the bond plus the penal sum.
How much is the bond amount?
This will depend on the number of your employees and how much you want the bond amount to be. The starting bond amount is $2,500, and the maximum bond amount is $100,000.
Where can I get a Business Services Bond?
You can easily get this type of bond from us. We will ask you to first submit an application and some business information. After that, one of our underwriters will evaluate your credentials such as your business’ history, your financial capability, and your credit.
If you need to get bonded immediately or want further information about a Business Service Bond, you can talk to one of our experts right now! Let’s secure your business’ success!